This Is How You Can Get an Instant Personal Loan Online Without Documents

Whether it’s something from the home appliances list or something on your bucket list, you’ll need money to pay for it. There might be times when you are short on funds but need to make a payment right away. In such situations, getting an instant personal loan is helpful. Many banks and NBFCs offer this loan to their customers who meet the criteria.

You can get an instant personal online in a few minutes. The amount will be instantly credited to your account. You don’t need to provide a lot of paperwork to process an instant personal loan. The bank or NBFC requires only some basic information. You are free to use this money as and when you like. But how can you get an instant personal loan online without documents? Read on to learn more.

Eligibility for an Instant Personal Loan

Like any other personal loan, you do not need to offer security to get an instant personal loan. The tenure for such loans ranges from 24 months to 60 months, based on the lender. The interest rates start as low as 13%, depending on the amount of the loan and the lender. An instant personal loan is usually capped at Rs. 5 lakh. You can apply online and provide essential documents to process this loan. There is no need to offer photocopies of the documents.

Since an instant personal loan is processed quickly, the eligibility criteria are a bit strict. The key aspects of instant personal loans are:

• Credit Score: Your credit score must be 750+ to get an instant personal loan without documentation. Some lenders may accept a 700+ CIBIL score if your salary and bank balance are high. If you are new to credit and do not have a credit score, it will be hard to get an instant personal loan online. 
• Experience: You need work experience of at least one year to get this loan. Out of this, the last six months must be with the same company. It would be ideal if you could provide salary slips or have the company open a salary account for the same.  
• Salary: Some lenders need you to have a monthly salary of more than Rs. 15,000, while others want a salary of Rs. 25,000 per month. Based on the lender, you will need to meet this criterion. 
• Age: You must not be less than 23 years or more than 65 years of age, to get an instant personal loan. Some lenders may accept a lower or higher age limit. 
• Documents: You do not need to offer any physical copies of your documents. You must, however, have scanned copies of the same. 
• Nationality: You must be an Indian national to get this loan and have a valid Aadhaar card and PAN number. 

How You Can Get Instant Personal Loan Online

If you want to get an instant personal loan online without submitting documents, there are two options that you can explore: 

Pre-approved Loans

A bank or NBFC gives this instant personal loan to a customer with an account with the lender. When you have paid your EMIs on time or have a high balance in your account, the lenders offer you a certain amount as an instant personal loan. You do not need to offer papers to process this loan, as the lender already has all the details. The steps you must follow to get this loan in a few minutes online are:

• Access your bank’s or NBFC’s website via the website or mobile app.
• Click on the log-in option and enter the details to access your account.
• Look for the option titled “Offers.” Click on this link.
• You will be able to review all pre-approved personal loan offers that are available to you. Select the option that meets your needs.
• You will then need to verify the loan terms. Read them and click on the “I Agree” option.
• You might need to re-enter your account details to verify the request.
• Enter the OTP sent to your account and click on “Submit”.
• The loan amount will be sent to your bank account in a few minutes, and you can use it as you like.
• The EMIs will auto-debit from your bank account every month on the given date. 

Non-pre-approved Loans

If there is no pre-approved offer, the process will be slightly longer. You need to select a lender whose criteria for an instant personal loan you can easily meet. Usually, fintech companies and NBFCs have easier rules for such loans. Here are the steps you must follow:

• Log on to the lender’s website.
• You might be asked to create an account before applying for this loan. You will need to provide details like your income, age, and salary. You should also upload scanned copies of these documents.
• You will need to verify your bank account details.
• If not, then look for the option “instant personal loan.” You must fill out a form and upload the documents as needed.
• The lender will process your application quickly. It will then show the best loan offers available.
• You can choose an amount equal to or lower than this offer as your instant personal loan.
• Click on “Submit.” The lender may ask you to verify various documents.
• The money will then be credited to your bank account.
• The EMIs will auto-debit from your bank account every month on a specific date.

The Bottom Line

If you want the best instant personal loan offers for your home appliances list, there are various options available. For more such articles, check out the Piramal Finance website. Here, you can find more information on loans and understand your finances better.