(Updated on 03.01.19) Paperless Personal Loan – After the impact of Digital India initiative, India is growing faster with Digitalization. Things are getting easier and faster. Government is moving towards making India a less-cash dependent economy. Private sector are also adopting the digitalization by providing online payment modes on daily transactions. Paper-less personal loan is one part of this Digitalization. Now, An individual doesn’t need to go to bank for a personal loan.
From applying for a loan to getting it sanctioned, all the process are to be done online with few clicks. A person can apply for personal loan in the bank’s website. Individual just have to submit soft copies of all the required documents to the bank’s and financial institution websites.
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How it is different from Pre-Approved Personal Loans:
Pre-approved Loans essentially means that the lender has agreed to give you a loan on the basis of your relation with bank, your credit score etc. Pre-approved loan is actually a written agreement by the lender stating that individual is eligible for the loan amount. For pre-approved personal loan an individual has to apply for the loan to the bank and needs to submit all the required documents.
However, Paper-less personal loan is totally different from it. A person have to upload soft copies of all the required documents with the online application form to the bank’s or financial institution website. The loan application is only approved after uploading the documents. Once the bank checks and verifies all the documents, your loan will be approved and you will get the loan amount in your account.
Eligibility Criteria for Paper-Less Personal loan:
Minimum monthly income of ₹18,500 in metro cities.
Minimum monthly income of ₹12,500 in other cities.
Minimum age of the applicant must be 21 years.
Regular source of income with valid income proofs.
Minimum 6 months stability in current company for salaried person, for self-employed 2 year ITR is required.
CIBIL score must be above 750 points.
Documents Required For Paperless Personal Loan:
Last 3 to 6 months bank statements
Recent salary slips for salaried individual, for self-employed individual bank requires balance sheets and other business proof documents.
Benefits Of Paper-Less Personal Loan:
The benefits associated with Paper-less personal loan are as follows:
1. Time Reducing: As the whole process is to be carried out online, So there is no need to go to the bank and submit the documents manually. No need to stand in queue and no human intervention. All these things take a lot of time. But now no need to waste time on such things.
2. Less Hassles: The Process of Paper-less personal loan is hassle-free as you don’t have to do any kind of paper work. No need to run around the bank for getting the loan sanctioned. You can sit at home and compare the loans provided by the banks.
3. Safety: All your documents are safe with banks website from anti-malware. As all the bank’s and financial institution website are updated with security information. So you don’t have to worry about your documents.
Some points to keep in mind before applying for paper-less personal loan:
Getting a paper-less personal loan might be easy but still there are some things that you should keep in mind. Paper-less personal loan comes with higher Interest rates so, avail a loan amount which matches your finanacial conditions. Also, check the repayment period for the loan, so that you can repay the loan amount on time. Go through terms and conditions of the various bank’s because these varies from bank to bank, so make sure you read them well.
How to apply for Paper-Less Personal Loan?
Digitalization has made our life very easy and stable. So it’s not difficult anymore to apply for a personal loan. An Individual can apply for a Paper-Less Personal loan online in our website loansninsurances.com for a wide range of personal loans. Compare personal loans from the top 10 banks in our website and get the assured personal loan with assured benefits.
Personal Loans From the Top Banks in the Country: