Complete Guide On How To Get Paperless Personal Online
Do you want to apply for a personal loan? Imagine the scenario, you are standing in a queue to get your loan sanctioned and have forgotten to take one of the important documents. It would be tedious to come back! What if applying personal loan is easy like sending an email from your phone?
With the introduction of new apps and user-friendly websites, it has become easy for you to apply for a loan by following certain steps. In this article, you are going to read about the paperless personal loan, eligibility criteria, documents required, etc…
What is Paperless Personal Loan?
A personal loan is an unsecured loan. It means you can take a loan from a bank without having any of your assets like a house etc. A paperless personal loan is a digital version of applying for a personal loan from a bank. You will get your loan amount directly into your bank amount after the approval.
There is no paperwork required. You can simply submit your documents online and the bank will sanction the loan digitally. You don’t have to stand in a queue to get your documents verified.
How do apply for Paperless Personal Loan?
Living in an era of the internet, it is pretty much easy for you to apply for a loan digitally. You don’t have to take your documents to the bank to get them verified. You can do this from anywhere in the world. Typically, the process to apply for a loan is the same for all lenders. These are the steps to follow:
- Choose the bank for applying for a personal loan
- Visit the official website of the bank
- Fill up the online application form with your details.
- Submit your documents mentioned there.
- You can scan the documents and submit them easily.
- Once the documents are received by the bank, it will verify their validity,
- If the documents are accepted, your loan amount will be disbursed to your bank account within 24 hours.
Nowadays, banks have launched user-friendly apps. You can apply for a loan directly from the apps. You can even track your loan application and pay your EMI from the app itself. For instance, SBI Bank has an app YONO, where you can apply for a loan.
What are the documents required for a Personal Loan?
Paperless Personal Loans are easy to apply for. However, you need to submit all the documents to the lender. This establishes a genuine relationship between a lender and you. A lender can count that you are going to repay the loan amount on time. You can e-sign the documents required by the lender with the help of a digital signature.
These are the following documents required for a paperless personal loan:
- Your identity proof (PAN, Aadhar, Voter ID, Driving License, etc.)
- Address Proof (Aadhar, Passport, Voter bill, electricity bill, etc.)
- Bank Statement (Digital copies of bank statement)
- Salary slips (Digital copy taken from the employer)
- Your recent loan statement
- Your recent last 6 months’ bank statement along with the proof of repayment of the loan.
- KYC
Although, if you don’t have digital copies of the above documents, you can simply scan the documents and submit them.
Eligibility Criteria to apply for Personal loan
It is based on your salary,
- You must be a citizen of India,
- Your CIBIL Score ( it is a numeric summary of your credit history) is 750.
- You must be working with a Multinational Company, a private company, or a public limited company.
- You can also check your eligibility criteria with the help of the Eligibility Criteria Calculator.
- Your age must be between 21 years and 67 years.
Whether you are earning 15,000 0r 25,000, you can apply for a personal loan.
Even, banks have segregated the loan into different categories. These are the types of loans:
- Quick Personal Loan
These types of loans are quick to get sanctioned. It doesn’t require minimal documentation and gets approved very quickly.
- Pension loan
Pension loans are for those receiving pensions from the government. To avail of the pension loan, you should fulfil the pension loan rules which include
- The loan can be availed only by the defence, Govt, or family pensioners up to 76 years of age.
- Loans against security
A personal loan doesn’t require any collateral security to take a loan. But, according to this provision, you can take a loan from the bank against your property. You can pledge your mutual fund, share, government bond etc. to the bank against your loan amount.
- Pre-approved personal Loans
Pre-approved loans are instant loans to get sanctioned by the bank. They are best for customers who have a good credit history and repayment record.
Different banks have different schemes for you to offer. You can compare on the lender’s website.
Some of its advantages are:
- Secured Process
Everything is digitalized. From scanning the documents to submitting the documents online. Hence, it reduces the chances of losing your documents while handling them.
- Fast disbursal
On approving the loan by the lender, you will get the loan amount instantly, within 24 hours.
- Save your time
There is no need to spare extra time to visit a bank branch for applying for a personal loan. Simply use your smartphone to apply it.
How to transfer a paperless Personal loan?
If you are not able to pay off your loan amount with an existing interest rate, the lender will offer to transfer your balance amount to another lender. That means another lender will pay off your liability. Now you are eligible to pay the loan amount to another lender (with a low-interest rate).
You can transfer personal loans also online. There is no need to visit the bank.
Final Thoughts
We hope you understood the basics of a paperless personal loan and how to apply for it from anywhere in the world online. Different lenders provide different interest rates on personal loans. It is better to compare the interest rate and apply accordingly. Still, with doubts in your mind, take expert advice from https://www.piramalfinance.com/personal-loan to have a clear picture of everything such as the current interest rate.