All About Instant Paperless Personal Loans
13 August, 2024
Synopsis:
You can apply for personal loans without physical documentation.
You can submit your loan application and scanned copies of the required documents digitally.
If everything is in order, you can expect loan disbursal within 4-48 hours of application.
In this modern era of internet services and smartphones, almost all banking services have gone digital, so why should Personal Loans be an exception? Today, you can apply for Personal Loans from the comfort of your home. You don’t need to visit the bank with your documents in tow.
What’s more, you don’t need to provide any physical documents at all. Yes, we are living in the era of Instant Paperless Personal Loans. Here’s a detailed guide explaining all vital aspects of the Paperless Loan.
What is a Paperless Personal Loan?
A Paperless Personal Loan is an online facility, allowing you to apply for the loan without providing any documents. It is an instant loan that you can apply through your chosen lender’s website by filling an online application form and submitting soft copies of the requested documents.
If all your documents are in order, and if the lender deems you eligible, you can receive instant loan approval with the lender depositing the loan amount within 4-48 hours.
Salient Features of a Paperless Personal Loan
The following are the key attributes that make the Instant Paperless Loan the preferred choice for loan applicants:
High Loan Amount: Depending on your lender, you can get anything from ₹50,000 up to ₹40 lakh as loan amount.
Collateral-Free: Lenders typically do not ask you to provide any collateral when you apply for this type of unsecured Personal Loan.
Versatile and Limitless: The Instant Paperless Loan does not have any end-use restrictions. You can use funds for any of your diverse needs.
Hassle-free Application: Did you know that you can apply for the loan in under 10 minutes? Simply fill an online form to get started.
Basic Loan Terms: Like any other loan, the loan terms are similar here. You have to pay interest on the funds borrowed and repay it within the stipulated tenure.
Loan Reversal: Lenders provide a 24-48 hour window of free-look period under which you can reverse your loan if you are dissatisfied with the loan terms.
Eligibility Criteria For Paperless Loans
To apply for an Online Paperless Loan, you must fulfil the following eligibility criteria:
Age: You should be between 21-60 years of age.
Credit Score: You should have a credit score exceeding 750 points.
Employment: You should be a salaried or a self-employed individual.
Income: You should be drawing a minimum net (in-hand) monthly income of ₹25,000.
Employment Duration: You should be employed with the same company for at least one year.
How To Apply For Paperless Personal Loans
The Paperless Loan application process entails the following five steps.
Eligibility Assessment: You must ensure that you fit the lenders’ eligibility criteria.
Choose a Lender: Research about various lenders and choose one that offers the best loan terms.
Fill out the loan application: Visit the lender’s website, head to the loans section and fill out the application for Online Paperless Loans.
Submit the Documents: Attach soft copies of the requested documents like identity, Address, Income Proofs, and complete the video KYC process (conducted by lender).
Accept the Loan Offer: The lender will assess your application and make the loan offer. Once you accept it, you will receive fund disbursal in your account.
Avail Paperless Personal Loans From HDFC Bank Loans
Applying for loans was once a tedious process, but we, at HDFC Bank, have streamlined it. If you’re an existing HDFC Bank customer, you can directly apply through your net banking and mobile banking accounts. Non-HDFC Bank customers can apply for Personal Loans here.
Apply for an Instant Personal Loan at attractive interest rates!
*Disclaimer: Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Personal Loan at the sole discretion of HDFC Bank Limited. Loan disbursal is subject to documentation and verification as per Bank’s requirement. Interest rates are subject to change. Please check with your RM or closest bank branch for current interest rates.
