With the advent of digital India, everything seems to be digital nowadays like paperless personal loan. The banking sector has been profoundly affected by digitization. Almost all the services that were offered by the banks are now at the fingertips of the customers. After demonetization in the year 2016, the government has taken numerous steps to make the banking system paperless. The paperless personal loan is one of the byproducts of this move, and it has been widely accepted all over the country.
What is Paperless Loan?
Banks and NBFCs invite digital loan applications and move ahead to approve them over the internet by means of some digital processes and databases. There is no involvement of any paperwork in this type of loan. This feature enables customers to get their loan application approved within a very short period of time. This has moved on to be one of the positive trends in the current banking scenario. However, it is highly recommended to think through the terms and conditions put forward by the banks and NBFCs where you have applied for a loan.
How can you apply for a Paperless Personal Loan?
If you want to apply for a paperless personal loan, then you would require to fill the online form and submit the loan application form through the bank or NBFCs portal. Along with the loan application form, you need to send scanned copies of all required documents for verification. You need to submit documents supporting identity, residence proof, PAN card, Aadhar card, Form 16, Bank statements etc.
Once you have applied for a paperless online personal loan and submitted the requisite documents, the bank will perform a verification of the credit history and financial stability. If it finds the applicant to be stable enough to pay the loan amount, then it moves ahead with the approval of the loan. The loan amount is credited within 24 hours of loan approval. Before finalizing the right option to go with, it is at all times considered better to go with a bit of research and market study. You can check the online personal loan eligibility and also calculate the EMI using a personal loan calculator before you apply for a personal loan.
These loans come under the instant loan category. Most of the banks and NBFCs take less than five minutes to verify the documents and disburse the loan amount within ten minutes. If you are a new customer, then it may take up to four hours to process your loan application. The rate of interest is less as compared to standard loans. When the interest rates are less, you would need to pay less EMI. As per many banks, you would pay almost 45% less EMI than a standard personal loan.
This is undoubtedly a great choice to go for in this fast-moving age. There is no need to stand in a long queue in banks to get your task done. You can get it done from the comfort of your home by following a few steps. Log in to your online banking profile and complete the job in no time.
Read also: How to get the best deal on Personal Loans?
