With digital India in action, the government has decided to add cashless transactions in most of the cases like Paperless personal loans. It is one such initiative that banks and NBFCs have taken forward. If you are not aware of this new facility, then you are in the right place to learn more about it. Let us dive into the world of paperless personal loans and explore what it is all about.
Paperless Loans
Paperless loans refer to the crusade of getting a loan approved without any use of manual processing of a loan. You don’t need to submit your documents for verification physically. The process starting from loan application to document submission takes place digitally. If the bank asks for any specific document, then you can send it over the internet. This new initiative replaces the manual pen and paper job.
Eligibility Criteria
If you want to fit yourself with the new-fangled approach of personal loans, then here are specific eligibility criteria that you need to possess.
- You should be at least 25 years old
- You should be an Indian citizen
- You should have an operative bank account in any of the Indian banks
- You should possess a valid identity proof
- You should have valid documents with regards to your job
- The monthly income should be more than 25000 INR
If you fulfil all these eligibility criteria, then you can easily approach your bank for paperless personal loans.
What are the necessary Documents?
If you have passed all the slabs of eligibility criteria for a paperless personal loan, then you can apply for a personal loan by filling up the application forms. In the course of filling the application form, you also need to upload the necessary documents for verification. The bank will verify all the documents that you have uploaded and will then move ahead with the loan.
Here are some of the documents that banks often ask for a paperless personal loan:
- Passport Size photographs
- Proof of identity
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- Aadhaar Card
- Indian Passport
- Voter ID Card
- PAN Card
- Driving License
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- Proof of address
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- Utility bills like electricity, water or telephone bill
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- Proof of age
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- Birth Certificate
- Employee ID Card
- Tenth/Twelfth Pass Certificates
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- Financial Documents
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- Payslips from the previous three months
What are the benefits of Paperless Personal Loans?
Here are some of the top benefits of paperless personal loan:
- In the case of paperless online personal loans, the EMI is much less as compared to any other loan. At times, it can be as less as 5%.
- The time required for the processing of the loan is minimal. You can even get the processing of the personal loan completed in less than 10 minutes.
- The disbursement of the loan amount takes place within 24 hours of the loan application.
- If you fulfil all the necessary eligibility criteria, then you can easily get personal loans up to 25 Lakhs. You can check online personal loan eligibility and calculate EMI using a personal loan calculator.
- The tenure of loan repayment is very much flexible. You can choose the tenure as per your convenience at the time of the loan processing starting from 12 months to 60 months.
- You can also check pre-approved loan options. The disbursement of pre-approved loans takes place in minutes. There is no need for any documents verification even.
- There is no need for submitting any collateral for availing a paperless personal loan. Personal loans come under the category of unsecured loan and don’t require any mortgage or guarantor.
- The management of the loan account is super easy. You get all the necessary details at your fingertips. You need to login to your portal, and everything is at its place.
- The banks on no occasion charge anything else except the ones specified in the terms and condition of personal loan.
This new-fangled and collaborative initiative both by banks and government, will make it easy for individuals to get loans quickly and easily at the time of need. The complexity involved is very less. You can check and compare various paperless personal loans over the internet and book one for you.
Read Also: How To Avail a Paperless Personal Loan?
