How to get paperless personal loans?

December 29, 2017 2:33 am0 commentsViews: 56

Everything in this world is going digital. Gone are the days of paper files stacked on the desk. Now entrepreneurs, banks, and individuals alike have to take theroute of online modes of payment to carry out everyday transactions.The government is aiming to make India cash-independent economy. So, is the case with personal loans.
Yes, it’s true! Among several other activities and banking transactions, personal loans too can be availed online. From applying for a loan to getting it sanctioned, the entire process can be carried out from the comfort of your laptop or desktop. Gone are the days of running around for paperwork and visiting bank branches. The whole process is completely digital;thus, paperless online personal loans are nothing but everyone’s saviour.

How to get an online personal loan?

To enjoy the benefits of the paperless transaction, one needs to just complete the loan application form a trusted lender’s website. Once you make an application, it is processed instantly to give you the best loan offers.
Once you decide that you want that loan, you can upload all the required documents and proceed further. You need to submit the following documents:

• Age proof:
Driving License, Voter id card, PAN card or birth certificate
• Identity proof:
Which may include the PAN card, Passport, Driving License, Aadhar Card, Voter ID, Govt. issued ID-card.
• Address proof:
Passport, Driving License, Election ID card, bank statement (3 to 6 months)
• Financial statements:

Past six months bank statement

Once the document updating is done, you may get a call from the online lender to verify all your details and understanding the loan requirements.

You can then verify the loan offer and sign the ‘Loan Agreement’. Once the lender receives the signed agreement, the loan amount is disbursed to your account.

Benefits of online personal loans

• No physical documents are required
You just need to upload all the identity proofs along with your bank statement online, to get your loan approved.
• Quick disbursement route
If you submit all the required details, along with the application and other statements, your loan can be disbursed as quickly as within 24 hours.
• A complete online process
You don’t need to constantly visit banks and wait for days to get your loan approved.
• No collateral required
You only need to share your information and documents to get the loan approved, for anonline personal loan these days no security or collateral is required.
• Flexible tenure options
You get comfortable EMI option on your loan tenure, starting from 12 to 36 months.

Things to Remember

Before you narrow down to a particular loan, compare offers by different lenders in terms of interest rates, penalties, tenure, and associated charges.

The terms and conditions of online personal loans vary from lender to lender, so, ensure that you read them thoroughly before taking the final decision.

Although, availing online personal loans is easy, don’t forget that you still must repay the amount. Do not let these ease lure you into a false sense of security.

Make sure the online personal loan that you are availing matches your financial situation and requirements. Since these are unsecured loans, they might come with high-interest rates, if you haven’t done your research correctly.
Repeated applications, may reduce your ‘Credit Score’. This may reduce your potential for borrowing in future, so beware of false or repeated applications.

A Quick Summary:

• Carry out an online comparison to narrow down a particular lender
• Visit a trusted lender’s website
• Fill up the required details
• Get your loan approval offer
• Once you decide to avail the loan based on your eligibility, upload all the required documents
• Get assistance from the advisors in case if you have any doubts
• Verify the loan offer
• Sign loan agreement
• Get the loan amount disbursed

Conclusion:

Thus, a paperless personal loan is a simple online application procedure with fast processing. Such a transaction is there to make our life easier by eliminating the need for tedious paper documentation process.
You can easily apply for aloan from your office or home anytime during the day. Also, be restassured of your document’s safety.

You can now stop piling up papers in your house or office as online personal loans are now just a click away.

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