You can use a personal loan to pay for everyday expenses or to cover critical costs in an emergency. Since personal loans are unsecured in nature, getting approval used to involve a lot of documentation. However, thanks to technological improvements, lenders can now accept instant loan without documents.
Tips to get a personal loan without documents:
Based on their relationship with the applicant, many lenders, especially NBFCs and some private sector banks, are willing to provide personal loans without paperwork. You must practise sound money management practices that elevate your creditworthiness in the eyes of the lender. The following are some considerations you should make if you want to apply for a personal loan without providing any supporting documents:
Maintain a healthy credit score- The most crucial factor determining your creditworthiness is your credit score. Therefore, keeping your credit score high, ideally above 685, is advised to qualify for a personal loan without a pay slip.
Pay all your dues on time- Make sure to always pay your credit card balance in full before the due date and maintain your credit utilisation rate under 30%. By doing this, you send the lender a message of sound financial management and reliability.
Establish a good relationship with the lender- You are more likely to get approved if you apply for a no-document loan with a lender with whom you already have a positive relationship. For insta loan, you already have an account with a financial institution. You are more likely to be approved for a personal loan there without having to provide proof of income.
Avail pre-approved loans- Some lenders may even provide you with pre-approved personal loans up to a specific amount if you have a strong credit history. No supporting evidence is needed when applying because these loans have already been approved.
It is required to provide your PAN with your loan application for most personal loans. However, some lenders can let you apply for small-amount personal loans or loans of less than Rs. 50,000 without requesting your PAN. You can use this option to apply for small-amount personal loans if you've lost your PAN card.
Read more:- Documents required for Rs 10,000 urgent personal loan