You must work towards establishing a good relationship with your financial institution. This will help you gain the trust of the lender over a period of time.
If you are applying for a personal loan with the same financial institution, where you have your main operating account, it becomes easier for the lender to evaluate your eligibility for a personal loan. It will also help them assess your creditworthiness.
Make sure that you have a good repayment history. If you have repaid your previous loans on time, you are at a higher chance of availing a personal loan without income proof.
While availing a personal loan without documents, you should make sure that you have a good Credit Score. This will allow you to avail a personal loan at a comparatively lower interest rate as lenders may consider you to be a low-risk borrower
Make sure that you do not miss any payments associated with the financial institution where you are applying for a personal loan. Any missed payment would reflect your incapability of handling finances and therefore your lender would ask you to provide concrete income proof.
In case you do not have any income proof documents such as salary slips, IT returns, etc., you can avail a personal loan through the following ways:
While applying for a personal loan without documents, you can submit the latest Form 16 as the income proof.
You can also submit any other source of income from various business endeavors, housing rent income, bank balance, income of spouse or parents, etc.
If you have had a long-standing relationship with your lender, then you may not be required to submit any income proof documents while applying for an instant personal loan.
You can also assign a guarantor while applying for a personal loan. The guarantor will be required to submit proof of his/her income and guarantee the payment of the personal loan if there is any default.
Now that you are well aware of some important tips that can help you avail a personal loan without documents, let us have at the eligibility criteria for a personal loan:
The eligibility criteria for a personal loan may vary from one financial institution to another. However, most loan providers have lenient personal loan eligibility criteria. Some of the most common parameters are mentioned below:
You must be an Indian resident
Minimum 21 years of age
You must have an Indian bank account
You must a valid Indian ID proof
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With leading financial institutions, availing a personal loan has become completely hassle-free and the loan amount is disbursed instantly post-approval.
Personal loans have easy repayment process. Though the tenure of a personal loan is not too long, it has affordable EMI options. Hence, it has become easier to repay these loans, thereby attracting more and more people to choose it as a feasible option.
Low interest rate, instant approval, and quick disbursal are some of the major factors to consider while availing a personal loan.
Personal loans available at Finserv MARKETS can be availed instantly at the most competitive interest rates. Moreover, less processing charges, late payment penalties, and zero hidden charges are some of the other benefits of personal loans available at Finserv MARKETS.
When you avail a personal loan, repaying it should be your first priority. Avoid spending money on any other purchases until you repay the loan. Make sure that you do not miss any EMIs. Making timely repayment will also help you maintain a good credit score. Hence, you should always look forward to managing your expenses wisely in order to make timely payments of your EMIs.
Defaulting on a personal loan will impact your credit score negatively, thereby hampering the chances of your personal loan approval in the future. Based upon the loan amount that you borrow, you should calculate your monthly EMI with the help of an online EMI calculator. This will give you a better idea of how quickly you can repay the loan. With the help of Bajaj Finserv Personal Loan, you can meet your financial requirement by availing the loan amount instantly. Moreover, you can apply for a Bajaj Finserv Personal Loan from the comfort of your home. Flexible repayment options, zero collaterals, and unlimited withdrawals are some of the other advantages of a Bajaj Finserv Personal Loan. Moreover, with Bajaj Finserv Personal Loan, you also get the option to customize your personal loan according to your requirements. All these features of a Bajaj Finserv Personal Loan give it an edge over other financial institutions in the market. Download personal loan app by Finserv MARKETS to avail Personal Loan.
Lastly, do not forget to read the terms and conditions of the loan agreement carefully before signing it. This will help you avoid any inconvenience at a later stage.
Read more to know How can you Increase your Chances of Getting a Personal Loan
Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment, and exclusive EMI store, all under one roof- anytime, anywhere!