A personal loan can be availed to finance lifestyle needs or to meet urgent expenses during an emergency. Personal loans are unsecured in nature, hence a lot of paperwork was required to get an approval, earlier. However, technological advancements have enabled lenders to approve personal loans with minimal documentation. In this article, we are going to discuss how you can avail a personal loan without submitting too many documents to the lender.
For most personal loans, it is mandatory to submit your PAN along with your loan application. However, some lenders may allow you to avail personal loans of small amounts, i.e. less than ₹50,000, without asking you to submit your PAN. If you have misplaced your PAN card, you can use this facility to get personal loans of small amounts.
Since a personal loan is an unsecured loan, lenders usually require you to submit your last three months’ salary slips or income tax returns (ITR) certificate along with your loan application as proof of income. If, for some reason, submitting salary slips of IT returns certificate is not a possibility, you may try one of the following ways to prove your income:
If you are a salaried employee, you get a Form 16 from your employer as proof of tax deduction from your salary. Form 16, in most cases, is also accepted as proof of income. So, if for some reason, you are unable to furnish your salary slips, you can submit the latest Form 16 to the lender as proof of income.
If you are unable to furnish any document to prove your income, you can consider applying with a guarantor. The guarantor would need to submit their proof of income and guarantee the loan repayment to the lender in case you default.
If you have a long-standing relationship with a bank, say you have a credit card issued by the bank, you can expect a loan approval without any need to submit a proof of income.
Instant personal loans without documents are for those individuals who are in urgent need of funds and are unable to furnish the necessary documents such as PAN card, salary slips, or IT returns certificate.
The amount that can be borrowed through an instant loan varies depending on the lender’s limits. Traditional lenders allow you to avail instant personal loans of up to ₹50,000.
The repayment tenure on an instant loan ranges between 15 days to 2 years. However, it is majorly influenced by the total loan amount and the lender’s terms and conditions.
An instant loan is not the same as a payday loan. A payday loan is taken with the agreement to repay the loan amount upon receiving the next wage. An instant loan allows you to repay the loan over a longer tenure.
Yes, nowadays, many lenders, including NBFCs and private sector banks, allow you to avail instant personal loans without asking for too many documents.
Yes, you can get a personal loan without an Aadhaar Card. However, you will need to furnish another identity proof such as your Voter’s ID or passport.
Yes, you can easily get a personal loan without submitting your bank statement. You can submit your salary slips or IT returns certificate to prove your income. In case you are unable to furnish any proof of income, you can apply for the loan with a guarantor.