Nowadays, getting a Personal Loan to meet various financial needs has become easier and faster with the help of digitization. It has allowed borrowers to avail of paperless Personal Loans in virtually no time.
Paperless Personal Loans involve swift loan processing, from submission of the loan application to approval and disbursal. The entire process is completed seamlessly to ensure that borrowers receive the funds they need in time.
What Is AÂ Personal Loan?
Whether it’s something planned like a wedding or remodelling a kitchen, or a contingency like a medical emergency, applying for an online Personal Loan can help you raise money quickly. A Personal Loan becomes an effective way to meet all your stressful financial needs.
Online Personal loans can be used for multiple purposes. With the minimum number of documents required, such as proof of ownership, income, and address, the loan is processed quickly and usually issued within hours. Without any collateral requirement, the borrower can breathe easily and focus on an effective repayment system. Also, Personal Loans usually have certain basic conditions for eligibility such as monthly income and good credit history (indicated by credit score).
If you have an urgent need for a quick loan, there are a few options available. One option is to take out a loan in an old-fashioned way – go to the branch, fill out multiple forms, go back with documents and wait for approval and disbursement. A second option is to borrow money with a credit card, but the interest rate is very high. Asking for money from friends or relatives is another way, but it can also be embarrassing.
The internet has changed the way India works. Today you can buy anything from vegetables to smart TVs and more, sitting in the comfort of your own home. The situation is no different if you need a quick and easy Personal Loan in India.
Some lenders in India offer a Personal Loan online, which can make your loan process easier and quicker. You can apply online for a Personal Loan with the required scanned documents, and the loan amount can be deposited into your bank account.
Paperless Personal Loan Online: A Green Approach
A lot has changed in recent times about how consumers access their banking services. Many customers now seek quicker and easier solutions to their banking needs, rather than waiting for days. This has been made possible by the advent of digital markets in the financial sector. The government is already doing its part to turn the economy into a digital one, focusing on building cash-free infrastructure. Paperless Personal Loans from various lenders are an example of how the industry is changing.
The digital age has made consumers look for quick solutions to their financial needs. Loans offered by various lenders meet these needs of clients and help them to care for their urgent financial needs. let’s discuss the importance of paperless Personal Loans.
How Does AÂ Paperless Loan Work?
With the advent of the Internet, financial institutions now find it much easier to receive and verify digital documents from potential borrowers. Customers are no longer required to visit the branch and manually fill out a loan application form. In case of a Personal Loan is required immediately, they can apply for a Personal Loan online from anywhere and get their approval easily.
There are many instances where easy paperless personal loans can be helpful:
- As financial support in times of financial crisis
- During medical emergencies
- Meeting unplanned wedding expenses
- To make a sudden repair to your house
Eligibility to Apply for An Online Personal Loan
- You must be a citizen of India
- You must be between 22 and 58 years of age
- You must have a good credit history and a credit score of more than 750.
When applying for an online Personal Loan, you can check your eligibility with the loan eligibility calculator, all you have to do is fill in the blanks with the EMI you can afford. You will get all the required information. To speed up your process of applying for a paperless loan, make sure you have soft copies of the documents available with you.
Also Read:- How to Apply for a Gold Loan: Features, Advantages, Gold Loan Process
Document List Required for Online Personal Loan
An online Personal Loan can easily be obtained with the following documents in soft copy:
Proof of Identity:Â Aadhaar card, PAN card, driver’s license, Voter ID, or any other valid ID with your photo and your name on it.
Proof of Residence:Â Utility bills, passport, ration card, and voter ID to serve as proof of your residence.
Proof of Service:Â Your work ID serves as proof of your employment.
Financial Documents:Â You also need to submit your bank statements, Form 16, and your salary slip for the last 2 months.
Points To Remember Before Taking AÂ Paperless Personal Loan Online
Keep Your Credit Score High
Your credit score represents your creditworthiness based on your past payment history. Try to pay off your existing debts on time. Clear existing loans before applying for a new loan. This will improve your credit score. To get a loan you must have a good credit score (preferably 750 or more).
Compare All The Offers Before Applying
Be sure to compare the interest rates, eligibility, and other aspects of all the Personal Loan options available to you before applying for a loan. This will ensure that you get a loan with a low-interest rate and the best deal available.
Check All Costs
Before agreeing be sure to check all your loan costs, including interest rates, processing fees, prepayment costs, and more.
Check Your Repayment Amount
Before you borrow, check how much you can repay. Make sure your income is enough to pay for EMIs every month for a few years without creating a financial burden.
Features Of Online Personal Loan at Poonawalla Fincorp
Fewer Documents
Personal loans require fewer documents compared to other loans.
No Collateral
You do not have to keep any collateral to get a paperless Personal Loan.
Flexible Repayment Tenure
A paperless Personal Loan at Poonawalla Fincorp gives you the ability to choose a suitable tenure.
Maximum Loan
You can get a maximum loan to meet your financial needs if you have a good credit score.
Easy Online Access
Since the process is completely paperless, you can view your loan account online, check your outstanding loan amount, and make some pre-payments.
Benefits of Applying for an Online Paperless Personal Loan
No Paperwork
Since this process is completely digital, customers no longer have to visit the branch office to submit their requests for copies. The tedious process associated with completing multiple forms can be avoided in this process. All other paperwork related hassles can be avoided if you apply for a paperless Personal Loan online.
Quick Release
The digital way of borrowing personal money has greatly accelerated the process. Once the company has verified these documents, the loan amount will be released immediately. If you are already a customer and banker, you can also access pre-approved loans.
Eco-friendly Approach
This is one of the main reasons why many companies promote a paperless approach. As this process is completely digital, banks can save a lot of paperwork and follow an eco-friendly approach. In this way, we can reduce our carbon footprint and can protect our environment.
Low Cost
Lenders can reduce their total cost by following a digital approach. The cost of paper and printing can be eliminated in this process. The savings earned from this process can be passed on to customers.
High Security
There is always the risk of losing important paper documents in the traditional way of applying for a loan. This can be removed if the application and verification process takes place online. After receiving the document, the bank will verify its validity. Once the documents are accepted the loan amount is disbursed into a customer’s bank account.
Application Procedure for Paperless Personal Loan
To apply for a paperless Personal Loan, simply follow the steps mentioned below
- Step 1: Visit official website of Poonawalla Fincorp and select Personal Loan
- Step 2: Click on ‘Apply Now’ to fill out the application form
- Step 3:Â Enter and upload the required details
- Step 4:Â Wait for loan application assessment and verification
- Step 5:Â Receive confirmation upon approval of the loan
- Step 6:Â Approve and authorize the disbursal of the loan amount
To Conclude
Applying for a Personal Loan online is very easy and time-consuming. You can complete the entire loan application process anywhere and anytime, without having to visit the lender’s office. If your loan application is approved, the loan amount will be credited to your account immediately. Apply for a quick Personal Loan now!
