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2 mins Read | 5 Months Ago

How do Paperless Personal Loans Work?

How does a Paperless Personal Loan work?

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Consumers today look for easy and quick solutions to meet their financial requirements rather than waiting for days to get the required funding. The advent of digital loans has transformed the economy significantly while focusing on building a paperless infrastructure. While you can now avail of a Paperless Personal Loan, here you will learn how it works.

What is a Paperless Loan?

A paperless loan is a loan that requires no physical documents for application. That does not mean you don't need to provide any documents. Instead, you need to submit the necessary documents online after scanning them and saving their soft copies. Lending institutions have unique documentation requirements that you must fulfil to apply for a loan and qualify.

A paperless loan procedure makes it easier for the lending institution to receive and verify loan applications before approving them. Potential borrowers also prefer the digital loan procedure, which saves them from visiting the lender's branch and filling out manual forms. When borrowing a Personal Loan you can submit scanned copies of the necessary documents online, apply from anywhere and get approval instantly. A Paperless Personal Loan can be helpful in many instances. It lets a borrower to:

  • Meet wedding expenses

  • Handle medical emergencies

  • Finance a study abroad programme

  • Renovate a property or take up an urgent repair

  • Travel to a foreign destination, etc.

Benefits of a Paperless Personal Loan

Here are some of the most significant benefits associated with an instant Paperless Personal Loan:

  • No Paperwork

    Since the loan procedure is digitised, you no longer need to visit the lender's branch for document submission. It also saves the hassle of filling out multiple forms by hand.

  • Faster Disbursal

    As soon as the lender verifies your documents submitted online, they disburse the loan amount directly to your bank account. You may also obtain a pre-approved Personal Loan making the process even faster and easier.

  • Eco-Friendly Approach

    Applying for a paperless loan saves a considerable quantity of paper, making it an eco-friendly approach to borrowing. That means you avoid wasting paper, helping protect the earth and conserving the resources.

  • Low Cost

    Applying for an online Paperless Personal Loan reduces the cost of printing and other processing costs for lending institutions. The lender can pass on the cost saving to you as a borrower, making the loan more cost-efficient.

  • High Security

    Applying for a loan in the traditional way carries the risk of losing a crucial document in the process. In the paperless process, you scan and store the required documents digitally, reducing this risk.

  • Hassle-Free Procedure

    Thanks to the Paperless Personal Loan procedure, you can avoid the hectic process of filling out lengthy forms, waiting for days for approval and spending effort and time until you get approval.

  • Instant Approval

    These days, lenders approve digital loan applications in a few minutes. That is mainly because software systems perform the verification process. So, an instant Paperless Personal Loan can be your saviour if you need funds in an emergency.

Who is eligible for a Paperless Personal Loan?

Salaried and self-employed professionals and non-professionals can apply for a paperless Personal Loan online. However, you must check and fulfil the lenders' Personal Loan eligibility requirements to apply:

  • Salaried employees between 20 and 58 years of age, self-employed professionals from 28 to 65 years of age and doctors from 25 to 65 years of age can apply for a Personal Loan without physical documents

  • Salaried individuals with a minimum monthly salary of Rs 30,000, self-employed professionals with a minimum turnover of Rs 15 lakh and self-employed non-professionals with a turnover of at least Rs 40 lakh may qualify for a Paperless Personal Loan

  • Salaried applicants must have at least two years of job experience and reside in their current residence for at least one year. Business owners should be in the existing business for at least five years and doctors should practice for at least three years

  • Self-employed individuals and proprietorship firms must show a minimum profit of at least Rs 2 lakh after tax, which is Rs 1 lakh for non-professionals.

Tips to get a Paperless Personal Loan easily

Here are a few simple and quick ways to apply for an instant Paperless Personal Loan:

  • Decide the lending institution wisely

    If you are an existing customer of a lending institution or bank, you can simply apply for a new loan without submitting paperwork. The lender already possesses your necessary details and they will instantly approve your loan, especially if you have a sound financial condition and a consistent repayment history

  • Maintain a good credit score:

    Since Personal Loans are unsecured, financial institutions emphasise your credit score to assess the risk in your loan approval. Therefore, maintaining a good credit score is crucial for a Personal Loan application. It shows lenders that you have been a dependable borrower in the past. Additionally, it indicates that you are likelier to pay your EMIs promptly

  • Reduce your DTI Ratio:

    Lenders prefer applicants with minimal financial obligations. If you are already indebted heavily, they may reject your loan application even if you have a handsome income. Hence, reduce your Debt-To-Income (DTI) Ratio before applying for a loan to get instant approval

  • Ensure Professional Stability

    Whether you are a salaried employee, self-employed professional, non-professional; lenders prefer professional stability for the last few years.

While getting an instant Paperless Personal Loan is possible, you must submit the required documents online to apply. Do your homework and keep your documents handy, while applying for a Paperless Personal Loan. At ICICI Bank, you can avail a Personal Loan of up to Rs 50 lakh online without Branch visits or paperwork.

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