Want to apply for a personal loan in Delhi but not have all the documents? Gone are the days when one was required to arrange a bunch of papers to secure a personal loan. With the evolution of modern technologies and financial services, you can secure a personal loan in Delhi without thinking about documentation.
Let’s learn the entire process of getting a personal loan in a hassle-free way:
Steps of Getting a Personal Loan in Delhi without Documents
It is very helpful to consider this precise read and go through the below-mentioned step-by-step guide. Have a look below:
Step 1: Select a Suitable Lender
You have numerous options to borrow a personal loan in Delhi. For instance, digital lending platforms, NBFCs (non-banking financial companies), traditional lenders, and so on.
Though only a few of them consider providing loans without documents, you need to do research to get the one that meets your specific requirements. Here are some options:
- NBFCs: You can consider non-banking financial companies as your lender that offer flexibility in documentation work.
- Digital Lending Platforms: There are several applications that tend to offer personal loans with minimal documentation.
- Peer-to-Peer (P2P) Lending: P2P is another popular lending option based on mutual funds that offers personal loans without putting the borrower through the hassle of documentation.
Step 2: Create a Good Credit Score
It is up to you how to maintain a good credit score. When you run out of physical documents, a considerable credit score is crucial for a smooth personal loan obtaining process. A good credit score lets the lender trust your ability to repay the loan responsibility.
- Schedule your Timely Repayments: Always make timely repayments of your existing loans and dues.
- Lower Uses than Credit Limit: Consider using 30% less than the available credit limit.
- Assess your credit report: Keep checking your credit reports regularly to make changes if required that help to keep your score intact.
Step 3: Pre-approved Personal Loan
Few of the banks opt to provide their existing customers with pre-approved loans. These kinds of loans already have your financial history that allows them to offer loans without lengthy documentation. You can ask your bank if they have such services by directly making them call or internet banking.
Step 4: Consider Other Ways of Verification
Though lenders promise to offer personal loans without documentation, still proof of identity is required to proceed. Here is what you need further:
- Get your bank account linked: Lenders want to see your income and spending habits through your transaction history.
- Process of e-KYC: KYC stands for Know Your Customer, which can be done through an online platform using your PAN card and Aadhar Card.
- Income Verification: You should upload the current bank statements or salary slips digitally.
Step 5: Online Application
When you are done with your search for a trusted lender, review their personal loan eligibility criteria to eliminate future hassle. Here are the steps to apply online:
- Go to the lender’s official website or download their loan app.
- Fill out the online loan form with the required details.
- Complete the verification of e-KYC.
- Get the instant personal loan approval and loan amount disbursed into your preferred bank account.
What to Consider Before Applying for a Personal Loan in Delhi
The below-mentioned factors are essential to keep in mind ahead of applying for personal loans in Delhi. Have a look:
- Interest Rates: You should be cautious about interest rates, as no-document personal loans in Delhi often come with higher interest rates as lenders are at risk with such loans. Make sure you compare all the options thoroughly.
- Loan Tenure: Personal loans without documents carry shorter repayment terms. It is good to assess your ability to repay the loan within the designated time period.
- Additional Fees: Double check the paper before signing it to know if they are charging any kind of additional fees, for instance, processing charges, renalities, or late repayment fees.
- Limit of Loan Amount: Loans with no document offer a smaller amount than traditional loans. Ensure the loaned amount is able to fulfil your financial needs.
Other Ways to Obtain No-Document Personal Loans in Delhi
If the above-discussed options are not meeting your requirements, let’s consider the alternatives below:
- Loans on Credit Cards: You should maintain a good record of the uses of your existing credit card so that you will be eligible to get instant personal loan approval in Delhi against your credit limit. The entire process is paperless.
- Gold Loans: If you possess quality gold, you can get good loan funds against gold without requiring any documentation. Lenders consider gold as a good asset as security.
- Overdraft Facility: Overdraft facilities are very helpful and can be obtained by banks that offer loans up to a certain limit to their account holders with zero paperwork requirements.
Summarising
No-docuemnt personal loan in Delhi is not that difficult if obtained with proper knowledge. These suggested options are very helpful for quickly accessing funds without the stress of arranging mountains of documents. Though you should be aware of the special considerations before heading to sign the papers. The right approaches can conveniently get you to complete your financial requirements.
