29 July 2021
Barely a little more than a decade ago, paperless loans seemed a far-fetched option before the internet, combined with digital banking made several advancements that changed our lives. Before the paperless era, getting a loan was a tedious, inefficient, and complicated procedure. Now, thanks to the free market that sits atop our digital infrastructure, the sheer number of lenders like Banks, NBFCs, and various other lenders has made acquiring a loan became way faster.
Even so, the core step of this procedure was always a huge pain to go through, and that was documentation. All of this is made simpler after paperless loans are introduced. Now, a borrower didn’t require any written application or documents from the borrower; one could apply for a loan through the digital platform to simplify the procedure.
As the name suggests here, a paperless loan is a digital loan acquired without submitting hard copies of the applications or relevant documents. It may also be offered in the name of easy or instant loans. It’s fairly straightforward – you need to submit your application online via a lending platform like EarlySalary. All the terms such as EMI, interest, tenure, and the loan amount will be cleared through the application process.
1. Untroubled process – One of the core benefits of paperless loans is the simplification of the entire loan procedure. From loan application to acquiring approval and disbursement of payment – the entire borrowing experience has been brought online. Visits and waiting hours are a relic of a time gone by.
2. Speedy processing – Of course, the fact that everything happens online makes the whole process relatively efficient. From submission of documents to disbursement of the payment, all of this takes a minimum of a few hours with portals like EarlySalary, to a maximum of a span of a few working days.
3. Confidentiality – Contradicting the top belief, paperless loans are a safe and secure procedure. The records of the borrower remain private and are protected via encryption on competent loan platforms.
We’re all too familiar, perhaps painfully so, of scenarios where cash is needed instantly. Some of us are also familiar with how applying for a paperless and instant loan proves to be the best option in such scenarios. It aids in acquiring the amount faster, and all the tedious processing of loan applications is avoided. Here are some ways you can acquire a loan without a lengthy process and documentation.
1. Make effective use of ‘pre-approved loan offers’ – Commonly, various banking institutions, as well as NBFCs, present pre-approved loan offers to their existing customers. As the name suggests, no additional documentation is required from the borrower. Your current status makes you already eligible for the same.
Pre-approved loan offers are precisely based on several similar factors -like their credit score, income, and repayment capabilities in history. Platforms like EarlySalary can accurately and instantly determine your loan amount eligibility.
2. Choose yourself a loyal lender – When you maintain an excellent financial relationship with your lender, loyalty can be key. Repeat loans are far easier to receive in such cases.
Of course, the relationship is two-way. When trying to opt for a personal loan, pick a portal that has no hidden charges, no prepayment fees, and is one that treats you well.
3. Look for specifically fast track lenders – If you’re looking for instant loan approval specifically, check instant cash loans from EarlySalary. Documentation is minimal – such as your identification proof in the way of a PANCard, ID proof, or address proof. You can upload digital copies of such documents necessary along with your loan application. If everything falls into place, you might get your approval and disbursement within 24 hours.
1. Credit score – Even though various lenders now offer instant loans without too much documentation, you’re likely to face ineligibility to get the instant loan approved if you do not have a quality credit score. What is a credit score? Your credit score is the display of your repayment capacity. So, the better your score, the better are the chances to get instant loan approval. Check your credit score for free from EarlySalary.
2. Not entirely paperless – Even though the loan approval process has gone paperless, you still must carry your primary identification documents, like PAN card, ID proof, and address proof, with you at all times. You won’t know where it might be needed while going through your application process.
3. Always have a backup – In some cases, where a borrower is required to present their salary slips or IT return documents if you do not have them, carry other documents like Form 16 with you. Always know what additional documents might be used in place of what is required; you can also confirm this from your lender.
As easy as getting instant loan approval has become after it has gotten paperless, it requires you to be more focused on your submission. Be entirely sure about every term and condition that comes along with instant loan approval. The process is less cumbersome for you and easily accessible. Do not be afraid with your lack of documentation; research well, and you might find vendors who approve instant loans with minimum documentation.
Finally, always be sure to go through the terms and conditions of your lender thoroughly to pick the best choice for yourself.