Instant Cash Loan

23 February 2023

Barely a little more than a decade ago, paperless loans seemed a far-fetched option. This was 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, one core step of this procedure was always a pain to go through, and that was documentation. All of this is made simpler after paperless loans are introduced. Now, a borrower doesn’t require any written application or documents to get a loan. They could apply for a loan through the digital platform to get instant loan without documents. Here’s how.

Get an Instant loan without Documents

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 Fibe. Fibe is the best Personal Loan App to get an Instant Loan without documents online India.  All the terms such as EMI, interest, tenure, and the loan amount will be cleared through the application process.

Pros with Paperless Loans

1. Hassle-free 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. Fast processing – Of course, the fact that everything happens online makes the whole process efficient. From submission of documents to disbursement, all of this takes a minimum of a few minutes with Fibe.

How to apply for paperless loans

Applying for a paperless instant loan can be a great solution for all your last-minute expenses. Here are some ways you can get a loan without lengthy paperwork.

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 Fibe can accurately and instantly determine your loan amount eligibility.

2. Choose a reliable lender – When you maintain an excellent financial relationship with your lender, loyalty can be key. Repeat loans are far easier to get. 

Of course, the relationship is two-way. When trying to opt for a personal loan, pick a lender with an easy and transparent application process and great customer service like Fibe.

3. Look for specifically fast track lenders – If you’re looking for instant loan approval specifically, check Instant Cash Loans from Fibe. The process takes just 10 minutes.

Things to remember before applying for an instant loan without documents

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 of getting instant loan approval. Check your credit score for free from Fibe.

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 of 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.

FAQs on get an Instant Loan without documents

Can I get a loan without any documents?

To avail of a personal loan, you need to submit a few soft copies of your basic documents such as your PAN number, bank statements, etc while completing the application process. The entire process will take just 10 minutes with instant approval.

Can the unemployed individual get a personal loan?

To avail of a personal loan from Fibe, you must be a salaried individual with a minimum in-hand salary of ₹15, 000 in non-metro cities and ₹18,000 in metro cities. You should be between 21 years and 55 years old and you must be a resident of India.

Can I get an instant loan without income proof?

Yes, it is possible for you to get an instant loan without income proof in the following ways:

• By maintaining a strong credit history
• By applying for the loan with a co-applicant
• By submitting proof of alternate income source/s
• By leveraging your past relationship with the lender