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, fintechs have simplified the process of getting a loan.
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 doesn’t require any written application or documents from the borrower; one could apply for a loan through the digital platform to simplify the procedure.
Getting a digital loan doesn’t require you to submit hard copies of the applications or documents. To get a loan from Fibe, you just need to submit soft copies of your address proof, PAN and interest proof. Once approved, you can choose your loan amount and the EMI tenure.
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.
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 yourself 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.
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 submit documents like PAN card, ID proof and address proof. 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