Personal Loan Without Documents

• Pre-approved personal loans are offered to select existing customers who already have a banking relationship with the lender.
• The lender already has all the necessary details for loan application such as PAN card, Aadhaar card, and investments (FDs & RDs), borrowings (loans or credit cards), existing current or savings accounts, etc.
• Since, the lender already has the KYC documents of the applicant, no submission of new documents is required in most pre-approved cases.
• However, in most cases, lenders require you to furnish your documents to vefiry your details at the time of loan approval.

Lenders usually offer personal loans with minimal documentation to their existing borrowers or bank account holders, as they already have their KYC details, such as PAN, Aadhaar number, address proof, income details, loan repayment history (in case of borrowers), etc.

This eliminates the need for submitting fresh documents by the existing customers with good credit score, high income, stable and continuous job with reputed company.

Most top lenders require a complete of set of documents including the KYC documents, bank statements, salary slips, ITRs, etc. during personal loan application.  However, if you have an offer from a lender where you have an existing relationship, you may have to provide almost no additional documents.

In many cases, NBFCs and fintechs approve small-value loans for eligible applicants without heavy documentation. As the risk in small-ticket loans is less, only Aadhaar for address proof and PAN for income proof, is often considered for approval.

Paisabazaar is one of the best loan apps that offers instant loans without salary slip. Applicants can check for pre-approved offers matching their credit profile on Paisabazaar and apply for the one best suiting their requirements. The lender carries all the KYC information and bank details of the applicant and hence do not require any additional documents during personal loan application.

You should consider Paisabazaar for the following reasons:

• User-friendly platform to compare and choose offers from 30+ lending banks/NBFCs.
• Pre-approved loan offered for eligible customers with instant approvals and quick disbursals.
• Paperless and end-to-end digital loan application process.
• Free Credit Score Check service is available.
• Customized personal loans at your disposal with no end-use restrictions.

Self-employed applicants have an unstable job and an inconsistent income. Hence, they pose a higher risk of default for a lender.

In such scenarios, it can get very difficult for self-employed individuals to get their loan approved without income proof.

Lenders, therefore ask for the bank statements for last 6 months and recent ITRs for last 2-3 years during personal loan application in place of formal income documents to assess their personal loan eligibility.

Most lenders now offer personal loans without any physical documents. The document verification is now done digitally through video KYC in a more efficient, time-saving and convenient manner. The process is performed in the following steps:

• The applicant initiates the video KYC process using the secured link provided by the lender for document verification.
• The bank executive confirms details from the applicant and records the live video
• The applicant presents the PAN card and Aadhaar for verification.
• The verification officer verifies the documents and approves the KYC.

Though no document loans are offered only to pre-approved borrowers by select lenders, a few unregistered lenders might also approach the applicants luring them with fake promises. The major risks involved with no document loans include:

• Unregistered lenders approach the applicants without documents.
• Fraudulent lenders may offer very high interest rates and charges increasing the overall loan cost.
• They are not transparent about the terms and conditions.

You can apply for a personal loan with minimal documents through Paisabazaar in the following steps:

• Download the Paisabazaar app and sign in using your mobile number and name.
• Enter the OTP and login to the application.
• Click on the “Offers” icon on the dashboard.
• Check for pre-approved offers and apply for the one best suiting your requirements with minimal documentation.