You often want to buy something immediately but don’t have ample funds. You need an instant loan solution when you want to purchase something immediately. However, Indian banks often demand lengthy paperwork for providing a loan. Not to forget, they also require collateral for providing the loan amount. Well, the traditional functioning of banks and NBFCs are no longer feasible. It is why one should apply for a digital loan with less paperwork in 2022. Let’s delve deeper to know more about an instant loan without documents.
Understanding a personal loan
A personal loan is an unsecured loan acquired for any financial obligation. Most financial institutions offer personal loans without any collateral. Since personal loans are unsecured loans, they can be obtained by anyone who has just started their career. During an emergency, a personal loan could come in handy. However, many people want to skip the lengthy documentation process while applying for a personal loan.
Can we really apply for an instant personal loan?
Many digital lending platforms allow you to apply for an instant personal loan. Let us look at the process of applying for an instant loan in 2022.
Step 1: Before you start your application for a loan on a digital lending portal, you need to know the eligibility requirements. It is better to meet the eligibility requirements beforehand. If you fail to meet the eligibility requirements, your loan application will be rejected. The basic eligibility requirements for an instant personal loan are:
- You should be an Indian resident/citizen to apply for an instant personal loan.
- You should be 21+ in age to apply for a personal loan. Many digital lending platforms offer instant loans for applicants up to 55 years of age.
- Salaried individuals with a monthly income of INR 15,000 or above can apply for an instant personal loan. This amount can change for metro and non-metro cities in India.
If you meet the above requirements, you are clear to apply for an instant personal loan. Let us now see the application process for an instant personal loan.
Step 2: Choose a digital lending platform and visit the loan application page. You may be required to download a mobile application to get a loan online. You may have to provide several details to start the loan application process, like name, mobile number, and age.
Step 3: You will have to complete the KYC requirements to get an instant personal loan. Digital lending platforms don’t ask you to visit a physical office. You just have to upload a digital copy of the required documents and get verified in no time. Some of the documents that are asked for an instant loan online are as follows:
- Aadhar card
- Voter ID card
- Driving license
- Salary slip
Step 4: Once you have submitted the KYC details, you need to wait for the digital lending firm to verify them. Digital lending platforms take less time to verify your KYC details.
Step 5: Once your KYC details are verified, you can select how much amount you want to acquire in your bank amount. The lending firm will decide the maximum instant amount you can get. Select your loan amount and repayment terms within minutes and get the personal loan. Choose your EMI structure based on your repayment capacity to avoid late submissions.
Why go for a personal loan in 2022?
Personal loans can be the right choice for many reasons in 2022. The first reason is that you don’t need collateral for applying for an instant personal loan. Also, personal loans come with lower interest rates than credit cards and secured loans. Some digital lending platforms offer personal loans with interest rates as low as INR 9 per day. Financially, spending less money on interest makes sense by applying for a personal loan. Not to forget, an instant personal loan can be acquired quickly via a digital lending platform.
You don’t need to indulge in lengthy documentation to get a loan online. You just need to choose a reliable digital lending platform that offers flexible repayment plans. You can easily apply for an instant loan via your smartphone without leaving your house. Go for an instant personal loan in 2022!