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In today’s fast-paced world, getting an instant loan without documents is now a reality. Traditional loans often require a lot of paperwork, but with the rise of fintech platforms and digital lenders, many institutions offer loans that require minimal or no documentation. This means that you can access quick funds without the hassle of lengthy verification processes.

If you’re looking to learn more about how to get a loan without documents, the benefits, eligibility criteria, and how Fincover can help, you’re in the right place.

How to Get a Personal Loan Without Documents?

Securing a personal loan without documents has become increasingly easy, thanks to digital loan platforms. Here are the steps to apply:

  • Select a Digital Lender: Choose a digital lending platform or NBFC that offers instant loans without requiring documents. 
  • Complete the Online Application: Fill out the online application form with your basic information, such as name, age, employment status, and monthly income. Most platforms only require details that are readily available without needing physical paperwork.
  • KYC Verification: Many digital lenders use e-KYC (electronic Know Your Customer) to verify your identity through your Aadhaar or PAN number. This process eliminates the need for physical documentation.
  • Automated Verification: Lenders use technology to verify your credentials through bank statements, salary credits, and employment history. In most cases, this is done by connecting to your bank account online.
  • Approval & Disbursement: Once the verification is complete, your loan is approved, and the funds are instantly disbursed into your account, often within minutes or hours.

Bank Interest rates for Rs.50,000 Personal Loan

Banks
InstitutionInterest ratesLoan amount
DBS bankFrom 10.99%Upto 15 Lakhs
HDFCFrom 10.5%Upto 40 Lakhs
Axis BankFrom 10.49%`Upto 40 Lakhs
ICICI bank10.75%-19%Upto 40 Lakhs
Bank of Baroda10.75% – 18.5%Upto 5 Lakhs
SBIFrom 11%Upto 30 Lakhs
IndusIndFrom 10.49%Upto 50 Lakhs
Yes BankFrom 10.99%Upto 40 Lakhs
Standard CharteredFrom 11.5%Upto 50 lakhs
IDFCFrom 10.49%Upto 50 Lakhs
Kotak MahindraFrom 10.99%Upto 40 Lakhs
PNBFrom 11.40%Upto 20 Lakhs
Bandhan bankFrom 11.55%Upto 25 Lakhs

NBFCs Interest rates for Rs.50,000 Personal Loan

NBFCs
InstitutionInterest ratesLoan amount
Piramal FinanceFrom 12.99%Upto 35 Lakhs
Shriram FinanceFrom 14%Upto 35 Lakhs
Tata CapitalFrom 10.99%Upto 35 Lakhs
InCredFrom 18%Upto 3 Lakhs
FinnableFrom 16%Upto 10 Lakhs
PaySenseFrom 16.8%Upto  5 Lakhs
PoonawallaFrom 9.99%Upto 30 Lakhs
FullertonFrom 11.99%Upto 25 Lakhs
LendingKartFrom 12%Upto 3 Lakhs
Axis FinanceFrom 13%Upto 25 Lakhs
L&T FinanceFrom 12%Upto 7 Lakhs
Mahindra FinanceFrom 10.99%Upto 10 Lakhs
Aditya BirlaFrom 11.99%Upto 50 Lakhs
Bajaj FinanceFrom 11%Upto 50 Lakhs

Benefits of Getting a Personal Loan Without Documents

  • Quick Approval: Without the need for lengthy paperwork, approval for loans is much faster. You can get approval within hours or even minutes.
  • Minimal Paperwork: Lenders rely on digital methods like e-KYC and digital banking, removing the hassle of submitting multiple documents.
  • 24/7 Availability: You can apply for a loan anytime, from anywhere. Digital platforms provide 24/7 loan application facilities.
  • No Physical Visits: Since the entire process is online, you don’t need to visit the bank or lender’s office, saving time and effort.
  • Instant Disbursal: Once approved, the loan is disbursed directly into your bank account. Some lenders offer disbursal within a few minutes to a couple of hours.

Eligibility Criteria for Instant Loans Without Documents

While the loan process is simplified, there are still certain eligibility criteria you need to meet:

  • Employment: You should have a stable source of income, either from a job or business. Salaried professionals with regular monthly incomes are often preferred.
  • Bank Account: You must have an active bank account with regular salary credits or income deposits.
  • Age: Most lenders require applicants to be between 21 and 60 years old.
  • Income Level: Lenders often set a minimum monthly income requirement, usually between ₹15,000 to ₹25,000, depending on the loan provider.
  • e-KYC: You will need to complete an e-KYC process by providing your Aadhaar and PAN numbers. Some lenders may also verify your employment through company records.

How to Get a Personal Loan Without Documents in Fincover?

Fincover makes applying for an instant personal loan without documents easy and hassle-free. Here’s how you can do it:

  • Visit the Fincover Website or App: Start by visiting the Fincover platform or downloading the app.
  • Choose the Personal Loan Option: Navigate to the Personal Loan section, where you’ll find options for instant loans without documentation.
  • Fill in Basic Information: Enter your basic details like your name, mobile number, and employment status. Make sure your information is accurate.
  • e-KYC Verification: Complete your e-KYC by providing your Aadhaar and PAN details. Fincover uses these for quick and efficient verification.
  • Instant Approval & Disbursal: Once your information is verified, Fincover works with trusted lending partners to approve and disburse the loan amount directly to your bank account in no time.

FAQs About Instant Loans Without Documents

1. Can I get a loan without submitting any documents?

Yes, many digital lenders now offer loans without requiring physical documents by relying on e-KYC and digital bank verification.

2. Are there any risks involved in getting a loan without documents?

As long as you choose a trusted platform, the process is safe. However, it’s important to check for any hidden charges or high-interest rates.

3. How much can I borrow without submitting documents?

Loan amounts can range from ₹10,000 to ₹1 lakh or more, depending on the lender’s policies.

4. Do I need a good credit score to get an instant loan without documents?

While a good credit score helps, many digital lenders offer loans based on your income and employment rather than your credit score.

Apply now
  • Eligibility: Cibil Score above 750 is Required to process
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