Paperless loans are the credit made by a lender to its customer without going through any paperwork. As there is no paperwork involved, it saves lots of time to both the lender and the borrower, making the loan approval process much faster.
The entire procedure is paperless and the vital data with respect to the borrowers are assembled in the online databases.
Digitization: The Reason behind Paperless Loans
The ascent in time spent over the Internet every day by Indians has seen an immediate flood in Online Financial exchanges as well. Adding to this, the Indian Government in 2016, actioned Demonetisation and advanced the Digitization of the Indian Economy, by making it one more step closer to ‘Paperless’. A ‘Paperless Loan’ is the one effect of these components and significant improvements.
How Paperless Personal Loan Works?
Banks and monetary institutions are riding high on the Digital Wave. Utilizing the digitalization to welcome Digital Loan Applications and even favor them through Digital Processes, Databases, and henceforth, are totally getting rid of all types of administrative work or conventional documentation process. This empowers applicants to apply for and get loans according to their time-squeezing needs.
Considering these points, Paperless Personal Loans are a great tool to tackle any kind of financial emergency. Personal loans are already unsecured and its online availability and paperless processing add yet another charm to it.
Reasons to Choose Paperless Personal Loans
No Collateral required
One of the major benefits associated with a paperless personal loan is its unsecured nature. Means you don’t need to pledge any collateral against your borrowing. It’s collateral free nature makes it more affordable for the people who were in need of a loan but could not avail it due to unavailability of collateral.
Digitization has made the verification and documentation process very fast. This is applicable to the online personal loan as they are totally digitalized and doesn’t need any physical involvement, whether it be providing a personal touch by meeting the bank’s officer or physical documentation. None of them are required with online personal loan application processing.
Online personal loans are approved within minutes. The verification and approval process is quick as it is done by computer software. This makes it the best loan to avail at times of financial emergency.
Can be Used for any Personal Purpose
Generally, credits offered by most of the lenders are for a specific purpose such as- home loans to be strictly used only for the purchase and construction of a home, a business loan is specially designed to fulfil your business needs. Unlike these loans, online personal loans can be availed for any purpose which can be personal or profession both. For example, it can be used for a home renovation, education, to pay your medical bills, or to finance your family wedding. There are no limitations on the use of money.
Who can avail an Online Personal Loan with Finance Buddha?
- Age: 21 years to 60 years
- Employment Type: 1. Salaried
2. Self-Employed professionals
- Credit Score: +700
- Minimum Monthly Income Required: ₹15,000 (non-metro cities)
₹20,000 (metro cities)
- Loan Amount – From ₹50,000 up to ₹50,00,000 (depending on the applicant’s profile and creditworthiness)
- Work Experience – for a salaried employee there should be continuity in the job for the last 2 years. Whereas In the case of self-employed – there should be a minimum business tenure of 3 years.
Steps to Apply for an Online Personal Loan with Finance Buddha.
- Go to our Insta Loan page.
- Fill the required details as being asked.
- Download our mobile app and upload the required documents on the app itself (No physical documentation)
- Get e-Approved.
- Accept the best offer available.
- Get a welcome SMS and a call for the verification of your provided details.
- e-Sign the loan agreements.
- Get the loan amount disbursed to your bank account.
The availability of online personal loan has created a great difference which used to exist with the convention lending system. The process has become much faster, easier and more convenient one for the borrowers.