Thanks to digitization, instant personal loans and pre-approved personal loans have become easily accessible for individuals seeking quick personal loans with minimal documentation. The advent of technology has revolutionized the lending landscape and widespread acceptance of standard practices like credit scores and credit history have enabled lending platforms to offer pre-approved instant personal loans with no physical paperwork. 

The term "without documents” or “paperless" is misleading, it refers to the absence of traditional paper-based documentation. In many cases, applicants are still required to provide supporting documents in a digital format. 

Who is eligible for Instant Personal Loans?

Lenders provide personal loans without new documentation to existing customers or bank account holders – they use the KYC details like PAN, Aadhaar, address proof, and income information already available with them to assess the customers’ credit history. Since the lender can assess their repayment capability, it eliminates the need for submitting new documents. 

With many banks and NBFCs implementing a digital end-to-end process, customers no longer need to submit physical copies of required documents. Individuals seeking personal loans can apply with such lenders, by simply uploading their documents digitally during the application process for quicker approval and disbursal. Lenders may also extend pre-approved personal loans to select customers, including new-to-credit applicants, based on their pre-verified credit profiles, enabling loans to be disbursed within minutes or hours without the need for fresh documentation.

Tips to improve your chances of getting personal loans without documents:

  • Maintain a high credit score of at least 750 to increase approval chances and access lower interest rates.
  • Approach banks or NBFCs with whom you have an existing relationship to potentially avoid additional documentation requirements.
  • Reach out to banks or NBFCs with end-to-end digital loan processing and take advantage of quicker turnaround times for online personal loans.
  • Use services provided by online financial marketplaces like Creditmantri to compare personal loan offers from both traditional and digital lenders.
  • Applying through online marketplaces does not impact your credit score.
  • Inculcate responsible credit behaviour and build long-term relationships with lenders, this can help you in situations when you need to have instant credit.