Tips for availing personal loans without fresh documentation
Below mentioned are a few points that you must work on to increase your chances of getting approval on personal loan:
- Approach banks/NBFCs with which you have existing relationship
Individuals who want to get personal loans instantly without documents should first approach banks/NBFCs from which they are availing banking/lending facilities. This is because such lenders already have your personal details and hence, may not require additional documentation. Also, such lenders might have pre-approved offers for you based on your credit profile. For example, your bank/NBFC, might consider your investments, deposits (fixed deposits, recurring deposits, etc.) and transaction patterns while evaluating your personal loan eligibility.
- Approach banks/NBFCs having end-to-end digital loan processing
COVID 19 pandemic has forced many banks and NBFCs to adopt digital infrastructure for online documentation and processing of personal loans. Due to this shift, such banks/NBFCs are able to offer online personal loans with much lower turnaround time than personal loans applied through traditional offline channels. Hence, individuals who are in urgent need for money and are not eligible for pre-approved offers from their existing banks/NBFCs must approach lenders offering end-to-end digital loan processing. Alternatively, one can also visit online financial marketplace like Paisabazaar.com to compare online personal loan offers available from both traditional banks/NBFCs and new-age fintech/digital lenders. Note, applying for personal loans through such online financial marketplaces won’t impact your credit score.