‘A paperless Loan’ may appear quite surprising for any loan seeker. But along with the developing technologies the concepts which seemed to be impossible until last few decades, now has become fully functional. The concept of the paperless loan is one of them. Digitalization has brought a drastic change in almost all aspects of life. One of the outcomes of digitalization on banking is ‘ Paperless Loan’.
Most of the personal loans are taken at the time of financial crises or we may say that when we need money urgently. At the time of monetary urgencies, an instant loan without document works not less than a boon. Either it may be a medical emergency, funding the education of your children, expenses of a marriage or any other needs can be fulfilled by an online paperless loan. Paperless loans are the fastest form of personal loans which takes only 24 hours to get disbursed. Along with the fast disbursal, there are many other advantages of personal loans.
Benefits of paperless loans-
- A paperless loan has a 100% Online Procedure. All the procedure of loan goes online starting from applying for the loan to disbursal of the loan. A loan applicant never needs to visit the lender’s office physically.
- While applying for a paperless loan No Physical Documents needed to be furnished. Because of this feature, such loans are known as a paperless loan. Uploading the scanned copies of the required documents to the website of the lender is just enough to get your loan sanctioned.
- As an applicant applies for the loan online, so his loan gets Instant e-Approval. It takes only a few hours get the e-sanctioning of your loan.
- A paperless online loan is well known for its Quick Disbursement. Financial Institutions like Finance Buddha disburses an online loan within 24 hours of applying.
- An online loan gives you an Option for Comparison. A loan seeker can check different lender’s websites to know all the terms and conditions associated with the loan. This helps any loan seeker to find the best lender according to his/her needs.
- An online paperless loan guarantees 100% Privacy regarding the loan. An online loan is will always be kept as a secret between a lender and a borrower. Lenders are not allowed to disclose any of your confidential data to any third party. However, it is advisable for any borrower to make any of his close relatives informed about the loan.
How to Apply For a Paperless Personal Loan With Finance Buddha?
Applying for a paperless loan is very simple. Following the given few steps will make you receive the loan amount without any difficulties.
- Visit the website of Finance Buddha and click on the Quick Apply page.
- Fill the given form thoroughly and furnish the required details.
- You will receive a phone call from the loan experts of the institution to clear if there is any doubt and will inform you about the best offers available.
- Upload all the scanned copies of the required documents.
- Once the verification of the documents will be completed, you will receive a loan sanctioning letter which you have to e-sign.
- The loan amount disbursed immediately to your account.
Before sanctioning any loan, a lender always checks the eligibility of the borrower. The loan eligibility is measured by some criteria. Here are the criteria which Finance Buddha checks before sanctioning an online loan.
- Age– A loan applicant’s age must be in between 25-60. This is applicable for both salaried and the self-employed applicants.
- Income– The yearly income of an applicant should be minimum 4,000,000 for salaried personas and 6,000,000 for self-employed persons.
- Employer– A salaried applicant must have work experience of at least two years with the same employer whereas a self-employed applicant must have a record of turnover of at least 5 years.
- Credit Score-The credit score of the applicant matters a lot in sanctioning a loan. With a credit score more than 750, is eligible to get a paperless loan with the lowest interest rate.
- Documents-Along with the above-mentioned criteria, an applicant must furnish these documents while applying for the loan. The required documents include- A proof of identity, proof of address, income proof and Age proof certificate. It is better if one can furnish these certificates are issued by Government authorities.
A paperless personal loan has changed the total idea of personal loans. Gone are the days when a person has to stand in a long queue of a bank and submit the pile of documents to get a loan. Digitalization has made the process so very easy that it is now just a few clicks away. A loan applicant can apply for a loan being in comfort of his couch or in the leisure time of his office and the required amount will be in his bank account within a business day.