Documents required to apply for an Insta Personal Loan online

Instant personal loans can be used for anything from funding everyday activities to covering unexpected costs.

There has been a rise in lending platforms now offering pre-approved personal loans with paperless documentation. This makes the loan application process faster and more convenient for the customers.

In most cases, instant personal loans are pre-approved offers that a lender makes to its existing customers. Since the lender already has the KYC details, such as PAN, Aadhaar number, residence proof, income details, loan repayment history (in the case of borrowers), etc., the lender can issue an instant personal loan without requiring any additional paperwork from the borrower.

Customers may not need to submit hard copies of the relevant documents, as many banks/NBFCs have implemented digital procedures from loan application to disbursement. Thus, those seeking instant personal loans with no paperwork required can approach these banks and NBFCs.

In addition, lenders provide pre-assigned limits to a select group of clients, including those who are first-time credit seekers.

For example, a Bajaj Finserv Insta Personal Loan is available to new as well as existing customers. All you have to do is enter your mobile number and OTP to check the offer you have. Customers can get funds up to Rs. 10 lakh with little to no documentation. In many cases, these funds are disbursed within 30 minutes to 4 hours, making these loans very convenient in case of emergencies.

Tips for availing instant personal loans without documentation:

• Maintain a high credit score

Your chances of getting a personal loan go up if you keep your credit score high, which is usually at least 750. Some lenders also offer lower interest rates to applicants with a high credit score. Having a higher credit score also lets you get pre-approved offers for personal loans from lenders with whom you already have an existing relationship. A high credit score shows that you use credit wisely. This makes it more likely that lenders with whom you already have credit cards, loans, or savings accounts will offer you pre-approved personal loans.

• Contact banks and NBFCs with whom you may already have a relationship

People who want to get instant personal loans right away without submitting any paperwork should first talk to the banks or non-banking financial companies with whom they already have a relationship. Based on your credit history, these lenders might already have offers ready for you.

If you require instant access to funds, the Bajaj Finserv Insta Personal Loan is a great option. You can check your pre-assigned limit by simply entering your mobile number and OTP. Both new and existing customers can apply for Insta Personal Loans. In some cases, existing customers do not even have to submit documents.

New customers, however, can be asked to submit additional relevant documents based on their profile, such as:

1. KYC documents such as PAN, Aadhaar, driving licence, voter's ID, or a passport
2. Cancelled cheque
3. Bank account details

Visit the Bajaj Finserv Insta Personal Loan page to learn more about Insta Personal Loans and to check your offer in just 2 clicks.