All You Need To Know About Paperless Personal Loansby Bhavna S. Financial Advisor
The world around us is slowly going digital. Thanks to the easy availability of high-speed internet, almost all financial products and transactions are now available online. Whether you want to pay your bills, invest in financial products or bank, everything can now be done online. If you are looking for personal loans, there are paperless personal loans which can be availed online. Do you know what these loans are?
What are paperless personal loans?
Personal loans are the most accessible loans to avail because they are unsecured, have flexible eligibility parameters, require less documentation and are approved based on your incomes. Since these loans are simple, lenders have introduced the concept of paperless personal loans, which can be applied online. The entire application and sanction process is done online, without the use of physical documentation and the loan funds are credited to your bank account. Since no physical documentation is required for the loan and the entire process is done online, these loans are called paperless personal loans.
What are the features of paperless personal loans?
Here are some of the salient features of these types of paperless loans –
- The application form is online which should be filled and submitted to apply for the loan
- Soft copies of the borrower’s documents are required to be submitted
- The verification of the borrower’s details are done over a phone call
- The lender transfers the loan amount directly to the bank account of the borrower
What are the benefits of paperless personal loans?
Paperless personal loans have the following benefits -
- They are quickly sanctioned
- The verification process is also done quickly
- The loan can be availed using your computer or Smartphone from your home or office. It is, therefore, convenient to apply for such loans.
How to apply for paperless personal loans?
To apply for paperless loans, you should follow the following steps –
- Shop around for the best loan offer. Many lenders are offering paperless personal loans and to find the highest loan at the lowest rate of interest you should compare the loan offers of multiple lenders. This comparison can be done through loan aggregator websites.
- Check the eligibility parameters of the loan that you have shortlisted. Though the parameters would be simple, ensure that you meet all the requirements so that the loan would be sanctioned
- Check the affordability of the loan by using the EMI calculator. Find out the loan amount, which would be affordable for you to repay before applying.
- Once you have decided on the loan amount and the repayment tenure (by choosing the most affordable EMI), fill up the online loan application form
- Attach the soft copies of your documents with the loan application form, pay the processing fee for the loan online and submit the application form
- The lender would verify your details after scrutinizing the application form
- If the verification process is completed successfully, the loan would be sanctioned and you would get the funds in your bank account.
Availing a personal loan has become easy due to the introduction of paperless personal loans. If you also want a quick loan, opt for these paperless variants of the loan and get the funds quickly.
Created on Jun 14th 2019 01:19. Viewed 56 times.
No comment, be the first to comment.