How to Apply for an Instant Loan Without Documents? (2024)

Instant loan without documents are usually pre-approved loan offers made by a financial institution with which you have a long-standing working relationship. Documentation will not be required as the financial institution will already have the necessary documents. Moreover, before making the offer, the lender will only assess the applicant’s repayment ability.

If you need instant funding to deal with financial emergencies, you can avail an instant personal loan without documents. Let us explore some of its important details.

Features and Benefits of Instant Loan Without Documents

First, let us look at the features and benefits of instant loans without documents:

1. Hassle-free

The entire procedure is designed to be hassle-free and convenient. The only requirements for loan application are a stable internet connection and a device such as a mobile or a laptop. You can apply for the required amount from anywhere and at any time of your convenience.

2. 100% Paperless

Previously, applicants had to stand in long queues to submit their applications and documents. But, now, if the lender requires you to submit any document, you can simply upload it online. Moreover, if you are a long-standing valued customer of the bank, the lender might sanction your loan amount with zero or minimal documentation.

3. Less Time Consuming

The processing time of an instant loan without documents is lesser than what is required for regular loans. You can apply for this loan the moment you require funds and receive the money in your account instantly.

How to Apply for Instant Loan Without Documents?

Follow these steps to apply for an instant loan without documents:

Instant Loan Without Documents Details

Eligibility Criteria for Instant Loan Without Documents

The eligibility criteria for availing instant loans vary from lender to lender but for the benefit of readers, some of the general parameters are discussed below:

1. Age

The upper limit of age depends on whether the applicant is salaried or self-employed and varies from one financial institution to another. But, applicants must be of minimum 18 years to apply for an instant loan without documents online. However, certain NBFCs and banks have set the lower threshold at a higher age such as 22 or 23 years.

2. Credit Score

Having a high credit score of 750 or above is of great help to get instant loans sanctioned by lenders. Financial advisors recommend maintaining a good credit profile if applicants wish to get credit sanctioned smoothly.

3. Occupation

While financial institutions offer instant loans without documents to both salaried and self-employed individuals, they might have parameters set for the income amount.

Documents Required for Instant Loan

Given below is a list of documents you can keep ready when applying for an instant personal loan online:

• Aadhaar card
• Proof of address
• Latest salary slips
• PAN card
• Your company name and address
• Bank statements for the previous 6 months
• Passport size photographs

How to Calculate Interest Rate of Instant Loan Without Documents?

Calculating EMIs will help you to have a better understanding of your monthly financial obligations. You can calculate your EMIs manually by using the following formula:

EMI = [P x R x (1+R) ^N]/[(1+R) ^N-1]

Here,

• P stands for the principal loan amount.
• R is the interest rate per month.
• N is the number of monthly instalments

Manual calculations are lengthy, tedious and prone to mathematical errors. Using an online personal loan EMI calculator is a much better alternative. All you have to do is insert the loan amount, interest rate and tenure to receive your EMI amount within seconds. It is user-friendly and a great time-saver.

You can use Navi online personal loan EMI calculator to get the amount you have to pay every month:

Calculate Your Personal Loan EMI

Ways to Avail Instant Loan without Documents

Discussed below are some of the ways you can avail instant loans without documents:

1. Have a Good Credit Score

Banks and NBFCs prefer loan applicants with a credit score above 750 as it indicates a greater repayment ability. To maintain a good credit score, make sure you repay all your dues on time. Also try to close outstanding loans, if any.

2. Choose Existing Lender

When you need an instant loan without documents, consider applying with your existing lender. Communication will be easier as you already have a working relationship with the bank. Moreover, it will be easier for the lender to assess your creditworthiness and determine your repayment ability. Maintaining a good relationship with the lender will also enable you to negotiate instant access to loans and favourable terms and conditions.

3. Choose Pre-Approved Offers

Often, financial institutions provide pre-approved offers to their valued and long-standing customers. This is another reason why building a fruitful business relationship with your bank would be helpful in the long run. Apart from receiving favourable terms and conditions, having an account with your existing lender would prove to be helpful.

Final Word

You can consider availing an instant loan without documents to address financial issues. The procedure is simple and convenient and will save important time. Make sure you have a good credit score. If not, then improve your credit history by repaying every outstanding debt. Do not forget to keep at hand your PAN, Aadhaar and bank account details as it will prove to be helpful.

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