Digitization has transformed the way we live, work and communicate with each other. It has also eliminated the need for physical paperwork from many processes.
Unlike before, now it is possible to get a paperless personal loan from banks and NBFCs. In this blog, we will explore everything you should know about instant paperless loans and how you can make the most out of this innovative credit instrument.
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An instant paperless personal loan is a loan product wherein you can borrow money online without submitting any paperwork or pledging collateral. There are many loan apps from where you can avail an instant paperless loan online.
For example – You can get personal loans up to ₹5,00,000 instantly from the Zype app without uploading any document or submitting any physical paperwork.
You can get an online paperless personal loan anytime, anywhere. All you need is a smartphone and an internet connection to apply for a digital paperless personal loan. Since there is no physical paperwork involved, the loan application process is fast and hassle-free. For example – You only need to give your PAN, Aadhaar number and a few other details to get a paperless personal loan from Zype.
There are many other benefits like instant approval, unsecured loans, affordable interest rates and flexible personal loan repayment options.
Also Read: What is an Instant Loan? What are the benefits of Instant Loan?
Different lenders have different processes for approving loans. Here are the steps to get a personal loan with paperless approval from the Zype app –
1. Enter your basic information and get a credit line offer in less than a minute.
2. Complete KYC with your Aadhaar number and selfie to unlock your credit line.
3. Choose the amount and EMI plan and transfer the money from the credit line to your bank account.
In order to approve your personal loan, lenders usually ask for identity proof, address proof and income proof.
To get an instant paperless loan from Zype, you only need these to complete your loan application-
You will need to take your selfie to complete the KYC process.
Zype only asks for PAN and Aadhaar number.
You can borrow money from the Zype app without giving any kind of income proof. In case you want to update your credit line, you get the option to upload your salary account’s bank statement of the last four months.
The best part about taking an instant paperless loan online is that the loan approval and disbursement process is very fast as compared to traditional loans. Every lender has its own set of timelines for giving loan approvals and disbursing money.
For example – It takes less than 8 minutes to complete the loan application on the Zype app and users enjoy same-day disbursal of their loans.
It is very easy to manage an online paperless personal loan. You can get all the necessary information about your loan like borrowed amount, EMI amount, due date, interest rate, processing fee and repayment tenure from the loan app itself. In fact, some loan apps like Zype also have the feature of setting up autopay so you never miss your EMI payment.
When you take an instant paperless loan online, you don’t have to print loan applications and documents which significantly reduces paper usage.
It also consumes less energy compared to traditional loans, as it eliminates the need for paper production, transportation and storage of documents.
Although lenders try to make the loan application process as easy as possible, it might still be difficult or confusing for someone who is applying for the first time or is not comfortable using a mobile phone.
Another challenge is that the popularity of instant loan apps has also increased fraudulent lenders. If you want to learn how to not become the victim of a loan scam, read this blog – 6 signs of a Fake Loan App.
It has never been easier and faster to borrow money, all thanks to loan products like instant paperless loans. That’s why the usage of this credit product is likely to increase in the future.
The personal loan apps will become faster, easier and more personalised with time. For example – It already takes less than 8 minutes to complete a loan application on the Zype app and the credit line offer is generated in less than 60 seconds. Also, every user gets a personalised interest rate offer based on their credit profile.
An instant paperless personal loan is a win-win situation for lenders, borrowers and the planet. It’s cost-savvy for lenders since it eliminates the need for physical paperwork. The paperless process gives the borrower a fast and hassle-free experience. And it’s eco-friendly since it reduces paper usage and saves the energy of paper production.
Download the Zype app from the Play Store or App Store and get an instant paperless loan up to ₹5,00,000 in no time.
The application process is safe if you are getting a loan from a reputed lender as they would use the best technology to prevent fraudulent activities.
There are many loan apps like Zype which allow their users to avail loans without submitting an income proof. It is recommended to check the documents required by a lender before applying for a Personal loan.
Whether a bank statement is mandatory to get a personal loan or not depends on the loan provider’s credit policies. For example – You can get loans from Zype without submitting your bank statement.
Your loan application will only be approved if you meet the lender’s eligibility criteria of minimum credit score. If you have a bad credit score, you should check this information on the loan company’s website before applying for a loan.
Different lenders have different eligibility criteria to approve paperless loans. For example – You can get loans from Zype if you’re actively employed with a minimum monthly salary of ₹15,000 and have a valid PAN and Aadhaar card.
You can use the money you get from paperless personal loans for any planned or unforeseen expense like buying a gadget, medical emergency, paying utility bills, going on a trip and repairing appliances.
Even if you’re new to credit and don’t have a credit score, you can get a paperless personal loan if you meet the eligibility criteria of the lender.