How To Avail Instant Personal Loan Without Documents

Few financial institutions consider an instant personal loan without documents. If you have a good relationship with the lenders and have the best credit performance in the past. Following are tips you can follow in order to avail a documentation-free instant loan.

• Establishing a good relationship with your bank you can avail of financial and non-financial services. Regular visits and loyalty help in building trust with the bank and they decide your personal loan eligibility as well as your repayment capacity. If your lender is a bank, you must have a saving account there. The bank is fully aware of all the transactions; it helps their assessment of your creditworthiness.
• Pay all your dues on time, if you are holding a credit card pay all your credit card bills on time.
• Don’t miss any payments associated with the lenders, where you are applying for an instant personal loan. A missed payment is a sign of incapability of management of finances.
• Maintain a credit score of more than 750 as it helps in building faith with the lender that it is safe to fund you.

Personal loan without PAN card

When you’re applying for a personal loan, it is mandatory to submit the borrower’s PAN card as it is mandatory by the tax laws and financial institutions. But, it is possible to get a personal loan without the submission of the PAN card if the applied personal loan amount is small (below Rs.50,000). Most financial lenders insist on the submission of a PAN card.

Personal loan without Salary Slip/Income Tax Returns certificate

If the applicant does not have regular income proof documents such as salary slips, and IT returns, applicant should have proof of different income sources to show to the lender that the repayment of the loan is possible. Listed below are a few ways applicants can get over these obstacles.

• Due to some reason submission of the ITR or salary slips is not possible, and then the instant loan applicant can submit the latest Form 16 as proof.
• Individuals can submit the alternate source of income arising from various business events, income through the house on rent, bank balance, the income of one's spouse or parents, etc.
• You can submit collateral security also for personal loan because these are generally unsecured, which means that you can submit collateral if applicants do not have proof of income, borrower can negotiate with the bank to disburse the loan amount in lieu of submission of collateral.
• By creating a relationship with the lender. If the instant personal loan applicant has had a long-standing relationship with the bank, either holding a savings or current account in the case of the bank and has made timely repayments, then the lender will not require income-proof documents.
• Applicant can also assign a guarantor when applying. The guarantor will have to submit proof of their income and guarantee the payment of the instant personal loan if there is any default.

Frequently Asked Questions

1- Can I avail of a personal loan without income proof?

In case of not having income proof, some banks and NBFCs ask applicants to submit their last month’s bank statements to estimate their income and financial position on the basis of their cash inflows.

2- Can I avail of a personal loan without bank statements?

For most lenders, bank statements are mandatory documents for acquiring a personal loan. Hence, the last 6 months of bank statements are relevant to avail of a personal loan. If your salary slip is too strong you can avail it without a bank statement also.

3- Can I avail of a personal loan without an ITR certificate?

ITR documents serve as income proof. From salaried individuals, lenders usually ask for salary slips and bank statements as income-proof documents. But, in the case of self-employed professionals, banks require ITR documents for repayment ability evaluation.