Instant Loan Without Documents 2022

About Instant loan without documents

Those days have gone when people have to put some security like a mortgage of property or gold ornaments to avail of an instant loan without documents. As now the applicant without a PAN card or bank statements can acquire an instant loan with few basic details.

There is a lack of financial knowledge among people regarding the upgraded products in the market. As most of the people are not aware that there are few Banks and NBFCs who offer instant loans without documents, purely based on the customer persona. A personal loan, free of documentation, is a dream for most of the borrowers. With everything going online, from application to approval, documentation merely seems like a time taking a step, which is being avoided by some of the lenders.

Some of the key features and benefits of Instant Loan in India are:

• Multipurpose Loan:- The instant loan amount can be used for any reason as per the borrower’s wish. Freedom of loan amount usage is one of the best advantages of an instant loan.
• Short Term Loan:- Unlike other financial products, an instant loan is a short-term loan. This offers borrowers an option of repayment of the loan within a year. Hence, there is no need for the borrower to carry the debt burden for a longer period. 
• Online Loan Process:- The whole processing of instant loans is done online. This facilitates a borrower to apply online for an instant loan with the comfort of home. A borrower can apply for an instant loan at any time from any place. Some lenders offer discounts and other benefits like a low-interest rate on instant loans, etc. on the online loan process. 
• Unsecured Loan :- Instant loans are collateral-free loans. This type of credit can be availed without any security or guarantor. Instant loan keeps the borrower free from the risk of losing any asset in case of default of the loan amount.
• Flexible Repayment Term:- The flexible repayment tenure is offered to the borrower in an instant loan. A borrower can choose the convenient repayment tenure among the offered term. 
• Quick Loan Disbursal:- Instant loan justifies its name with the quick disbursement of the loan amount. This makes it the best financial tool to fight emergencies. An instant loan is disbursed in a short period of applying for it.The instant loan can be very convenient, but in this competitive atmosphere through awareness of the lender is a mandatory prerequisite. Presently, a borrower can avail of an instant loan even without documents. 

The offered loan amount and rate of interest on Instant loans are completely based on the applicant profile like the credit score, income, eligibility, etc. Below are the generic details of the loan offers provided by the Banks and NBFCs.

Instant Loan without Salary Slip

The reason for not having documents can be anything like that a person does not have a salary slip as he gets a salary in cash or any other issue. Most people face this problem are either cash salaried or self-employed like carpenter, mechanic, technician, electrician, plumber, driver, salesperson, security guard, paanwala, phoolwala, or any street food shop owner with a fixed set up.

Instant Loan without PAN Card

When applying for an instant loan, it is mandatory to submit one’s PAN card as it is mandatory by the tax laws as per the guidelines set by the financial lenders. However, now one can get an instant loan without the submission of the PAN card if the personal loan amount is of the small amount below Rs.50,000. However, there are many financial lenders insist on the submission of the PAN card. If one has misplaced his/her PAN card at the time of applying for an instant loan, the PAN card number will suffice.

The rate of interest on Instant loan varies based on a case to case basis. Many factors play a significant role in the offered personal loan interest rate. Some of them are given below: 

• Credit Score: This is 3 digits numeric that reflects the summary of one financial behavior. It varies from 300 to 850.  If your credit score is more than 750, you may get a personal loan on a low rate of interest.
• Income: Generally, when the income increases the chances of timely repayment of the loan also increases. Hence, lenders offer low-interest rates to individuals with higher incomes.
• Organization: When one works for a reputed employer, the lenders get the impression that he/she has a stable job and will have a constant income. This increases the chances of repaying the loan on time. 

An applicant needs to fulfill a certain criterion for availing Instant loan without document although it may differ from lender to lender. Here are the generic eligibility criteria for Instant Loan: 

• The applicant should be a salaried professional with a regular source of earning.
• If in case an applicant is self-employed professionals and businesses, he/she can also acquire instant.
• The applicant’s minimum age should 23 years.
• An applicant's maximum age should be 60 years to eligible for an Instant Loan.

Besides, the CIBIL score is among the major factors that influence the lenders' decision on whether or not to approve a loan application. Your credit conduct and track record from the past lenders and credit card providers get captured in the CIBIL score. While checking eligibility for an instant loan, lenders will take a look at the complete CIBIL report, which additionally incorporates all past running loans and the payment track record on the loans and credit cards. So, the CIBIL score is the most significant factor that defines the eligibility to get an instant loan without documents.

The higher the credit score builds the chances for your loan or credit application to get approved. Nonetheless, a low CIBIL score will diminish your eligibility to get an instant loan.

In Instant Loan, EMI or equated monthly installments are considered as the most important factor. EMI is the acronym of Equated Monthly Installment. It is the amount that a borrower has to pay throughout the allotted loan tenure. In simple terms, EMI is a significant part of the due amount i.e. the principal and the interest accrued payable each month. Although, manually calculating EMI is not everyone’s cup of tea but technology has simplified almost all the difficult tasks. So, the technology has come up with a gift to you which is an instant loan EMI calculator. And the best part is that almost every lender provides the freedom to use free of cost online personal loan EMI calculator.

Generally, EMI calculator includes three basic steps:

• Step 1: Visit the online EMI calculator.
• Step 2: Enter the rate of interest, loan amount and loan repayment tenure.
• Step 3: The result will display on the screen.

Apart from the rate of interest, there are other charges like processing fees, part prepayment charges, inspection charges, foreclosure charges, etc. are also levied on an instant loan. Not all the lenders charge all of them as it varies based on a lender to lenders. As there are few lenders those do not charge processing fees. 

You can easily apply for an instant loan with Afinoz. It is a financial platform who has tie-ups with various lenders that provide instant loans purely based on the customer persona. So, if you are facing any difficulty in availing an instant loan without documents then go with Afinoz App. Here are a few simple steps for applying for an easy loan:

• Step 1: Download the Afinoz App from the Google Play Store.
• Step 2: Sign up in the account.
• Step 3: Click on the personal loan apply button.
• Step 4: Choose the type of employment.
• Step 5: Enter the company name you are working for.
• Step 6: Provide the details like working tenure, salary, existing monthly installments (if any), the required loan amount and the mail id. 

After providing all the required details, a message will be displayed on the screen regarding the eligibility. And if you’ll be eligible for the loan then the Afinoz team will contact you.

There are various banks and NBFCs those offers the instant loan. Here are some of the customer care numbers: