It is considered an emergency fund, an instant loan, because it is availed, especially during a time of urgency. However, approval for this fund depends upon various factors like credit history, credit score and other crucial financial activity. Once you keep these criteria in check, getting an instant loan should be quick and require you to upload only a handful of documents, or if you follow this article, you might avail of a loan without any documents.
If you wish to avail an easy instant loan, you can apply for it by visiting the website of any third-party aggregator. However, it is quicker and easier to avail of personal loans.
Hence let’s begin by understanding why you should avail of easy instant loans without documents.
Therefore, this article will show a few important reasons why one should consider applying for instant loans.
Why Should I Get Easy Instant Loan Without Documents ?
- Online media – You can use various online tools such as a personal eligibility calculator, credit score calculator, etc. These particular tools can be used free of cost and are very important to help you decide if you should proceed with the loan application.
- Quick fund disbursal – The loan money will be credited to your account within 24 hours if you have fulfilled all the lenders’ criteria. However, the amount should be debited if your loan is approved.
- Prompt Assistance – Immediate assistance for applying for the loan is given. Also, you get the facility to contact the customer service team.
- Security – Your information or documents are kept safe with the aggregators themselves. All these details are directly shared with the preferred banks, ensuring privacy.
- Digitised Approval – While applying for an Instant loan online, you must submit all the documents in soft copies, making it a paperless agreement or zero documented procedure.
- Special offers – While applying for your instant loan, you can get remarkable offers such as no processing fees from specific lenders.
- Easy Application – A personal loan without documents is usually preferred to be easy and flexible. This procedure ensures paperless documentation with the quick loan amount disbursal. It would help if you did a comparative analysis to get a better idea of which one can be better suited for you.
- No collateral required: Easy instant loans are collateral-free. They don’t get asked to provide security to recoup your loan amount.
- No documentation: Zero documents for identity and income proof, such as Aadhar Card, PAN card, and bank statements, you get for Instant Loan Approval.
However, you must visit the respective website and consider the eligibility criteria. You have to look for assistance in the eligibility criteria table you mentioned.
Eligibility Criteria-
| – | Description of the recipient | Documents required |
| 1 | Nationality , Indian | Proof of identity – Adhar card , DL, Passport , |
| 2 | Age (20 to 65) | Proof of address – Water bill, electricity bill , Adhar card. |
| 3 | Employed or Self employed | Proof of income –
|
| 4 | Check Credit score more than 700 | Income Tax returns of 3 years – Balance sheet , Profit & loss statements |
| 5 | If self employed business should have minimum turnover of 10n lakhs | Individuals should be associated with current business for a minimum 3 years. |
Quick Hacks to Apply For an Instant Loan Without Documentation?
In the world of advancing technology , the zero documentation process has become easily accessible . Increased want and demand for digitization procedures have preferably reduced the need for paperwork and minimized the documentation process.
If you are interested in applying for a business loan without documentation or want to avoid too much paperwork , you can apply for an instant Loan Online. For more knowledge you can definitely log in to the Buddy Loan website and avail personal loan under best assistance.
A paperless or zero documentation procedure is followed while availing for an instant loan online. Mostly, while applying for instant loans online the documentation process is carried out online .So let’s read through the hack you can use certain situations in order to avail easy instant loans with no documentation online.
1. Excellent credit score –
A credit score will state your creditworthiness based on how well you maintained a good payment history. Higher your credit score report gives you a better opportunity to get good interest rates. Only an excellent credit score status will help you to get your lender’s trust, that will work in your favor to avail instant loans in zero documents. You can also use the table below to track what your credit score signifies . And if you have not monitored it yet then you can definitely use Buddy’s score to analyze the same.
Credit Score Table
| Credit Scores | Rating |
| 300 to 600 | Very low |
| 601 to 700 | Low |
| 701 to 760 | Fair |
| 761 to 800 | Good |
| Above 800 | Excellent |
2. A financial institution that shares a trusted relationship.
An authorized customer goes a long way in banking to get a quick and easy instant loan. Also, being a long-term patron in that particular institution will help you get loans without steering about documents. Lenders are most likely to possess your essential financial information in their database, and they can also have access to your economic history. Some lenders will provide approval without any income proof if your application shows signs of stability of income and wealth.
3. Pre-Approved Loans
To fully experience zero documentation a pre-approved personal loan offer can be the best option to opt. But a pre-approved availability is only given based on your financial profile, and salaried employees are more prone to avail of this offer.
4. A lender that offers easy instant loan
Lenders who are associated with loan offers that provide instant loan are the ones who can give you an instant loan with no documentation. Hence to get instant approval, you must have an excellent overall credit report and a good relationship with the lender. The presence of both of these possibilities can help you get an easy instant loan.
Why Should You Take an Instant Loan Without Documentation?
An easy instant loan without documents is a hassle-free way to get an instant loan and serves multiple reasons you get an instant loan. Hence now, this section will talk about what those purposes are.
Redecoration or re-furnishing –
If you plan to restyle your home space and maintain a good lifestyle. Applying for a personal loan will help you upgrade your area quickly. As of now, to have a better lifestyle is accessible with instant loans.
Relocating –
Individuals can quickly move to their dream handling their monetary ends efficiently. Moving out can be expensive, and hiring movers and getting a new decor can be financially overburdening. Hence a personal loan can support you in helping you move to your favorite location.
Financial Emergency – Health issues can knock on your door with no notice.
You might not be ready to face such conditions, and then these loans can help you get quick loans for medical emergencies. You might not be monetarily prepared to face conditions. Hence, when you are not monetarily ready to face situations, taking a personal loan at such a time is the sole solution.
Financing a vehicle –
Relocating or transporting, or even financing a new car will require you to have some expenditures and additional expenses, which will cost a lot. Hence, an easy instant loan can help to complete the process in a hassle-free manner.
Rental home deposit –
Landlords might charge for at least six months of rent as deposit money. So, being well informed about the amount the landlord anticipates is essential, even though it is refundable. So, that’s when you can take out a loan and use it properly.
Organizing a big wedding –
A big wedding can sometimes be very financially exhausting. Hence, taking the loan correctly will help you prevent a problematic situation.
Getting appliances –
If you have an expensive device on your wishlist and your savings aren’t sufficient, then taking a personal loan will be very ethical to prevent oneself from financial and mental exhaustion.
Travel plans –
Funds will help to get a break from mundane routine, as a personal loan will help you fulfill your dream vacation as your dream destination.
Also Read: How to Get a Personal Loan: A Complete Guide on Eligibility and Documents
Easy Steps To Apply For An Instant Loan Online
If you are going for an instant loan online, you might have many benefits. And following these few steps should help you quickly apply for a personal loan.
1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
2: Open the personal loan application page. Provide the mobile number and enter the received OTP.
3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
5: Enter your work details (Including company name, years of service and Designation)
6: Enter your personal details (Including Full Name, PAN, address, DOB & Gender)
7: Provide your communication address, and income details and Click the ‘Submit’ button.
Following These Steps Mentioned Above Will Get an Option to Select From Multiple Offers
You should remember these points when choosing a lender –
- Interest rate offered
- Loan amount
- Loan Tenure.
Now you should patiently wait for the loan amount credited to your account.
This is how you apply for instant loans online. As you follow these steps, it should be easier for you to get an instant loan. Also, log in to the Buddy Loan website to get instant loans disbursed within a few hours.
The article will discuss important points to remember before applying for an instant loan without documents.
Points to Remember Before Availing of a Personal Loan
Documents – Ensure you have checked if you have submitted the correct documents, like your Identity proof (aadhar card, DL, passport, voter id) and address proof (aadhar card, Electricity Bill, Water Bill, Passport), ready for KYC verification.
Credit score
Monitoring your credit score before applying for a loan is very significant; hence, it is mandatory to ensure you have a good credit score. You can get a loan with a low credit score, but eventually, you might need to pay a higher interest rate.
Additional Charges
You should know if you are being charged additional charges like processing fees, prepayment, etc. It is essential to have better and prior knowledge of the additional costs.
Interest rates
Before applying for any, you should ensure that you have checked and understood the interest rates the other lenders provide to select the right one.
Also Read: Why should you go paperless and make it a norm?
Summing up
Now that you have read through the article about applying for an easy instant loan without documentation, these should help you get a quick instant loan without documents.
Download Personal Loan App
Get a loan instantly! Best Personal Loan App for your needs!!
Looking for an instant loan? Buddy Loan helps you get an instant loan from the best RBI-approved lenders. Download the Buddy Loan App from the Play Store or App Store and apply for a loan now!
Rated 4.5 on Google Play
Interest rates starts @11.99% p.a. onwards
10mn+ App Installs
Having any queries? Do reach us at info@buddyloan.com
