Why Should You Go Paperless and Make It a Norm?

Go Paperless applying for instant personal loan online

Go Paperless applying for instant personal loan online

Take a paperless procedure for win, to make your loan application more accessible and efficient. Going paperless is the most relevant process of the current times, and this paperless procedure indicates the growth of digitization in the loan processing system. Going paperless has not only proven to make the loan application procedure easier but also has contributed to the welfare of the environment.

In the world of excess, the paperless procedure has become very accessible. Increased want and demand for digitization have reduced the need for paperwork and minimized the documentation process. Technology has advanced in the digital lending system as the traditional banking process continues to follow the conventional norm depending upon various customers’ convenience.

If you are interested in going paperless or want to avoid too much documentation, you can apply for a Personal Loan Online. For more information, you can log in to the Buddy Loan website and avail personal loan under best assistance.

A paperless procedure is followed while availing of a personal loan online. While applying for an Instant Personal loan online, the essential documentation is also carried out online, and that is what the article aims to discuss.

Hence this will give you a detailed understanding of why you should go paperless or make paperless a new norm. The article will also follow up on an online application for a personal loan.

But, before this, let’s understand why you should go paperless. 

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Why Paperless?

Going paperless will help reduce deforestation and pollution, which is one of the environmental concerns. As if it is very astonishing to believe how many trees might have been cut down for paper utilization. Therefore, if the new digitized age works for more paper-based systems, it can take them toward a greener and more efficient future.

How To Apply For Personal Loan Without documentation?

Without Document

Technology has enabled lenders to approve personal loans with minimal documentation as all your basic information is easily accessible online.

Here are a few good ways to obtain a personal loan without documentation.

Select a Financial Institution Where You Maintain a Good Stead

Loyalty as a customer goes a long way in the banking world, and it is very effective when borrowing credit. If you have been a long-term patron, then that particular institution will provide you with a personal certificate without any documentation. The lender will already possess financial information in their database and might have access to your economic history. Some lenders may even provide approval of a personal loan without any income proof if your provider shows the sign of a significant amount of wealth. 

Maintain a High Credit Score

A credit score proves your creditworthiness based on how you have maintained a good credit history. The higher your credit score, the better your chance to get better interest rates. A good credit score will help you get your lender’s trust, which will eventually work in your favor to  avail personal loans in lesser or zero documents. You can also follow the chart below to track your credit score position. Also, if you have not monitored your credit score lately, you can use Buddy score to calculate your credit score.

Credit Score Table

Credit Score Rating
300 to 600 Very low
601 to 700 Low
701 to 760 Fair
761 to 800 Good
Above 800 Excellent

Pre-Approved Loans

To solely experience minimal or even zero documentation for a pre-approved offer, you might be  for a pre-approved offer. Availability pre-approved is given to you based on your financial profile, and it is mainly provided to salaried employees.

Selecting A Lender That Offers the Instant Approval

Lenders with instant approval assistance are typically associated with loans as they ask for bare minimum documentation. For instant approval, you must have an ideal credit score or a good relationship with the lender. Possessing both of these possibilities, you can anticipate a personal loan with instant approval.

Also Read: How to Get a Personal Loan: A Complete Guide on Eligibility and Documents

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Benefits Availing of Personal Loans Without Documents


The digital lending platform is designed to enter creditworthiness through an online evaluation of your personal information. The entire procedure of personal loans through a digital lending platform is believed to be very quick and faster than the traditional procedure. Here are some advantages of the digitized lending process.

Hassle-Free Procedure

The process of paperless personal loans is very hassle-free since there is no necessity to visit the banks or fill out and sign a form. Going through zero documentation also helps in getting Instant Loan Approval.

Less Time Consuming

The whole process of approval to disbursement is done online. That will help you to save time and energy than getting wasted by constantly running to banks. Always submitting various documents by visiting the branches is very time-consuming. With lesser human intervention, it will help to get Instant Loan Approval.

Information Is Kept Safe

Digitized platforms undergo many strict security measures and testing many security tools. The technology makes sure that no personal or financial information is submitted to a forum that remains private and protected.

However, to avail of personal loan documents through a digital lending platform, you need to meet the eligibility criteria and the documents table mentioned below.

Hence, you will have an Instant Personal Loan online to go completely paperless. The following section discusses the best way to get an Instant Personal Loan online.

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Eligibility Criteria

Age – The age should be 18 to 65 years. However, it can differ from bank to bank.

Income – It should be a minimum of 12000 monthly

Minimum job experience – 1 to 2 months of experience 

Credit Score – Your credit score should be more than or equivalent to 750It would help if you worked in a recognized organization.

Employment status – Employed or Self-employed.

Other Documents Required For To Get A Personal Loan

  • Identity proof (aadhar card, DL, passport, voter id
  • Address proof (aadhar card)
  • Bank statements for the past three months.
  • Salary slip for one month (salaried employees)
  • Income tax returns.

Hence, you will have an instant Personal Loan online to go completely paperless. The following section discusses the best way to get an Instant personal loan online.

Steps Wise Procedure To Apply Instant Personal Loan Online

 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.

Hence this is how you apply for a personal loan online , after following these steps it will be easy for you to get a personal loan online. Also, you can login to a Buddy Loan website in order to avail personal loans online and get loan amount disbursed within a few hours.

Now the article will move forward  discussing what are the benefits of applying for personal loans.

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Advantages and Features of a Personal Loan

A personal loan comes with many benefits and features, which you can avail yourself of for multi-purpose reasons. You can take business loan, wedding, and travel loans while helping with personal loans.


You can use the loan amount to meet various financial needs such as vacation plans, wedding expenses, medical emergencies, business expansion, etc.

Tenure: The repayment period ranges from 6 months to 60 months. Hence it would help if you chose the assignment according to your convenience.

Quick Disbursal:

Once your loan application is approved, the loan amount will be disbursed to your bank account within a day,

No Collateral:

Personal loans are unsecured, and there is no need to pledge security to make it more hassling.

Minimum Documentation:

Minimum documents for identity and income proof, such as Aadhar Card, PAN card, and bank statements, you get for Instant Loan Approval.

Paperless Procedure:

No physical presence is required to waste time and energy by visiting the banks since the process is online.

Why Should You Apply For a Personal Loan?

As a personal loan is a multi-purpose loan, there are multiple reasons to apply for it, and those purposes are as follows.

Remodeling Your Space –

You can avail of loans to remodel your house. Helping a personal loan, for this reason, can never go wrong.

Medical Need-

Availing on personal loans to cover sudden medical financial wants is sometimes the only option left during an emergency.

Organizing Wedding –

Arranging a big wedding can sometimes be nerve-wracking in terms of financial crunch, and availing of personal loans will help you get additional funds.

Getting Electronic Gadgets –

If you have a luxurious device on your wishlist for a long time, then getting a personal loan to fulfill that dream makes it more accessible.

Holiday Plans –

You can also avail funds to take a break from mundane routine, as a personal loan can give you fund support to fulfill your dream vacation is your dream destination.

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Points To Remember Before Availing a Personal Loan.


You can check if you have provided the proper 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

Checking your credit score before applying for a loan application is very significant. Hence it is very substantial to ensure you have a good credit score. You can avail of a loan with a low credit score, but the lender might demand 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.


It would be better for you to have calculated your EMIs before availing of the loan. Knowing your financial status and the desired budget is significant and essential.

Interest rates

Before applying for any, you should be sure that you have checked and analyzed the interests that the other lenders are providing to select the right one.

Also Read: Get The Best Personal Loan Interest Rates in India

Summing Up

The article’s main idea is to provide an idea of how convenient and relevant paperless documentation is, along with instant personal loans. When you are in an urgent financial crunch, a personal loan with a paperless procedure makes it easier and hassle-free; hence, following this article should make applying for personal loans even more accessible.

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Q. Can you get a personal loan with lower interest rates?
Yes, you can, but  you should have a good credit score.

Q. How to check your credit score?
You can check your credit score online using Buddy Score, which will give you a better status analysis.

Q. Can you apply for a personal loan with a co-applicant?
Yes, you can definitely apply with a co-applicant as it will reduce your sole burden of paying the loan. However, the co-applicant can also cover for you if you have a low credit score.