Personal loans are alluring for several reasons. A person usually gets a personal loan when they need a massive amount of funds to make a purchase. A personal loan is an unsecured debt, so you don’t need any collateral. You can use it for many purposes, including home improvement, higher education expenses, and more. Personal loans also have flexible repayment terms that can easily fit into your monthly budget.
Many people don’t use the benefits of personal loans, though, because they don’t know how to get one or what documents are needed. When applying for a personal loan, you will need to provide these minimum documents, including identity proof, address proof, income proof, and a bank statement.
Most people choose the paperless personal loan as it is easier and quicker. You can get a personal loan from a lender on a digital platform. If you want to learn the personal loan application process and how you can apply for it if you are missing documents.
Personal loan without proof of income
Most banks and lenders don’t provide loans without minimum personal loan documents. However, some finance companies provide personal loans based on the customer’s relationship and persona. If you have a good relationship with the finance agency, you can obtain a personal loan without proof of income. Here are some pointers for obtaining a no-documentation personal loan:
- Pay all your dues on your credit card bills on time with the bank and maintain a good credit history.
- Build a good relationship with your lender by using all their services, both financial and non-financial, for as long as you can. It will help build trust with your lender, and you will be eligible for a loan. You can easily get a personal loan from the bank if you have a main operating account with that bank.
- Remember to pay all your bills associated with the bank. A missed payment indicates that you cannot handle finances, and lenders will ask for solid income proof.
- You can build faith with your lender by maintaining a high credit score.
Personal Loan without PAN card
According to the guidelines set by financial lenders, it is mandatory to submit an individual’s PAN card when applying for a personal loan. It is also mandated by the tax laws. However, some lenders provide a personal loan with a PAN card. Without a PAN card, you can only avail of a loan amount of less than Rs. 50,000. If you want to know how to get a personal loan without a PAN card, fill out and submit Form 60 to your lender.
If you have a PAN card, but at the time of submission for the loan application, you misplaced your card, your card PAN number will meet the requirements.
Personal Loan without Income Tax Return Certificate or Salary Slips
Anyone who is a working professional can get a personal loan without any hassle. However, if the applicant doesn’t have regular income-proof personal loan documents like IT returns or salary slips, they have to use alternative ways to prove their source of income in place of them. Here’s how you can get a personal loan without a salary slip or an IT return certificate:
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Submit collateral
Typically, you don’t need any collateral to get a personal loan. However, you must submit collateral if you don’t have income proof.
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Submit Form 16
If you cannot submit your, IT returns or salary slips, you can submit Form 16 as proof.
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Get a guarantor on board.
You can also assign a guarantor to submit their proof of income in place of yours.
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Submit alternate income source
You can also submit other sources of income, such as bank balance, income from housing rent, and the income of your parents or spouse.
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Have a good relationship with the ban
If you have a long-standing relationship with the lender or bank, the lender may not require income proof to approve your loan amount.
Why get a paperless personal loan?
Technology and digitalization make it easier to get any loan instantly without requiring many documents. You don’t have to fill out and submit any physical copies of your documents. Instead, you can easily verify your documents when looking for a personal loan. You can also get this loan even if you don’t know how to get a personal loan. Some benefits of a personal loan without documents include:
- Seamless verification process since lenders and banks can process it online.
- No physical interaction is required, as you can get instant approval for your loan application via video KYC.
- It is an efficient and fast process, and you can get this loan for multiple purposes without specifying it.
Conclusion
If you are missing some personal loan documents, you can ask your lenders about the application process for this loan without documents. You may get fewer benefits if you don’t provide your PAN details when applying for the loan. However, if you approach the bank or NBFC with a good relationship, you can easily get a personal loan in a few minutes.
