If you require a loan without documents in India, none of the legitimate financial institutions and NBFCs will provide cash loans without requiring documents or analyzing credit scores. However, as technology developed and speeded up, traditional personal loans got altered, and instant cash loans with minimal documentation came in trend.
Moreover, due to the covid-19 pandemic, the loan process got its wings and expanded tremendously as borrowers found this method to be safe and quick with instant personal loans getting sanctioned on the same day.
If any eligibility is not met, it can extend to a few days unless the borrower does not fulfil the documentation requirements or gets rejected if unable to meet the lender's eligibility criteria.
Instant cash loan features and benefits
As the name exhibits, an instant cash loan is given within a few minutes, unlike the old school providing the money that took a fortnight or a month for approval and disbursal.
Here are some rapid features and benefits of instant cash loan with minimum documentation:
Quick approval & disbursal
With fast disbursal, instant loan is becoming popular among the young enthusiasts eager to accomplish their life goals as fast as possible. The approval is based on your creditworthiness and eligibility criteria. Once your documents are verified and cleared, you become eligible for an instant cash loan with limited documentation that is disbursed directly into your account in a few minutes.
Flexible repayment option
An instant personal loan allows a flexible repayment tenure between 6 – 24 months or more. The repayment term differs from lender to lender. You can customize the loan amount, EMI, and tenure as per your convenience and the capability to repay the loan amount as per your budget within the given loan tenure you have decided.
Collateral free
The best part of an instant loan is that it does not insist on pledging your asset against the loan. Getting the loan amount is entirely based on your creditworthiness and does not hold any security or guarantor against the loan amount. It is a stress-free and unsecured loan type and can be availed by anyone without any complications.
Paperless documentation
No such banks and NBFCs exist that do not require documentation, but in recent years, the documents needed are very few, and no physical contact is required. Moreover, with instant cash loans online, the process is entirely paperless and hassle-free.
Loan EMI calculator
An Instant cash loan enables a loan EMI calculator on a loan app or an official website for an accurate evaluation of your monthly EMIs that you will be planning and paying off as per your budget. In addition, the loan EMI calculator, allows you to customize and choose your monthly EMI.
Simple Eligibility criteria
To meet the lender's eligibility criteria, you must be an Indian citizen aged 21 – 58 years. Your minimum earning must be Rs.15,000 monthly, and six months bank statement is essential for working and self-employed professionals. A good credit score is another crucial aspect to avail a cash loan but not a criterion for approval. Your stable income is vital while availing of an instant loan with fewer documents.
Required documents in India to get an instant cash loan
Nevertheless, instant cash loans can be availed with minimum and primary documents in India, but not without any. However, the lender requires some essential documents that showcase your complete identity from personal to financial details.
The documents such as Aadhar cards and PAN cards are made mandatory to avail an instant cash loan in India.
However, illegal, and fraudulent lenders do not ask for these documents, while giving the instant cash loan. Fraud lenders will never ask for your eligibility or credit score. They will offer you instant cash on a low-interest rate with no documentation. So be alert! Of such fraudsters while applying for an instant cash loan.
Therefore, this article is mainly for those borrowers, who get confused and may fall for illegal and fraudulent lenders providing loans with no documents in India. On the contrary, this article will guide you and prevent you from illegal lenders. There are genuine and trusted lenders who give instant cash loans only with proper paper documentation.
