Personal Loans are the most versatile financial products which can be utilised for meeting multiple financial requirements. It is an unsecured loan where applicants need not pledge any asset for availing the funds. However, they must qualify the eligibility criteria and submit the necessary documents for approval of the credit.
Now, if you wish to apply for a Personal Loan in Mumbai without documents, here are some things to keep in mind.
1. Your loyalty can help:
Be loyal to your lending institution and maintain a good relationship with them. Not only for financial but also for all other non-financial services; you must be honest towards the lender and build a trust factor.
Then, the concerned lender may make considerations while deciding on your eligibility as well as your repayment capability.
2. Apply with the same lending institution:
If you have previously availed credit, you can seek a Personal Loan in Mumbai without documents from that same lender. Since they already have your details and documents, you might not have to submit those again.
For example – If you are an existing customer of NBFCs like Bajaj Finserv, you can avail the pre-approved offers on not only Personal Loans but also business loans, home loans, and a plethora of financial products and services. These pre-approved offers make the procedure of availing funds easier and faster, consuming less time.
Be creditworthy
As an applicant, you must have a good credit history by paying all your dues including credit card bills and EMIs on time. A high credit rating indicates you as a safe customer. Having a CIBIL score of 750+, therefore, increases your chances of availing a Personal Loan in Mumbai without documents or with minimal paperwork.
In case the applicants do not have the required credit scores, financial organisations often advice customers to avail secured loans. In that case, the borrower needs to keep collateral with the lender; it can be property documents, receipts of your fixed deposits or shares.
Now, there’s a risk here. You may lose your asset to the lending institution if you fail to make the loan repayment on time.
In general, the documents required for a Personal Loan with leading NBFCs are minimal. Applicants need to submit only the necessary papers for getting the funds. Thus, availing unsecured Personal Loans are easier.
Here’s a Personal Loan checklist for you:
1. Your salary slips for the last 2 months
2. Last 3 months’ statements of your salary account
3. Your ID card as an employment proof
4. Your KYC documents –Aadhaar card, Driving License, Passport, etc. (any one of these).
How to apply for a Personal Loan?
Once you arrange these few documents, you can follow a simple Personal Loan application procedure online to get instant approval and loan disbursal within 24 hours.
If you are a salaried individual, you can avail a Personal Loan on Aadhaar card only. Some lenders accept the 12-digit number of your Aadhaar card in loan approval process online. Often, it is the only document you need to submit which drastically reduces the time required for loan processing. As you are residing in Mumbai, make sure your monthly salary is at least Rs. 40,000 to be eligible.
However, if you are self-employed applying for Personal Loans online, you need to submit a few personal as well as business related documents additionally.
So, that’s how to apply for a Personal Loan. But before that, you must check the documents required and eligibility criteria to avoid chances of rejection which, in turn, will affect your CIBIL score. Approach a reliable financial company for availing Personal Loan in Mumbai without documents or with nominal paperwork.
Now, if you wish to apply for a Personal Loan in Mumbai without documents, here are some things to keep in mind.
1. Your loyalty can help:
Be loyal to your lending institution and maintain a good relationship with them. Not only for financial but also for all other non-financial services; you must be honest towards the lender and build a trust factor.
Then, the concerned lender may make considerations while deciding on your eligibility as well as your repayment capability.
2. Apply with the same lending institution:
If you have previously availed credit, you can seek a Personal Loan in Mumbai without documents from that same lender. Since they already have your details and documents, you might not have to submit those again.
For example – If you are an existing customer of NBFCs like Bajaj Finserv, you can avail the pre-approved offers on not only Personal Loans but also business loans, home loans, and a plethora of financial products and services. These pre-approved offers make the procedure of availing funds easier and faster, consuming less time.
Be creditworthy
As an applicant, you must have a good credit history by paying all your dues including credit card bills and EMIs on time. A high credit rating indicates you as a safe customer. Having a CIBIL score of 750+, therefore, increases your chances of availing a Personal Loan in Mumbai without documents or with minimal paperwork.
In case the applicants do not have the required credit scores, financial organisations often advice customers to avail secured loans. In that case, the borrower needs to keep collateral with the lender; it can be property documents, receipts of your fixed deposits or shares.
Now, there’s a risk here. You may lose your asset to the lending institution if you fail to make the loan repayment on time.
In general, the documents required for a Personal Loan with leading NBFCs are minimal. Applicants need to submit only the necessary papers for getting the funds. Thus, availing unsecured Personal Loans are easier.
Here’s a Personal Loan checklist for you:
1. Your salary slips for the last 2 months
2. Last 3 months’ statements of your salary account
3. Your ID card as an employment proof
4. Your KYC documents –Aadhaar card, Driving License, Passport, etc. (any one of these).
How to apply for a Personal Loan?
Once you arrange these few documents, you can follow a simple Personal Loan application procedure online to get instant approval and loan disbursal within 24 hours.
If you are a salaried individual, you can avail a Personal Loan on Aadhaar card only. Some lenders accept the 12-digit number of your Aadhaar card in loan approval process online. Often, it is the only document you need to submit which drastically reduces the time required for loan processing. As you are residing in Mumbai, make sure your monthly salary is at least Rs. 40,000 to be eligible.
However, if you are self-employed applying for Personal Loans online, you need to submit a few personal as well as business related documents additionally.
So, that’s how to apply for a Personal Loan. But before that, you must check the documents required and eligibility criteria to avoid chances of rejection which, in turn, will affect your CIBIL score. Approach a reliable financial company for availing Personal Loan in Mumbai without documents or with nominal paperwork.
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