When you need urgent money for unexpected expenses, you may resort to applying for a loan. In such cases, if you opt for a traditional loan, you may have to go through the tedious task of collecting and submitting all documents. It is nothing less than a hassle to fill out forms and do lots of paperwork when facing a financial emergency. But what if you could get a loan without this hassle of paperwork? That’s where a no-paperwork loan comes into the picture.
In this blog, let’s talk more about no-paperwork loans, also called paperless loans, the benefits of availing them, and how to get an instant personal loan without documents.
What is a No Paperwork Personal Loan?
As the name suggests, a no-paperwork personal loan is a loan that you can get without providing any physical documents or filling out long forms. These loans are usually processed online. As the process is completely digital, the loan gets approved quickly and easily. Once approved, you get the funds directly into your bank account.
Eligibility Criteria
The eligibility criteria to get a personal loan without documents vary from lender to lender. With CASHe, the criteria to get an urgent cash loan without documents include:
- Age: You should be at least 21 years of age
- Income: Should have a minimum monthly income of ₹25,000, whether you are working for a company or running your own business
- Credit Score: Must have a good credit score, usually between 650-700 to get the paperless loan
- Bank Account: Should have an active bank account
- Citizenship: You should be an Indian citizen
Types of No Paperwork Loans
No-paperwork loans or paperless loans are of several types, depending upon your requirements:
Instant Personal Loans
Instant personal loans are basic small-amount loans that can be used for anything like paying bills, buying a gadget or travelling. These loans often have a short repayment period.
Payday Loans
These are short-term loans which you repay in full amount on your next payday. They often come with higher interest rates and are used for covering urgent monthly expenses.
Credit Line Loans
You can also avail a line of credit with lenders like CASHe, where you can borrow up to a certain limit. Here, you only pay interest on the amount you actually use.
Loans Against Credit Card
If you have a credit card, you may get approved for a no-paperwork loan against your credit limit. This is a no-income-proof loan as all you need to have is a credit card to avail yourself of the funds.
The Personal Loan Application Process
The application process to get a no-paperwork loan is usually simple. With CASHe, you can get one with the following steps:
Step 1: Download the CASHe App from Google Playstore or AppStore.
Step 2: Create an account using your mobile number.
Step 3: Fill in basic details and complete the online application form.
Step 4: Select the loan amount and repayment tenure as per your needs and requirements.
Step 5: Review and submit the loan application.
Step 6: Wait for the lender to approve your paperless loan.
Step 7: Get funds instantly in your bank account.
Benefits of No Paperwork Loans
Here are some of the major benefits of paperless personal loans:
- You can get your loan approved and receive the money within a few hours. With CASHe, you can get your funds approved within 24 hours.
- As there is no need to submit physical documents, you can apply for these personal loans from the comfort of your home.
- Most of these personal loans with minimum documentation do not require any collateral.
- The eligibility criteria are also simple and easy to fulfil.
- You can use the loan amount for any purpose including travel, medical bills and home repairs.
Conclusion
If you are looking for a quick and hassle-free way to get instant funds, then opt for no-paperwork loans. With zero paperwork and a simple application process, you can get the urgent cash required instantly.
Now, if you are looking for better interest rates and good loan terms on paperless loans, then sign up for CASHe loans right away. CASHe offers instant personal loans without documents that can be used to fund travel, higher education, medical emergencies, home renovation, weddings, and more.
