Complete Guide for Paperless Loans Online Process

With the advent of digital banking, it is now more convenient and quicker to apply for a pre- approved personal loan online. In this blog post, the entire process of digital loan application is explained step-by-step without ever having to go to a bank branch.

What is a paperless loan?

Paperless loans refer to the process where the borrower applies for a loan online, where all the documents and verification take place online. The documents required for the application of the loan are uploaded online, and e-KYC verification is done at home. Digital payday loan application systems save time and are quicker than traditional loan application methods.

Benefits of Paperless Loans

• Fast loan approval.

• No paperwork.

• Easy online procedure.

• Disbursal within no time.

• Few documents are required.

• The application can be done anywhere.

Step-by-Step Guide to Apply for a Paperless Loan Online

Step 1: Comparison of Various Loan Providers

When you apply for an online personal loan, you should compare various banks and NBFCs.

Things You Should Compare

• Interest rates

• Loan duration

• Processing fee

• EMIs

• Reviews

• Eligibility

Step 2: Eligibility Criteria

The majority of banks have a system in place to verify the required eligibility criteria when processing a digital loan application.

Eligibility Criteria

• Age must be above 21 years

• Regular source of income

• Aadhaar and PAN are valid

• Credit score must be good

• Must be an Indian citizen

Step 3: Collection of Necessary Documents

Although the procedure is entirely online, the customer is expected to have the necessary documentation available in digital form.

Required Documentation

• Aadhar card

• PAN card

• Salary certificate

• Bank account statements

• Address proof

• Passport-size photo

Step 4: Access the Official Website/Online App

An application for a loan through a digital platform typically begins by visiting the lending institution's website or downloading their app.

Stages of Application Process

• Register yourself using your mobile number.

• OTP Verification

• Set up Login Credentials

• Select Loan Amount & Tenure

 Almost all online loans come with EMI calculators also.

Step 5: Complete the Online Application Form

Now you have arrived at the stage where you can apply for a personal loan online by filling in the required details on the form provided.

Required Details

• Full Name

• Employment details

• Income details

• Address

• Bank account details

Step 6: Upload Digital Documents

Upload scanned copies of all the documents.

Tips for Fast Approval

• The images must be clear.

• Do not use blurred images.

• Ensure that details are visible.

• Ensure that the documents are valid and up to date.

Step 7: Complete e-KYC Verification

The majority of the lenders use e-KYC based on the Aadhaar ID for quick identity verification.

Modes of Verification:

• One-time password verification

• Video KYC

• PAN verification

• Facial recognition

The entire procedure is completed within minutes.

Step 8: Review the Loan Offer

As soon as you manage to verify yourself successfully, the lending company will give you their final offer.

Important Things to Remember

• Interest Rate

• EMI Amount

• Processing Fee

• Repayment Schedule

• Penalty for Delayed Payments

Remember to go through all terms and conditions before moving forward.

Step 9: Sign the Agreement Electronically

Digital signing of the loan application document through OTP/e-signature is the last thing that should be done.

Step 10: Loan Amount Gets Credited

The amount of your loan can be 20000 or 50000 loan will be deposited into your account upon processing of your loan request after successful completion of the verification procedures, and the period within which this will be done will be dependent on the financial institution of your choice and can vary from a few minutes up to 24 hours.

Need quick funds without paperwork hassles? Bharat Loan makes your application for a loan digitally without the need for any paperwork. 

Key Takeaways

Paperless loan applications have revolutionized the entire process of borrowing in today's world. The borrower can now avail himself of a digital loan application form and apply for his personal loan by merely clicking a few buttons on his mobile phone or laptop. Loans can now be applied for in an easy and speedy manner using the process mentioned above.

Say goodbye to paperwork and experience smarter borrowing at Bharat Loan. Starting from an immediate check for your eligibility to swift funds through bank transfer, Bharat Loan simplifies the whole concept of paperless loans for you.