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Paperless Personal Loans Are Here! Let's know them better!

  Wed, Sep 06, 2017     written by : CSF-Team
Paperless Personal Loans Are Here

We are fast moving to a paperless world; so there are bills that are sent over emails, invitations are made over phone calls and even notices from schools are sent through mails and messages. This obviously has multiple benefits, the first being it saves paper and thus is environment friendly, using less paper is also a more economical way to get the message across.

Digital communications are faster as compared to physical communication and no postal cost or delay is involved. In most cases it is instantaneous, the receiver get the message almost instantly. Thus in such an environment it is not possible for the economic and banking transactions to not move towards a similar direction.

What are paperless Personal Loans?

Keeping in line with paperless cash transactions and other ways of digital transactions there is the option of getting a loan which does not involve tedious paper work. So if you are seeking a paperless personal loan you would have to go the website of the lender (those who allow loan processing in such a manner) and fill the required form online. Since the loan would be sanctioned based on the applicant fulfilling the eligibility criteria the applicant would be required to submit the soft copies of the required documents online. The financial institution would then scrutinize the submitted documents to see if they are as per the laid down requirements.

Make sure you have soft copes of id documents like the required identity and address proof, PAN card, income proof and so on. The lender would also obviously seek the CIR of the applicant before accepting the application. So before applying for a loan if required you should try to improve CIBIL score to ensure a hassle free loan approval.

Paperless personal loans offer advantages like any other digital mode of processing vis-à-vis physical processing. The application is processed faster, one can do it anytime and from anywhere. The applicant is saved from the hassle of visiting the branch or the lender office. If the documents submitted are as per the requirement or in some cases the applicant already gas an account with the bank the loan approval is almost immediate or may take up to a day or less.

For those who are new to credit and thus have no credit history it is possible to get personal loan without CIBIL Score too. One needs to look and explore various available options and choose the one that suits you the best.

Aspects to Focus On:

Whether one applies for a paperless loan or a loan that is taken through the physical channels there are few considerations to keep in mind. Personal loans are one of the most expensive loans so make sure you have a repayment plan in place when you apply for the loan. Though the lenders do look at various aspects before sanctioning the loan do not borrow more that you can pay comfortably. Also do not fail to check the various terms and conditions before taking the loan. Going paperless does not mean not paying enough attention to the fine print.

Another factor that deserves attention is the interest rate. Compare interest rates for personal loans that are offered by various lenders before making a choice.

Just like we have moved to using cards, buying vegetables online and booking are tickets also online now we can apply for personal loans online that do not require submission of physical application or documents or visiting the branch physically. Hopefully this post helps you to get to know paperless personal loans better.