Personal Loan | How Paperless Personal Loan Work Online

Today, customers are on the lookout for fast and simple banking solutions for their everyday financial needs. This also eliminates the need to wait for days to get things done. With the emergence of digital or paperless loans, you can now get funds quickly to manage various expenses. In this post, you will learn more about paperless loans, their benefits and how a paperless loan works.

What is a Paperless Loan?

A paperless loan is a loan that requires no physical documents for application. That does not mean you don't need to provide any documents. Instead, you need to submit the necessary documents online after scanning them and saving their soft copies. Lending institutions have unique documentation requirements that you must fulfil to apply for a loan and qualify.

A paperless loan procedure makes it easier for the lending institution to receive and verify loan applications before approving them. Potential borrowers also prefer the digital loan procedure, which saves them from visiting the lender's branch and filling out manual forms. When borrowing a Personal Loan you can submit scanned copies of the necessary documents online, apply from anywhere and get approval instantly. A Paperless Personal Loan can be helpful in many instances. It lets a borrower to:

• Meet wedding expenses

• Handle medical emergencies

• Finance a study abroad programme

• Renovate a property or take up an urgent repair

• Travel to a foreign destination, etc.

Benefits of a Paperless Personal Loan

Here are some of the most significant benefits associated with an instant Paperless Personal Loan:

1. No Paperwork

Since the loan procedure is digitised, you no longer need to visit the lender's branch for document submission. It also saves the hassle of filling out multiple forms by hand.

2. Faster Disbursal

As soon as the lender verifies your documents submitted online, they disburse the loan amount directly to your bank account.

3. Eco-Friendly Approach

Applying for a paperless loan saves a considerable quantity of paper, making it an eco-friendly approach to borrowing. That means you avoid wasting paper, helping protect the earth and conserving the resources.

4. Low Cost

Applying for an online Paperless Personal Loan reduces the cost of printing and other processing costs for lending institutions. The lender can pass on the cost saving to you as a borrower, making the loan more cost-efficient.

5. High Security

Applying for a loan in the traditional way carries the risk of losing a crucial document in the process. In the paperless process, you scan and store the required documents digitally, reducing this risk.

6. Hassle-Free Procedure

Thanks to the Paperless Personal Loan procedure, you can avoid the hectic process of filling out lengthy forms, waiting for days for approval and spending effort and time until you get approval.

7. Instant Approval

These days, lenders approve digital loan applications in a few minutes. That is mainly because software systems perform the verification process. So, an instant Paperless Personal Loan can be your saviour if you need funds in an emergency.

How Does a Paperless Personal Loan Work?

Applying for a paperless Personal Loan is quick and easy. Here’s how the process works:

1. Online Application

Start by filling out a short online form on the ICICI Bank's website or the iMobile app. You will need to enter basic details like your name, income, job info, and the loan amount.

2. Document Upload

Start by filling out a short online form on the ICICI Bank's website or the iMobile app. You will need to enter basic details like your name, income, job info, and the loan amount.

3. Approval Process

Start by filling out a short online form on the ICICI Bank's website or the iMobile app. You will need to enter basic details like your name, income, job info, and the loan amount.

4. Quick Disbursal

After approval, the loan amount is directly transferred to your ICICI Bank Savings Account. This fast process is helpful when you need funds urgently.

Who is eligible for a Paperless Personal Loan?

Salaried and self-employed professionals and non-professionals can apply for a paperless Personal Loan online. However, you must check and fulfil the lenders' Personal Loan eligibility requirements to apply:

• Salaried employees between 20 and 58 years of age, self-employed professionals from 23 to 65 years of age and doctors from 25 to 65 years of age can apply for a Personal Loan without physical documents

• Salaried individuals with a minimum monthly salary of Rs 30,000, self-employed professionals with a minimum turnover of Rs 15 lakh and self-employed non-professionals with a turnover of at least Rs 40 lakh may qualify for a Paperless Personal Loan

• Salaried applicants must have at least two years of job experience and reside in their current residence for at least one year. Business owners should be in the existing business for at least five years and doctors should practice for at least three years

• Self-employed individuals and proprietorship firms must show a minimum profit of at least Rs 2 lakh after tax, which is Rs 1 lakh for non-professionals.

How to Apply for a Paperless Personal Loan?

With ICICI Bank, you can either apply for a paperless Personal Loan via iMobile app or the official bank website. Here is the wise process:

Through the ICICI Bank website

• Enter your desired loan amount
• Provide your basic personal and work-related information
• Review your loan amount and tenure
• Confirm your loan application
• Get the loan disbursed

Through the iMobile app

• Download iMobile and log in using your MPIN or fingerprint
• Navigate to ‘Get Instant Loan’ and click on 'Apply now' in the Personal Loan section
• Enter your required loan amount
• Validate all the details of your loan
• Accept the Terms and Conditions by checking the box and click on ‘Disburse Now’
• Authenticate through Aadhaar-based eSign and then click on ‘Submit’

Tips to get a Paperless Personal Loan easily

Here are a few simple and quick ways to apply for an instant Paperless Personal Loan:

1. Decide the lending institution wisely

If you are an existing customer of a lending institution or bank, you can simply apply for a new loan without submitting paperwork. The lender already possesses your necessary details and they will instantly approve your loan, especially if you have a sound financial condition and a consistent repayment history

2. Maintain a good credit score:

Since Personal Loans are unsecured, financial institutions emphasise your credit score to assess the risk in your loan approval. Therefore, maintaining a good credit score is crucial for a Personal Loan application. It shows lenders that you have been a dependable borrower in the past. Additionally, it indicates that you are likelier to pay your EMIs promptly

3. Reduce your DTI Ratio:

Lenders prefer applicants with minimal financial obligations. If you are already indebted heavily, they may reject your loan application even if you have a handsome income. Hence, reduce your Debt-To-Income (DTI) Ratio before applying for a loan to get instant approval

4. Ensure Professional Stability

Whether you are a salaried employee, self-employed professional, non-professional; lenders prefer professional stability for the last few years.

While getting an instant Paperless Personal Loan is possible, you must submit the required documents online to apply. Do your homework and keep your documents handy, while applying for a Paperless Personal Loan. At ICICI Bank, you can avail a Personal Loan of up to Rs 50 lakh online without Branch visits or paperwork.

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