How to Get Instant Paperless Personal Loan Online?

Digitization has transformed the way we live, work and communicate with each other. It has also eliminated the need for physical paperwork from many processes.

Unlike before, now it is possible to get a paperless personal loan from banks and NBFCs. In this blog, we will explore everything you should know about instant paperless loans and how you can make the most out of this innovative credit instrument.

What is an Instant Paperless Loan?

An instant paperless personal loan is a loan product wherein you can borrow money online without submitting any paperwork or pledging collateral. There are many loan apps from where you can avail an instant paperless loan online.

For example – You can get personal loans up to ₹5,00,000 instantly from the Zype app without uploading any document or submitting any physical paperwork.

Advantages of Paperless Personal Loan

You can get an online paperless personal loan anytime, anywhere. All you need is a smartphone and an internet connection to apply for a digital paperless personal loan. Since there is no physical paperwork involved, the loan application process is fast and hassle-free. For example – You only need to give your PAN, Aadhaar number and a few other details to get a paperless personal loan from Zype.

There are many other benefits like instant approval, unsecured loans, affordable interest rates and flexible personal loan repayment options.

Also Read: What is an Instant Loan? What are the benefits of Instant Loan?

What is the Process of Getting a Digital Paperless Personal Loan

Different lenders have different processes for approving loans. Here are the steps to get a personal loan with paperless approval from the Zype app –

1. Enter your basic information and get a credit line offer in less than a minute.

2. Complete KYC with your Aadhaar number and selfie to unlock your credit line.

3. Choose the amount and EMI plan and transfer the money from the credit line to your bank account.

Documents Required for Instant Paperless Personal Loan

In order to approve your personal loan, lenders usually ask for identity proof, address proof and income proof.

To get an instant paperless loan from Zype, you only need these to complete your loan application-

Photo Identity Proof

You will need to take your selfie to complete the KYC process.

Mandatory Documents

Zype only asks for PAN and Aadhaar number.

Income Proof (Optional)

You can borrow money from the Zype app without giving any kind of income proof. In case you want to update your credit line, you get the option to upload your salary account’s bank statement of the last four months.

Paperless Loan Approval and Disbursement

The best part about taking an instant paperless loan online is that the loan approval and disbursement process is very fast as compared to traditional loans. Every lender has its own set of timelines for giving loan approvals and disbursing money.

For example – It takes less than 8 minutes to complete the loan application on the Zype app and users enjoy same-day disbursal of their loans.

Managing Paperless Loans

It is very easy to manage an online paperless personal loan. You can get all the necessary information about your loan like borrowed amount, EMI amount, due date, interest rate, processing fee and repayment tenure from the loan app itself. In fact, some loan apps like Zype also have the feature of setting up autopay so you never miss your EMI payment.

How Do Paperless Loans Benefit the Environment?

When you take an instant paperless loan online, you don’t have to print loan applications and documents which significantly reduces paper usage.

It also consumes less energy compared to traditional loans, as it eliminates the need for paper production, transportation and storage of documents.

Challenges of Paperless Personal Loan

Although lenders try to make the loan application process as easy as possible, it might still be difficult or confusing for someone who is applying for the first time or is not comfortable using a mobile phone.

Another challenge is that the popularity of instant loan apps has also increased fraudulent lenders. If you want to learn how to not become the victim of a loan scam, read this blog – 6 signs of a Fake Loan App.

Future Trends in Paperless Personal Loans

It has never been easier and faster to borrow money, all thanks to loan products like instant paperless loans. That’s why the usage of this credit product is likely to increase in the future.

The personal loan apps will become faster, easier and more personalised with time. For example – It already takes less than 8 minutes to complete a loan application on the Zype app and the credit line offer is generated in less than 60 seconds. Also, every user gets a personalised interest rate offer based on their credit profile.

Conclusion

An instant paperless personal loan is a win-win situation for lenders, borrowers and the planet. It’s cost-savvy for lenders since it eliminates the need for physical paperwork. The paperless process gives the borrower a fast and hassle-free experience. And it’s eco-friendly since it reduces paper usage and saves the energy of paper production.

Download the Zype app from the Play Store or App Store and get an instant paperless loan up to ₹5,00,000 in no time.