Can you get a personal loan without documents? Yes, you can go completely paperless while applying and receiving approval for personal finance. This is possible because personal finance is unsecured, and therefore, doesn’t require collateral.

When there is no collateral or guarantee, you can get by without submitting any paperwork. However, there are certain things you need to do to get loan approval. Let’s find out what those are.

How to get a personal loan without documents?

We know it sounds atypical, but specific lenders let potential borrowers avail of personal finance based only on their previous financial reputation and relationship with the lending institution.

Here’s how you too can apply for personal finance without any documents.

1. Ensure you have a healthy credit score

When applying for apersonal loan without documents, it’s critical you have a decent credit or CIBIL score. This score is representative of your previous repayment history and creditworthiness. You can build a high score by repaying all your previous loan EMIs and credit card bills on time.

Even if you don’t have a high credit score, you may still be eligible for personal finance without documents. But you might get approved for the same at a slightly higher interest rate.

Additional Read – Tips to Improve Personal Loan Application

2. Try keeping a low debt-to-income ratio

If you are already repaying one loan or another form of debt, try keeping the EMIs below 50% of your salary. The lesser chunk of your income used to pay off your current debt, the higher your paperless personal finance approval chances. Why? If, after paying all your ongoing debt, you’re still left with 50% or more income in hand, you automatically become a low-risk borrower who knows how to handle their finances well.

3. Forge a good relationship with your lender

The easiest way to secure a loan without documents and at a low personal loan interest rate is by winning your lender’s trust. How can you do this? Provide them with an insight into your past repayment history, show them your credit score, inform them about your low debt-to-income ratio.

They may also have a few questions, like how many credit cards you have and whether you’ve ever defaulted on loan repayments. Answer them honestly and patiently, as they are not trying to accuse you, but only following protocol.

As long as you’re able to forge a trustworthy relationship with a lender, be it new or old, you are likely to improve your chances of availing of personal finance without submitting documents.

Additional Read – How to Apply for a Personal Loan in 5 Simple Steps?

The bottom line

Do you have a decent CIBIL score and are looking for a lender with relaxed personal loan eligibility criteria? If yes, rely on Tata Capital.

We offer personal finance at affordable interest rates and comfortable repayment tenures. If all checks out, we may also extend our finance offering without paperwork and expedite your loan quickly.

You can also check what your EMIs will be like with us by using a personal loan EMI calculator available on our website. After which, you can start your loan application with us online!

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