Advances in FinTech has made it possible to borrow loans without the need of a lot of documents. Paperless application process is the way of the future in the financial industry.
Since the demonetization, the term cashless transaction has been taking the centre stage in India’s financial circle. The spillover effect has been seen in personal finance too, where the term paperless personal loan or personal loans without documents have come into existence. Technology has allowed digital lending platforms to address traditional banking pain points and streamline the processes, such as personal loan documents and approval, and the time taken for disbursement.
So, what is a paperless personal loan? A paperless personal loan is a financial transaction that happens between the lender and the borrower through digital lending platforms. The personal loan amount, EMIs and tenure are decided during the approval process. There is no need for heaps of photocopies or attested documents, so there is no time wasted in documentation.
3 Advantages of Personal Loan Without Documents
The digital lending platform is designed to assess your creditworthiness through the online evaluation of your personal and financial information. The entire process of a personal loan through digital lending platforms, right from application to disbursement happens quicker and faster than traditional banks. Here are some advantages of a paperless personal loan through digital lending platforms:
With MoneyTap, the only personal loan documents, you’ll need are:
Aadhaar Card (preferred, not mandatory) or at least Aadhaar Number
Your Company Name, Company email address
Pan Card (mandatory)
Bank statements through your net banking salary account
While applying for a personal line of credit, MoneyTap will ask you to login to your net banking account so that it can access your bank statements as a part of the loan approval process. This is, however not a security threat as the process is a read-only operation and the security is controlled by the bank itself. If you still feel uncomfortable, you can download the bank statements and then upload them on the MoneyTap app.
If you are new to credit (NTC), it is usually a challenge for the lender to establish your creditworthiness because of your limited or nil credit history. However, through MoneyTap, you can easily apply for a personal loan, get the loan at an attractive interest rate with an opportunity to build your credit history and score.