Personal loans are unsecured debts that you can avail of for emergency needs, such as covering education expenses, home improvement, or major purchases. Most personal loans are short-term, have tenures of around 5 years and come with flexible repayment options. So, when you avail of a personal loan, you must pay your EMIs every month by handing out a post-dated cheque or through bank transfer.
Usually, you must submit a set of documents to avail of an instant personal loan online. However, there are times when you can skip submitting physical documents such as copies of your PAN or Aadhaar Card to get a personal loan. While an online loan app may allow you to avail of a personal loan without documentation, there are other ways to take a loan without submitting your documents.
Here are some ways to avail yourself of a loan without submitting copies of your personal documents such as the PAN or Aadhaar Card to the lender.
Maintain a Good Relationship with the Lender
Customer loyalty goes a long way in the finance world, especially for personal loans. So, when taking a personal loan, it is best to go with a lender that you are well-acquainted with so that you can get your loan approved quickly. Moreover, if you can maintain a good relationship with the lender, they may not ask you to submit your physical documents.
Choose a Lender Offering Instant Approval
Lenders offering instant approval may require less documentation to process and disburse loans. So, when taking an instant personal loan online, it is a good idea to choose lenders who can disburse them instantly without needing documentation. Alternatively, you can also use an online loan app that lets you avail of loans without requiring physical documents.
Avail of Pre-Approved Offers
One of the best ways to avail of an instant personal loan without submitting any physical document is by going ahead with pre-approved offers. Many lenders have pre-approved offers that can help you get a loan without any hassles. So, when you decide to take a personal loan, don’t forget to look for such offers.
However, when availing of such offers, be sure to check the eligibility requirements. That is, you must satisfy all the conditions that the lender lays down as part of the offer.
Therefore, avail of the offer only after thoroughly reading and understanding all the terms and conditions.
Don’t Default on Your EMIs
You must repay your loans or EMIs on time and not default, especially if you want to establish a long-term relationship with the lender. That way, you can gain the much-required trust with your lenders, and they may disburse your loans without asking for your documents.
So, if you want to avail of a personal loan but don’t want to submit any documents, you must pay your EMIs regularly and do not default on your loan repayment.
Although personal loans are unsecured and don’t need any collateral, it would still be a good idea to offer one. Offering collateral can help speed up the loan approval process, especially if you want to avail a personal loan without documentation. Also, in cases where you may not have the required documents to provide to the lender, submitting collateral can help get your loan approved quickly.
Look for a Guarantor
You can also get a guarantor to submit documents as proof of availing of the loan, especially if you are not in a position to submit yours. Moreover, having a guarantor submit their papers when you avail of an instant personal loan online ensures that you will repay the loan in time and not default.
So, when availing of a personal loan, you can have a guarantor submit their documents. That way, you can get your loan approved quickly, especially when you don’t have all the documents you may need to submit to the lender.
It is possible to get an instant personal loan without documentation. So, when you decide to avail of a personal loan without submitting your documents, you can still get it approved by following any method mentioned above.
For instance, you could look for those pre-approved offers by the lender or establish a good rapport with them. Similarly, you could also bring a guarantor in and have them submit documents on your behalf.