What is a Paperless Personal Loan and its Features

With the advent of new technologies in the financial sector and the emergence of the fintech environment, getting financial assistance has become much easier. Unlike traditional methods, you do not have to undergo extensive paperwork. Whenever you need funds, you may apply for a paperless Personal Loan from the comfort of your home.

Here’s a short guide explaining the vital aspects of an instant paperless Personal Loan.

Read Also: Different Types of Personal Loans in India

What is a Paperless Loan?

A paperless instant Personal Loan is an online loan facility that provides Personal Loans instantly without demanding any paperwork. Using this facility, you can apply for a paperless Personal Loan online by submitting an online application form and uploading soft copies of the required documents.

How Does a Paperless Loan Work?

Here is how an online Personal Loan paperless facility works:

• Submit a loan application through the lender’s website or app.
• The lender determines your Personal Loan eligibility based on the details and documents you provide.
• Receive a loan offer with the approved loan amount, interest rate, repayment term, and other details.
• Accept the loan offer by digitally signing the loan agreement.
• Receive disbursal directly into your bank account within a short period.

Read Also: All You Need to Know About Digital Personal Loans in India

Salient Features of a Paperless Personal Loan

Loan plans vary between lending institutions. Here's a look at the salient features of a Hero FinCorp Personal Loan:

• Easy online application through the lender's website or app
• No branch visits required
• No collateral, security, or guarantor required
• Instant loan amount of up to Rs 5 Lakh
• Flexible repayment term of up to 36 months
• Competitive interest rates
• Easy Personal Loan eligibility criteria
• Minimal documentation requirements
• Instant approval and disbursal
• Anytime availability of easy funds

How to Compare Interest Rates for Paperless Personal Loan

Knowing the interest rate and additional charges is important when you borrow an instant Personal Loan. Hero FinCorp has a transparent fee structure that involves the following costs. Compare them with other lenders to ensure getting a good deal:

Read Also: What is an Instant Loan - Why is it Better than Other Loans?

Eligibility Criteria for a Paperless Personal Loan

You must fulfil the lender's Personal Loan eligibility criteria to apply. Here's a look at the Hero FinCorp’s instant Personal Loan paperless eligibility conditions:

• Indian citizenship
• Age: 21-58 years
• Minimum Income: Rs 15,000 pm
• Work Experience: Six months for salaried and two years for self-employed

Read Also: What are the Documents Required for Personal Loan?

Documents Required for a Paperless Personal Loan

The documentation requirements vary for salaried and self-employed loan applicants. Here's a brief overview:

For Salaried Employees:

Mandatory Documents

Duly filled loan application form, Passport size coloured photograph

Identity Proof

Driver’s Licence/ Passport PAN Card (mandatory)/ Aadhaar card

Residence Proof

Driver’s Licence/ Passport/ Aadhaar Card/ Ration Card/ Utility Bill

Residence Ownership Proof

Electricity Bills/ Maintenance Bills/ Property Documents

Income Proof

Last three months salary slips, Last six months bank account statement (salary account), Form 16

Job Continuity Proof

Appointment letter from the current employer, Experience certificate from the previous employer

For Self-Employed Professionals:

Mandatory Documents

Duly filled loan application form, Passport size coloured photograph.

Identity Proof

Driver’s Licence/ Passport PAN Card (mandatory)/ Aadhaar card

Residence Proof

Driver’s Licence/ Passport/ Aadhaar Card/ Ration Card/ Utility Bill

Office Address Proof

Maintenance Bill/ Utility Bill/ Property Documents/ Rent Agreement

Business Existence Proof

Copy of Tax Registration/ Shop Establishment Proof/ Company’s Registration Certificate

Income Proof

Last six months bank statement, ITR for the last two consecutive years

Read Also: How to Apply a 2 Lakh Loan without Documents?

How to Apply for a Paperless Personal Loan?

Follow these steps to apply for an instant paperless Personal Loan at Hero FinCorp:

• Visit the Hero FinCorp website or Install the Hero FinCorp loan app from the Play Store
• Choose the loan amount and preferred EMI
• Enter the required details
• Complete your KYC process
• Input your bank account details
• Get real-time approval of the loan
• Digitally sign e-Mandate and loan agreement
• Receive the loan amount in your account within 48 hours

Conclusion

A paperless Personal Loan offers quick and hassle-free funding to finance your planned or unplanned expenses. It removes all financial constraints by providing accessible funds without branch visits or paperwork. Whether you need funds for a home upgrade, medical emergency, or any other personal purpose, an instant paperless Personal Loan from Hero FinCorp can be an excellent funding solution at reasonable interest rates.

Frequently Asked Questions

1. How quickly can I get approval for a paperless Personal Loan?

If all your details are correct and documents are in order, you may get a paperless Personal Loan approval within minutes.

2. Can I apply for a paperless loan without a credit score?

Some lending institutions offer paperless Personal Loans without a credit score. But be ready to pay a higher interest rate than usual.

3. Is a paperless Personal Loan secure?

Personal Loans are unsecured. You don't need to pledge any collateral against the sanction.

4. What is the credit score requirement for paperless Personal Loans?

Although Hero FinCorp does not require a minimum credit score for Personal Loans, a decent score will help you get easy approval at attractive interest rates.

5. Where can I use a paperless Personal Loan?

A paperless Personal Loan can be used for various purposes, including a medical emergency, higher education, wedding, home renovation, debt consolidation, travel, or another big-ticket expense.

Disclaimer: The information provided in this blog post is intended for informational purposes only. The content is based on research and opinions available at the time of writing. While we strive to ensure accuracy, we do not claim to be exhaustive or definitive. Readers are advised to independently verify any details mentioned here, such as specifications, features, and availability, before making any decisions. Hero FinCorp does not take responsibility for any discrepancies, inaccuracies, or changes that may occur after the publication of this blog. The choice to rely on the information presented herein is at the reader's discretion, and we recommend consulting official sources and experts for the most up-to-date and accurate information about the featured products.