Since the demonetization, the term cashless transaction has been taking centre stage in India’s financial circle. The spillover effect has also been seen in personal finance, where the term paperless personal loan or personal loans without documents has come into existence.
Technology has allowed digital lending platforms to address traditional banking pain points and streamline processes, such as personal loan documents and approval and the time taken for disbursement.
So, an instant personal loan without documents is a financial transaction that happens between the lender and the borrower through digital lending platforms. There is no need for heaps of photocopies or attested documents, so there is no time wasted on documentation. The personal loan amount, EMIs and tenure are decided during the approval process.
Benefits of an Instant 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:
It’s Hassle Free
The process of a paperless personal loan becomes hassle-free since there is no need for hefty paperwork, making frequent visits to the banks or filling and signing form after form. You can apply for a personal loan from the comfort of your home with only a few clicks.
It’s Less Time Consuming
The whole process, from approval to disbursement is online, therefore, you can save time and fuel that are often wasted in visiting the bank repeatedly to submit documents and forms manually. With less human intervention, the loan is approved in the shortest possible time.
It Keeps Your Information Safe
Digital lending platforms undergo stringent security testing and follow the security protocols mandated by the banks. The technology thus ensures that your personal and financial information submitted over the platform remains private and protected.
To avail a personal loan without documents through a digital lending platform, you need to first meet their eligibility criteria.
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With Freo, the only personal loan documents, you’ll need are
Freo is an app that offers a personal laon that you can get instant loans from. It can work for you as an “Advance Salary App” or “Early Salary App” giving you financial convenience with the following benefits
While applying for a personal line of credit, Freo 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 Freo 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 Freo, 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.
What is the Procedure to Apply for a Freo Instant Personal Loan Without Documents?
While applying for a personal line of credit, Freo will ask you to log in 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 bank itself controls the security. If you still feel uncomfortable, you can download the bank statements and then upload them on the Freo app.
Suppose you are new to credit. In that case, it is usually a challenge for the lender to establish your creditworthiness because of your limited or nil credit history. However, through Freo, you can easily apply for a personal loan and get the loan at an attractive interest rate with an opportunity to build your credit history and score.
A paperless personal loan through Freo allows you to get a loan without all the hassle of exhaustive documentation.
