Thanks for the information. If you are an existing customer with a bank, you can avail a pre-approved loan within a few minutes without having to submit any documents. You just need to login to your net banking account and apply for the loan by agreeing to the applicable terms and conditions. On completion of the application process, the loan amount gets credited instantly to your bank account.
In order to avail paperless Personal Loans through a loan aggregator like BankBazaar, you need to apply for the loan and submit scanned copies of the required documents online, following which the bank verifies the documents and sanctions the loan. This process is carried out quickly without any human intervention.
Benefits Of Paperless Loans
The benefits associated with paperless loans include:
Reduced turn-around time: As the entire process is carried out online, there is no need to visit the bank or submit documents manually, which usually takes a lot of time. With no human intervention, the loan gets sanctioned in the shortest possible time. In case of pre-approved loans, the bank is well-versed with the customer’s profile and the loan is pre-approved. Disbursement is then carried out in a few minutes.
Fewer hassles: The paperless loan approval process is hassle-free since there is no need for hefty paperwork or running around to get the loan sanctioned. You can sit at home and compare loans from different banks and get a loan sanctioned with a few clicks.
Documents are safe: With your loan documents stored online, there is no fear of losing or misplacing them.
Want to check your eligibility for a Personal Loan? Click here.