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How to Process Personal Loan Application without some Documents?
How to Process Personal Loan Application without some Documents?

In the present day economy, a Personal Loan can easily be categorised as one of the most sought after credit types. This can be easily justified by some of the inherent benefits that a personalloan offers, which include-

  • Quick Approval
  • Minimal Documentation
  • Swift Disbursal
  • Freedom of End-Use
  • Up to 5 Years of Repayment Tenure
  • Flexible Repayment Options
  • Collateral-Free Credit

More often than not, in order to obtain a Personal Loan, you may be required to furnish the following documents in addition to a duly filled Personal loan Application Form-

  • Proof of Identity
  • Proof of Residence
  • Proof of Ownership of Residence
  • Proof of Employment
  • Proof of Income
  • One passport-sized photograph (in colour)

 

Personal Loan without Documents

A Personal Loan is essentially unsecured in nature. Whether it is a credit from a PSU bank like SBI or from an NBFC like Bajaj Finance Personal loan, the funding encumbers a higher risk proposition. Hence the dependence on documents like proof of employment and proof of income is comparatively high. Besides, the lender also heavily relies on the borrower’s credit history to ensure their ability and willingness to repay the loan.

That being said, it is not entirely impossible to obtain a Personal Loan without the requisite documentation. To begin with, here are some simple yet effective ways to Get a Personal Loan, when you are unable to furnish the documents such as Proof of Income or Proof of Employment -

  • Leverage Your Relationship With the Lender

In order to obtain a Personal Loan without documents, it is recommended to approach your existing Savings/Current Account bank. If you have been a loyal customer to the bank, with a clean record, the chances are that the bank might place its trust in your creditworthiness and approve your loan application. That being said, you should be prepared to pay a comparatively higher rate of interest, as the bank may try to secure its position against the possibility of a default.
 

  • Make Timely Payments on Your Credit Card Dues

Even if you do not enjoy a commendable relationship with your bank, you can build the same by ensuring that you pay all your credit card dues on time, without fail. This will help the bank perceive you as a responsible borrower, which in turn, may lead them to approve your Personal Loan application without the required documents.
 

  • Maintain a High Credit Score

As mentioned earlier, the primary reason for a bank to ask for documents when reviewing your Personal Loan application is to test your ability and willingness to repay the loan. One of the most reliable sources to understand your creditworthiness is your Credit Score. Hence, if you maintain a rating which is 700 or higher, the bank may not require the proof of income and/or employment from your end.

  • Display Your Employment Letter

If you are just about to begin your career, and do not have any work experience or income to show for, you can furnish the employment letter from the company which you are about to start working for. This will make it more convenient for the bank to analyse your earning prospect and approve your loan accordingly.

  • Offer Past Proof of Income

If you were a salaried individual at an earlier point in time and are making a shift to being self-employed, then you can show the salary slips from your previous company to prove your ability to earn, as well as that to repay the loan.
 

  • Provide Bank Statements

If your sources of income are not explicit, and you are unable to show proof of employment, as is often the case with freelancers, you can always furnish your bank statements for the past 6 or 12 months to exhibit your financial standing. This will help the lender assess your income and repayment ability, thereby making it easier for you to procure the loan.

  • Offer Photocopy of Your Cheque

If you work for a small organisation which doesn’t furnish salary slips, you can simply scan your salary cheque, and offer it as a proof of income along with your loan application.

 

While the above mentioned measures will help strengthen your eligibility for a Personal Loan, even in the absence of income and employment proof, these may not be of much help if you are unable to furnish proof of identity, and that of residence. Hence, make sure that you have those in place before you even plan to approach a lender for a Personal Loan. In case you are unable to do so, it will be in your best interest to rely on friends or family members for a Short Term Loan.

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