Filled with lush greenery and trendy restaurants, Koregaon Park is a growing commercial hub located in Pune. It is known for its live music bars and buzzy pubs with various art galleries and is close to Pune International Airport and Pune Junction Railway Station.
Personal loans are gaining more popularity in commercial places like Koregaon Park due to their easy accessibility whenever you need instant funds. Banks and NBFIs offer personal loans to meet various financial requirements such as medical emergencies, wedding plans, travel plans, business expansion, etc. You can get a personal loan without submitting any collateral and minimum documents. Moreover, you can get this loan instantly using Buddy Loan up to INR 15 lakhs.
Did you know that you can still get personal loans even if you don’t have sufficient documents?
Read this article to see how you can get a personal loan without any documents.
Eligibility Criteria for Personal Loan
- The loan applicant must be an Indian citizen.
- The age must be between 21 to 60 years.
- The loan applicant must either be a salaried employee or self-employed
- The monthly income must be at least INR 21,000 per month.
- The minimum credit score of the loan applicant must be above 750.
Tips to Get an Instant Loan Without Documents in Koregaon Park
Lenders will offer you personal loans without any income proof if you show that you are a credible borrower. So, here are a few steps you can follow to get one instantly in minutes.
Repay your existing debts
You can improve your creditworthiness by repaying all your pending debts as soon as possible. Doing so will improve your credit history, which will improve your credit score.
Improve your credit score
A credit score typically indicates the overall credit behavior of an individual, and it ranges from 300 to 900 and represents your ability to repay the loan without defaulting. Moreover, if you have a score above 750, you will be a low-risk borrower. If you want to improve your score, make timely repayments, repay your existing debts, keep your old accounts open, etc. Likewise, you have to check your credit score frequently to keep track of your transactions. You can quickly check your score using Buddy Score and get the whole credit report instantly.
Maintain your Debt-to-Income ratio
A Debt-to-Income ratio (DTI) shows how well you can manage your current and past debts with your monthly income. That is why lenders expect you to maintain this ratio of less than or equal to 50%. The lesser the ratio, the greater your repayment ability. Therefore, having a low Debt-to-Income ratio will make you a low-risk borrower.
Relationship with the lender
The lender will automatically trust you if you are an existing customer with good credit history. Since the lender already knows your financial status and credibility, the lender will offer you a loan even if you do not have any documents.
How to get an Instant loan without a Salary Slip in Koregaon Park
Sometimes, suppose the loan applicant does not have regular documents for income proof like salary slips. In that case, they can provide proof of alternate income to show that they have other sources to repay the loan amount even without a salary slip.
Here are a few ways to get a loan without a salary slip
Submit Form 16: If you do not have a salary slip, you must submit the latest Form 16 as your proof of income.
Show alternate source of income: Submit proof of other sources of income such as business income, house rent income, bank balance, the income of your parents or spouse, etc. It will indicate that you have alternative sources of income to repay your loan amount on time without defaulting.
Submit Collateral: Though personal loans are unsecured, you can speak with your lender to offer the loan amount by submitting your collateral as security if you do not have a salary slip or income proof.
Get a Guarantor: You can get a guarantor or a co-applicant who has a good credit score to apply for a loan when you do not have income proof. However, the guarantor must submit their income proof when applying for the loan.
Benefits and features of getting a personal loan
A personal loan has a lot of benefits compared to a traditional one. The following are the features and benefits offered for a
No Hidden charges: You need not pay prepayment charges or other hidden charges when applying for this loan.
Collateral free: Since personal loans are unsecured, you need not have to submit any collateral as security to avail of this loan.
Instant approval: Once you meet all the required eligibility criteria mentioned by your lending institutions, your loan application will be approved instantly.
Get the loan within 24 hours: The process is online and quick. As a result, your loan amount will be disbursed to your bank account within 24 to 48 hours of verification.
Minimum Documentation: You need minimum documents to verify your KYC, such as identity proof, address, and income, such as your Aadhar card, PAN card, bank statement, etc.
Flexible tenure for loan: The repayment tenure is flexible, starting from 6 months to 60 months. Therefore, you can choose the tenure period according to your income and budget.
In this digital era, where everything is instant and online, people always choose an immediate source of funds when they face sudden financial requirements. As always, personal loans are the first and best choice for instant loans online. If you want to get loans approved and disbursed instantly, you can choose Buddy Loan and get your loan within 24 to 48 hours. Being one of the largest loan aggregators in India, Buddy Loan is the right platform for you to get instant funds. Moreover, you can also visit Buddy Score to check your credit score and get the whole credit report instantly to know your creditworthiness.