How to Get Rs 3 Lakh Loan Without Documents?

3 lakh loan without documents

Loan application and processing are lengthy and tedious processes. Applicants also spend a lot of time gathering essential documents, scanning them, and submitting them to the lender. 

Fortunately, digitization has paved the way for pre-approved instant personal loans without document. Lenders offer these loans to existing borrowers or account holders since they already have their KYC details such as PAN, Aadhar card number, identity and address proof, etc. You get the loan amount disbursed immediately after the loan approval. 

personal loan

This blog covers everything from application to eligibility to ways to expedite your 3 lakh loan without document for new and existing customers. 

Benefits and Feature Of Applying For A Loan Without Documents 

In addition to quick loan approval, there are several other benefits to applying for a loan without documents. We’ve listed a few below:

1. Say Goodbye to Paperwork 

All existing borrowers get pre-approved personal loan offers from their lenders. This means the lender is already aware of your financial condition and knows you meet the basic requirements of a loan application. By filling out the loan application form, you get the amount disbursed by the lender quickly after the loan approval. So bid adieu to paperwork and the long wait to get your loan approved!

2. Enjoy An Unsecured Loan

The biggest benefit of personal loans is they’re collateral-free. No need to pledge an asset against the funds. All you need is a favorable repayment history and a good credit score! 

3. Get Multiple Repayment Options 

When applying for a loan from a lender whom you’ve been a customer of, you get flexible repayment options. So you can repay the loan from anywhere between 12 months to 94 months. The duration varies from lender to lender. Check with your lender to understand their repayment schedule.  

4. Enjoy Low-Interest Rates 

If you have been associated with a lender for a long time, are may offer you a personal loan at relatively lower interest rates. 

Struggling to find the right lender that aligns with your needs? Get matched with the right lender through Credmudra.  

Eligibility Criteria of 3 Lakh Loan Without Documents

To get a Rs. 3 lakh loan, you must fulfill the following conditions:

Citizenship – You must be an Indian citizen to apply for a Rs. 3 lakh loan 

Age Criteria – You must be between 21 and 80 years old

Employment Status You must be either employed with an MNC, private or public agency or be self-employed

High CIBIL Score Your CIBIL score must be 685 or higher

Monthly Income – Your monthly income should be greater than Rs 15,000. The range varies for different lenders. 

If you’re a new customer applying for an urgent loan, check the lender’s pre-assigned loan limit by entering your mobile number and OTP on the lender’s login page.

Also, Read: Personal Loan for 8000 Salary : Step By Step Guide

Documents Required for 3 Lakh Loan Without Income Proof

Your lender will have your ID, address, and income proof if you are an existing customer. However, your lender may need updated documents if your employment status or monthly income has changed. 

As a new customer, you’re required to submit supporting documents as mentioned below:

ID Proof – Voter’s ID, PAN Card, Passport, Aadhar card, etc. 

Address Proof – Driving License, utility bills, Aadhaar card, rent agreement, etc. 

Income Proof – If you’re salaried, submit the latest salary slips (usually of the last three months) or the latest Form 16. If self-employed, submit your ITRs (Income Tax Returns) as income proof. 

Note: A few lenders do a photo-identity verification where you may not need to submit identity proof. 

4 Different Types Of Loans Without Income Proof

1. Co-Applicant Loans

Lacking salary slips? You can apply for a personal loan up to 3 Lakh without income documents by including a co-applicant. The co-applicant is required to furnish income proof, bolstering your loan application and enhancing the likelihood of approval.

2. Credit Score-Based Loans

Lenders often prioritize your credit history over direct income evidence. A low debt-to-income (DTI) ratio coupled with a high credit score reassures lenders of your ability to repay on time. Thus, they may grant a personal loan based on alternate income proofs.

3. Collateral-Based Loans

Offering your property as collateral provides lenders with a security measure in case of default. Your assets are held as collateral until the loan is fully repaid. Should you fail to meet your payment obligations, the lender is legally entitled to confiscate and sell the property to recover the outstanding debt.

4. Government Schemes and Grants

Explore various government schemes that offer loans without stringent income proof requirements. Meet their eligibility criteria to access the necessary funds with minimal formalities.

Interest Rate and Tenure of 3 Lakh Rupee Loan Without Document

The interest rates mentioned here are standard. They may change depending on your credit score, employment status, loan repayment history, etc. 

Banks Interest Rates 
ICICI Bank  10.80% onwards
IDFC Bank10.75% onwards 
HDFC Bank          10.50% onwards  
IndusInd Bank10.49% onwards 
Axis Bank     10.49% onwards  

 EMI Calculator for 3 Lakh Rupee Loan

You can calculate your EMI using an EMI calculator or manually with the following formula:

EMI = P x r x (1+r)n/((1+r)n-1)


P = Loan amount

r = Interest rate

n = Tenure in months

So for P= 3,00,000 

r = 10.5% 

n = 12 months 

EMI = Rs. 26,445

Of which, 

Interest Payable = Rs 17,335

Total Payable = Rs 3,17,335

Similarly for, 

Tenure EMI 
24 months Rs. 13,913
36 months Rs. 9,751
48 months Rs. 2,744

While you can calculate EMIs with the formula, use this EMI calculator for an error-free calculation.

Many lenders offer repayment tenure of up to 94 months. 

Also, Read: Get 10000 Loan On Aadhaar Card – Step By Step Guide

How To Apply 3 Lakh Loan Without Income Proof?

As an existing customer, follow these simple steps to apply for a Rs. 3 lakh loan:

A. Login to Your Account – Access your existing lender’s portal through their mobile app or website. 

B. Check Eligibility – Review the eligibility criteria for the loan, such as income requirements, credit score, etc. 

C. Fill Out the Application Form – If you fulfill the eligibility criteria, fill out the loan application form. 

D. Review And Submit – Review the interest rate, repayment schedule, late payment penalties, etc., and submit the loan application form. 

E. Wait for the Approval – After submitting the form, let the lender notify you when it’s approved. You’ll receive the loan amount right after approval. 

If you’re a new customer, follow this step-by-step guide to apply for a personal loan.  

Best Practices for Securing a 3 Lakh Loan without Income Proof

Adhere to these best practices to enjoy a hassle-free loan approval process: 

1. Ensure Faultless Repayment History

A clean repayment history speaks volumes about your credit behavior. A history of timely repaying previous loans leaves your lender worry-free.

2. Ensure a High CIBIL Score

When you have a clean loan repayment history, a high CIBIL score follows. A credit score of at least 750 reflects responsible credit behavior, increasing the probability of getting pre-approved instant personal loan offers. Since personal loans are collateral-free, lenders pay extra importance to credit scores when evaluating loan applications. Some lenders offer loans with lower interest rates to individuals with good credit scores. 

4. Maintain Long-Standing Relationship with Lender

Maintaining a long-term relationship with a lender helps with quick loan approvals, regardless of the loan type or amount. It simplifies the application process and documentation and leads to quicker loan approvals. 

5. Maintain A 50% or Less Debt-To-Income Ratio 

A debt-to-income ratio of 50% or less is favorable for quick loan approval without documents. The lower the ratio, the greater your repayment abilities are. 

Also, Read: Personal loan For 15,000 Salary – Step By Step Guide


1. Can I Get A Rs. 3 Lakh Loan Without Submitting My PAN Card? 

When you’re applying for a loan from your existing lender, you may not be required to submit your PAN details as your existing bank may already have them. Some lenders sanction loans without a PAN card if you submit Form 60 instead. 

2. As A Self-Employed Person, What Should I Submit Instead of Salary Slips? 

Self-employed individuals can submit ITR (Income Tax Return) documents as proof of income. It helps lenders evaluate loan repayment capacity. 

3. How Can I Find Lenders Who Offer Loans Without Documents? 

Search for lenders who mention “no documents required” or “minimal documentation required” on their website. Consult your friends and family who have used these services to make an informed decision. 

4. Can I Get A Rs. 3 Lakh Loan With A Bad Credit Score?

Some lenders may sanction loans to individuals with poor credit scores at higher interest rates or with a co-signer. 

5. Should I Be Cautious When Applying for A Loan Without Documents? 

When applying for a loan from a new or unknown lender, research and check whether they’re a registered entity before proceeding. 

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