How to Get Loan Without Documents Easily?

how to get loan without documents

Ever been in a situation where you urgently need a loan but dread the thought of collecting piles of documents? In India, the concept of a loan without documents has gained some traction recently. But here’s the catch: a truly document-free loan is quite rare. Read ahead in the blog to find out more on “How to get loan without documents?”

personal loan

Before looking at how, let us understand if it is even possible to get loan without documents.

Can One Get Loan Without Documents?

Yes and no!

Let us explain:

You might be eligible to get a loan without documents if:

1. Your bank is offering you a pre-approved loan

2. Your lender offers you a top-up loan offer. 

The main catch here is that you might not be eligible for the above points if you are new to a bank.

However, you can still get a loan with minimal documentation. Here are the eligibility criteria for it:

Eligibility Criteria For Loan Without Documents

The eligibility for a personal loan can vary from lender to lender, but here are a few general eligibility criteria one should meet:

1. You should be a resident of India

2. Your age should be in between 21-60 years.

3. You must be either salaried or self-employed.

4. Your monthly income should be more than Rs 13,000.

5. A CIBIL score above 650 is considered good!

Also, Read: Get Personal Loan Without Income Proof

Documents Required To Get Loan 

While the documentation is very minimal in such loan cases, below is a list of documents you will probably need:

1. PAN card

2. Aadhar Card which should be updated and linked to your phone number.

3. Passport-size picture.

Interest Rate on Loan Without Documents

Before applying for a loan without documents, you should always check the interest rate the lender is offering you. 

The table below has lenders with the interest rates they offer:

mPokket0% to 48.0% per annum
CASHe2.50% per month
MoneyTap1.08% per month onward
Fibe24.0% to 30.0% per annum
ICICI Bank10.75% to 19.0% per annum
Bajaj Finance11.0% to 39.0% per annum
HDFC Bank10.50% to 24.0% per ammum
Axis Bank10.49% to 22.0% per annum
Kotak Mahindra Bank10.99% per annum onward
IDFC FIRST Bank10.49% to 36.0% per annum

Now let us look at the repayment method of these loans:

EMI for Loan Without Documents

EMI is Equated Monthly Installment. It’s a fixed amount you pay towards your loan every month. This payment covers both the principal amount (the original amount you borrowed) and the interest charged on the loan. Mathematically, EMI can be calculated by using the formula mentioned below:

EMI = P x R x (1+R)^N / ((1+R)^N-1)


P is the principal loan amount (the total amount you borrow).

R is the monthly interest rate. (You can calculate this by dividing the annual interest rate by the number of months in a year. For example, if your annual interest rate is 10%, your monthly interest rate would be 10% / 12 = 0.0083).

N represents the loan tenure in months (the total number of months you have to repay the loan).

This formula can be a bit complex to solve manually. Luckily, there is an EMI calculator tool available online at Credmudra that can do the calculations for you.

Now, coming to the main question:

Also, Read: Need 30,000 Rupees Loan Urgently In a Day

How to Get Loan Without Documents?

The application process for a paperless loan, popularly called a “loan without document,” is generally quite easy:

Step 1: Apply Online: 

Most lenders offering paperless loans have a user-friendly online application process.

Step 2: Digital Verification: 

The lender might use various digital means to verify your identity and income details. This could involve bank statement analysis or bureau verification.

Final Step: Loan Approval (Hopefully!):

Based on your creditworthiness and other factors, the lender will decide on your application.

If you are confused about which lender to go forward with, you can trust Credmudra. We will help you find your right lender in 3 minutes and ensure loan disbursement happens smoothly!

But before you apply for a loan without documents, read these tips:

5 Tips to Get Loan Without Documents

1. Achieve and sustain a credit score above 750 to enhance loan approval odds and secure lower interest rates.

2. High credit scores favor pre-approved loan offers, especially from institutions where you already have financial relationships.

3. For immediate, document-free personal loans, contact your current bank or non-banking financial company (NBFC), as they have your details and may offer pre-approved loans.

4. Seek banks/NBFCs with digital processing for quicker loan handling, especially if you lack pre-approved offers.

5. Use online loan-match-making platforms like Credmudra to compare and apply for personal loans without affecting your credit score.

The Takeaway: 

While a true document-free loan might be a myth, paperless loans offer a convenient and faster way to access credit. Remember, a loan is a financial commitment. Borrow wisely and use it for responsible purposes.

We hope you found the blog insightful. Please let us know if you have ever taken a loan without documents in the comments section below!

Also, Read: Personal Loan for Rs. 14,000 Salary: Eligibility, Tips & Top Lenders


1. Is it Possible for Me to Get a Loan of 50,000 Without Providing A Salary Slip?

Securing a 50,000 loan without a salary slip or comprehensive documentation can be challenging. However, some lenders may offer loans with minimal paperwork. 

2. What is the Simplest Way to Get A Loan Without Presenting Any Documents?

Obtaining a loan with no documentation is possible through online lenders who provide paperless loan options. 

3. What is the Maximum Loan Amount Anyone Can Get Without Documents?

The maximum loan amount can vary significantly based on the lender’s policy, the borrower’s creditworthiness, and their relationship with the bank.

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