In our fast-paced lives, we are always looking for instant solutions to our problems while waiting is a thing of the past. Nowadays, to accommodate your urgent financial needs, there are numerous options available for instant loans online 24/7. Such loans can be considered favourable in case you are looking for a personal loan without documents. All it takes is a good credit score and a stable income to avail the best instant loan without salary slip.
What are the factors involved in applying for a loan without documents?
If you are looking for an instant personal loan without the need for documentation or with minimal documentation, it is essential to contact your lender, the one with whom you have years of established trust and mutual agreements. It is highly advised that you maintain all credit facilities with a single lender to get attractive offers and discounts on cards, loans and bill payments.
Here are the three most critical factors to help you get access to funds easily:
Debt-to-Income Ratio: This ratio provides a calculation for overall payments made for various credit facilities against your gross income in a month. Ideally, the lenders look for a DTI percentage to be under 40. Under 40 is assumed to be healthy as it suggests that your debts and income are in balance and you can afford to have more credit.
Credit Score: A good credit score is as important as a low DTI ratio as it provides insight into your debt servicing behaviour within the permissible time frame. If you have taken loans in the past and have been prompt with your repayments, the score keeps improving. However, in case of payment defaults, the score gets affected negatively and creates a shady impression with prospective lenders.
Relationship with the lender: Gaining the trust of your lender is quite important if you are a regular borrower and you keep the transactions flowing throughout the repayment tenure. Lenders prefer to engage with their existing customers for instant loans online as they identify you as a reliable borrower and they are certain of timely payments against the credit utilised via various arrangements.
How can I get an instant loan online without documents?
Getting a personal loan online is preferred by most borrowers, as it is convenient and helps both – the lender and the borrower. You can apply for a loan through the best instant loan app without salary slip and get access to funds within 24 hours. Here’s a list of the top 10 online lenders in India:
| Online Lender | Interest Rate (pa) | Amount Disbursed | Repayment Tenure | Disbursal |
| Hero FinCorp | 10.80-25% | Up to Rs. 5 Lakhs | 1-5 years | 1-2 days |
| Tata Capital | 11-28% | Rs. 40,000 – 35 Lakhs | 1-5 years | 24 Hrs |
| IndiaLends | 11-26% | Rs. 10,000 – 50 Lakhs | 1-5 years | 1-2 days |
| IDFCFirst Bank | 16-25% | Up to Rs. 3 Lakhs | 1-3 years | 24 Hrs |
| CASHe | 16-36% | Rs. 5,000 – 4 Lakhs | 1-5 years | 1-2 days |
| MoneyTap | 12-22% | Rs. 5,000 – 5 Lakhs | 1-3 years | 24 Hrs |
| Bajaj Finserv | 11-35% | Rs. 1 – 40 Lakhs | 1-5 years | 1-2 days |
| Aditya Birla Personal Finance | 13-28% | Rs. 1 – 50 Lakhs | 1-7 years | 24 Hrs |
| Navi | 10-45% | Rs. 10,000 – 20 Lakhs | 1 – 4 years | 1-2 days |
| Lazypay | 18-34% | Rs. 3,000 to 5 Lakhs | 3-24 months | 24 Hrs |
Why choose an instant loan app to borrow funds?
As most of the instant loans online are processed through digital mediums, they save time and energy. However, there are more benefits of choosing an online lender like Hero FinCorp over traditional lenders, such as:
Low Risk: Most online loans are unsecured in nature, as a borrower you do not have to worry about pledging your high-value assets for a petty amount. The lenders understand the necessity and bear the risk from both sides, by providing the best instant loan without salary slip.
Instant Approval: Without the need for a lengthy documentation procedure, applying for an instant loan online is as convenient as booking tickets. The lenders rely on the data made available through credit bureaus and approve the application, resulting in quick disbursal of funds.
