Personal Loan

How to Get a Personal Loan Without Documents?


A personal loan is an unsecured loan and does not need any collateral. You can take a personal loan without documents for various purposes including education, emergency expenses, and any other requirements. And you can repay it in a short period of one year to five years.

The repayment option in such a loan is flexible. Borrowers also get benefits based on their credit history.

We have discussed here what it takes to get an instant loan without documents. You may have questions about the process, benefits, and eligibility criteria. So read on for the answers.

Benefits of getting a personal loan without documents

Borrowers may wonder about the benefits of an urgent cash loan without documents. So, here are some of them.

Hassle-free documentation

You need to submit documents online while applying for a personal loan. So you need less documentation for the online application.

The documents you need to have are as follows:

  • Proof of age
  • Residential proof
  • Proof of stable income
  • Credit history
  • Bank account information

The documentation helps lenders to verify that the information you provided is correct.

No collateral for an urgent cash loan without documents

As you know that a personal cash loan is an unsecured loan. Here, you do not need to give any collateral as security to get the loan in the event of default payments. Due to this, personal loans are accessible to a person with a good credit history.

You will get a cash loan for every need. All you have to ensure is to meet the eligibility rules.

No restriction on the usage of personal loan

You can use a home loan for constructing or buying a home only. But you have complete freedom to use personal loans for anything.

You can get an urgent cash loan without documents. And you can use it for any need or activity. There is no restriction on where you spend it as long as it is legal.


A personal loan is the best option when you are looking for an instant loan without documents. It involves technology making the process smooth and quick. The steps to get an instant cash loan, from approvals to disbursement, is online. This online process saves you time going to the bank and submitting the document. It increases the speed and saves time with fewer people involved in the process.

Safety of personal information

Borrowers may have concerns about the safety of their personal information. And it is valid because various digital frauds often take place worldwide. Hence digital lending platforms go through strict security testing. Also, banks must make sure of mutual safety. So the personal and financial information submitted by the applicant is safe.

The lenders do everything to protect the data since it is the priority of every customer.

Eligibility Criteria

Various banks have their eligible criteria. But standard eligibility criteria need to follow by all financial institutions. They are as follows.

  • The salary of the borrower should be Rs 25,000 and above.
  • Your credit score should be 750 and above. It indicates you are a responsible borrower. When it is more than 800 plus, the borrowers have more chance of approval.
  • Borrowers should have work experience of 1 to 3 years and above.
  • The borrower should be in employment for at least 2 to 5 years.
  • The annual gross income should be at least five lakhs for a self-employed person.

How to get a personal loan without documents?

Build and maintain a high credit score

You should have a credit score of 750 when applying for a personal loan. It is because the lender pays money without security. And they believe that the borrower will repay it. Their trust is the result of your credit score.

Having a higher credit score means more chances of approval from the lender.

Have a good relationship with a lender

Create a good relationship with the lender. It can help you get an instant loan without documents at a low-interest rate. Show them a good repayment history and use their small loan offers.

Furthermore, relying on one bank for financial needs is good for getting a loan. You make it easy to assess your history by doing so. Thus you can get quick cash loans whenever required.

Keep a low debt-to-income ratio

Keep the debt-to-income ratio under 50%. A higher debt ratio may mean your financial condition is not strong.

Pay all dues on time if you have a credit card. It has an impact on your eligibility to get a personal loan. Further, you may need to clear the debt with other lenders to improve the chances of approval.

Dues cleared on time indicates that the borrower’s financial stability is good. And you can pay back the loan amount.

Reasons for application rejection

There are many reasons for the rejection of a personal loan without documents. But the most common are as follows.

  • When your credit score is less than 750.
  • When you apply at many places for loans, it makes you appear as a credit-hungry person to credit bureaus. As a result, the loan approval chance decreased.
  • When a bank perceives your employment status as unstable.
  • Ignoring the criterion set by the bank.
  • Providing incorrect information to the bank leads to rejection.

Take care of your credit score and provide correct information to the lender. It will increase the chances of approval.


Getting a personal loan without documents can be easy. But you have to take care of several aspects. Maintain a high credit score and clear the dues on time. Also, a good relationship with the lender plays a significant role. Further, fulfil standard eligibility criteria. And finally, meet the bank requirements when you are applying for a personal loan. You are more likely to get a hassle-free loan when everything is right.

We hope that the information provided in this article will be helpful. Please visit the Piramal Finance website for more details on a personal loan.