In an age defined by digital evolution and transformation, it isn’t unusual to see some impressive and innovative processes pop out of nowhere. Banking is no stranger to this – the advancement in financial services is tremendous to say the very least. Paperless personal loans are unsecured loans that do not involve physical paperwork – the entire process if online, paperless and digital. The convenience that this new revolution has ushered in is impressive to say the very least. Literally, every credible lender that you know of even about 5 years ago took at least 8-10 days to disburse unsecured loans. With changing times come changing dynamics. The digital loan process has undergone significant change, allowing for super-quick profile evaluations and disbursals.
Getting a paperless loan in India
Although the digital loan process has seen significant change in recent years, not all lenders have adopted a completely paperless approach. Only select market lenders have integrated their delivery systems with enabling technological frameworks to expedite the loan process on several fronts and eliminate the need for paperwork.
Paperless personal loans are unsecured loans, meaning they don’t require any form of collateral. They employ a bunch of eligibility thresholds to evaluate an applicant’s profile and subsequently approve his/her loan.
To begin, personal loans (even though we’re referring to digital loans here) require a set of documents that need to be submitted. Most lenders stick to a common list of essential documents that every individual needs to submit: these include KYC and income documents.
While we make reference here to paperless personal loans, we don’t literally imply the absence of documented proof that is generally involved – it simply means that the amount of physical paperwork involved is bare minimal, or absolutely not required in select cases.
Paperless loans are actually a reality in the current day, thanks to the emergence of P2P lenders and Fintech startups. As a matter of fact, it is because of the evolution of enabling technology to make the loan process increasingly paperless, that supreme seamlessness, speed, and convenience in the loan application process has become a reality.
Qbera’s paperless loan process
The digital loan process adopted by Qbera is almost entirely paperless. Let’s take a look at the steps you’d have to go through.
Essentially, Qbera, just like any other lender offering paperless personal loans, requires a set of documents to be submitted. Here is the list of documents for paperless loans from Qbera.
- PAN Card: A photocopy of your PAN card needs to be provided along with your signature. You will also be required to submit a digital copy of your PAN card online.
- Aadhaar Card: A photocopy of your Aadhaar card needs to be submitted as well. Similar to the PAN card, you’ll have to upload a digital copy of your Aadhaar Card as well.
- Salary slips: Your salary statements for the last 3 months need to be submitted and they can be uploaded online – no physical copies are required.
- Bank statements: Your bank statements for the last 3 months can be submitted by logging in to a secured interface with your netbanking credentials. Your bank statements are automatically retrieved.
- Cheque Leaves from your salary account: 3 Cheque Leaves from your salary account need to be provided to the document pick-up executive along with a passport sized photograph and copies of your Aadhaar and PAN cards. Note that these are the only physical documents that are required. Earlier, most lenders required physical copies of all your documents to process your digital personal loan application.
Once you submit the above-mentioned documents, they will be digitally verified, after which you will receive a customized loan offer spelling out details of your sanctioned loan amount. Note that your final sanctioned loan amount will depend on a bunch of parameters including your credit score, repayment history, employment stability, income, and age.