Here’s How You Can Get an Instant Cash Loan With No Credit Check and Paperwork
If you have ever applied for a traditional loan in the past, one experience we are sure you share is the complicated paperwork and long credit checks you need to complete just to complete your application and submit it to the lender. In our busy day to day lives, applying for a traditional loan which shares these features is not only a tough task but also immensely difficult to accommodate.
Luckily these days, there are multiple lenders in the market who have reduced the time needed for credit checks as well as paperwork, thus significantly reducing the time spent on the application form; and in today’s article, we will discuss about one such lender and how you can leverage their instant cash loan features anywhere in India, without credit check and complicated paperwork.
Let’s get started.
1. Why Do Traditional Lenders Have Long Credit Checks and Paperwork for a Loan?
Before we dive into how you can get a loan without credit check and paperwork, one of the most important aspects we need to understand is why do most lenders take so much time to process your loan application?
The answer to this question is simpler than it appears; you see, most financial institutions across the country rely on legacy infrastructure to process their loan applications. Since most legacy systems demand an additional amount of manual processing, the process unwarrantedly becomes long and exhausting both for the borrower as well as the lender.
On the other hand, modern lenders like Money View leverage the power of modern fintech technology such as artificial intelligence and machine learning algorithms to not only cut down the time to process applications via automating manual processes but also accurately assessing your creditworthiness by not only depending on the scores assigned to you by the credit rating agencies but also their proprietary parameters.
All in all, this reduces the time needed to process your application, meaning you will have the money in your bank account when you need it the most.
2. Where Can You Get an Instant Cash Loan Without Credit Check and Paperwork?
The simple answer to this is, Money View. An NBFC based out of Bengaluru, Money View was started in 2017 and since then has completely disrupted the lending industry in India by continually introducing lending instruments which challenge the traditional offerings present in the market. Right from approving loans within 48 hours to readily available personal loans for all purposes, Money View comes with a lot of advantages for all borrowers.
But how can you apply for a loan from Money View?
Steps to Avail a Loan From Money View
To apply for an instant cash loan from Money View, all you need to do is follow the steps outlined below.
Login to Google PlayStore and search for the term “Money View Instant Loan”.
Select the first result and download it on your smartphone.
Once installed, open the app and start the application process by first sharing your Aadhar linked mobile number.
Share the OTP you just received with the lender and proceed with the application by sharing your personal information, which includes your full name, email address, Aadhar Card Number, PAN Card Number, etc.
Share your income information with the lender, as in salaried or self-employed, followed shortly by uploading your income certificates as proof.
Enter the loan amount you require, fine-tune the repayment cycle and complete your application.
3. Eligibility and Documentation
Although Money View guarantees a hassle-free and completely paperless process, however, similar to other lenders, Money View too has a set of eligibility requirements you need to meet and documents you need to share in order to get approved for a loan.
Some of the most significant of them are as shared below.
What Documents Do You Need?
eKYC Documents
The first set of documents you will require are your eKYC documents. eKYC, which stands for electronic Know your Customer contains the following documents:
PAN (Permanent Account Number) Card
Aadhar Card
Please note that both these documents need to be interlinked and subsequently need to be linked with your phone number as well so that the lender can easily access your credit history and rely on the same to assess your application.
Income Proof
The second set of documents you will require is your income proof to prove to the lender that once the loan amount has been disbursed to you, you are capable enough to repay it. In this category, depending upon your employment type, the requirement of documents may vary.
Salaried
Salary slip issued by your employer
Last 3-year ITR return
Last 3 to 6 months bank statement
Self-employed
Income certificate
Last 3 to 4 years, ITR return
Last 8 to 12 months bank statement
Other Details
Along with this, you will also require a valid phone number and email address, both of which should be linked to your Aadhar Card and PAN Card.
While the list of documents might appear to be extensive from the listicle above, one clear advantage they share is, you can upload all of them online from the comfort and convenience of your home.
4. Loan Eligibility Criteria
Along with the documents outlined above, you need to meet the following loan eligibility criteria as well.
You have to be minimum of 23 years of age and maximum of 58 years of age.
You should be an Indian citizen and an active resident for the past 5 years.
You should have a PAN Card, Aadhar Card, valid phone number, and email address.
You should either be a salaried employee with minimum monthly in-hand income of ₹13,500.
Or, you should be a self-employed professional with a minimum monthly in-hand income of ₹20,000.
You should have a credit score of above 750 on Experian and above 650 on CIBIL.
In Conclusion:
Getting an instant cash loan without a hard credit check and paperwork has never been easier. Now that you know of the process go ahead and download their mobile application today to initiate the process of availing an instant personal loan. All the best.
Comments
Post a Comment