Located close to beaches, parks and lush greenery, Pondicherry makes for an ideal weekend getaway from Chennai or any other major metropolis in South India. In today’s day and age, it seems like you need a loan for just about anything. A new car? Loan. A new house? Loan. Cover your monthly expenses? Loan. It can be tough to get a loan if you don’t have the proper documents, but there are ways around that. You can apply for a personal loan online without any documents and get the money you need in just a few days. So if you’re in a hurry, here are some great options for getting a personal loan quickly and easily.
Personal loans are a great way to get the funds you need for various expenses, whether it’s consolidating debt, paying for a wedding, or taking a much-needed vacation. But sometimes, applying for a Personal loan can be daunting, especially if you don’t have all the required documents. Luckily, other options are available if you find yourself in this situation. For example, you can use a cosigner to increase your chances of getting approved, or you can apply for a secured Personal loan instead of an unsecured one. So don’t give up on your loan dreams just because you don’t have all the paperwork in order – there are still plenty of ways to get the financing you need.
Also Read: A Complete Guide for Obtaining a Personal Loan in Chennai, Tamil Nadu
Benefits And Features Of Getting A Personal Loan
There are many good reasons why someone should consider getting a personal loan rather than borrowing from friends and family or taking out an advance from a savings account instead. And here are the benefits and features you can get when applying for a personal loan.
- No Hidden charges: Lenders don’t make you pay any hidden or additional charges when applying for a personal loan. However, you might have to pay the GST of 18% and processing fees.
- Collateral-free: Since it is an unsecured loan, you don’t need any guarantees or collateral to get one.
- Instant approval: With a quick process, you can get your loan instantly approved if you meet all the required eligibility criteria.
- Get the loan within 24 hours: Since your loan gets instantly approved, you will get your loan amount disbursed to your bank account within 24 to 48 hours.
- Minimum Documentation: With just minimum documents such as your Aadhar card, PAN card and bank statement, you can get your loan approved in a short time.
- Flexible tenure for loan: The tenure for repaying your loan is flexible, starting from 6 months to 60 months. So, you can choose the period according to your requirements and budget.
Eligibility Criteria For A Personal Loan
Documents To Be Submitted For A Personal Loan
| Particulars | Salaried Employee | Self-Employed |
| Proof of Identity | Aadhar Card, PAN Card, Driving License, Passport | Aadhar Card, PAN Card, Driving License, Passport |
| Proof of Address | Electricity Bill, Water Bill, Passport | Aadhar Card, Electricity Bill, Water Bill, Passport |
| Proof of Income | Salaried: Bank statement for the past six months | Bank statement for the past three months, Salary Slips of three months, Income Tax Returns for the last three years, Balance Sheet and Profit & Loss Statements for the last three years audited by a CA. |
| Work experience | Employment Certificate for a minimum of 1-year experience | NA |
Tips & Tricks To Get A Personal Loan Without Documents
You can approve your loan without documents if you show your lenders that you are a credible borrower. So here are a few tips and tricks to getting a loan without documents.
Repay your existing debts
Make yourself more credible by repaying all your pending debts as early as possible. Doing so will improve your credit history and your credit score.
Improve your credit score
A credit score shows the overall credit behaviour of an individual and ranges from 300 to 900. It shows your ability to repay the loan without defaulting. Moreover, if your score is above 750, you will be a low-risk borrower. And if you want to improve your score, make timely repayments, repay your existing debts, keep your old accounts open, etc. Moreover, you must check your credit score frequently to keep track of your transactions. You can also check using Buddy Score and instantly get the whole credit report.
Maintain your Debt-to-Income ratio
A Debt-to-Income ratio (DTI) shows whether you can manage your current and past debts with your income. So, lenders expect you to have this ratio to be less than or equal to 50%. And lesser the ratio, the greater your ability to repay the loan.
Have a good relationship with your lender
The lender will trust you if you have already borrowed loans from them. And if you have a good repayment history, it will be more beneficial. Therefore, if you have a good relationship with your lender, you can get your loan even if you don’t have other documents.
How to get an Instant loan without Income Proof in Pondicherry
Sometimes, if you don’t have documents for income proof, like salary slips, you can provide proof of alternate income. Here are a few ways to get a loan without a salary slip
Submit Form 16: If you do not have a salary slip, you can submit your latest Form 16 as proof of income.
Show alternate source of income: You can submit proof of alternate sources such as business income, house rent income, bank balance, the income of your parents or spouse, etc. It will show that you can still repay your loan with other sources of income.
Submit Collateral: Though personal loans are unsecured, you can ask your lender to offer the loan amount by submitting your collateral as security if you do not have a salary slip or income proof.
Get a Guarantor: You can get a guarantor or a co-applicant with a good credit score to apply for a loan when you do not have income proof. However, the guarantor must submit income proof when applying for the loan.
Essential Things To Note Before Applying For A Personal Loan
Whenever you plan to apply for a personal loan, note the following factors:
- Eligibility Criteria: Lenders have eligibility criterias such as minimum age, income, nationality, etc. So, check if you satisfy the eligibility criteria before applying for the loan.
- Credit Score: Most lenders want you to have a credit score above 750 to be eligible for this loan. Moreover, you can get loans at comparatively lower interest rates with a high credit score. Hence, check your score using Buddy Score and get the credit report instantly to keep track of your credit status.
- Documents: Sometimes, even if you don’t have sufficient documents for submission, you must provide mandatory documents for identity, such as your Aadhar card and other alternate documents. So make sure you submit the required documents to get your loan approved instantly.
- Debt-To-Income Ratio: Lenders check your Debt-To-Income ratio to know if you can manage all your debts with your current monthly income. It also gives them an overall idea of your repayment ability without defaulting. Therefore, you have to maintain your Debt-To-Income ratio less than or equal to 50%.
- EMI: Before you apply for a loan, plan and calculate the loan amount you need. You will get a clear picture of your loan budget when calculating the EMI you will be paying monthly. By doing this, you can choose the loan amount and tenure period accordingly.
Apply For A Personal Loan Using Buddy Loan
Steps To Apply For a Personal Loan with Buddy Loan
1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
2: Open the personal loan application page. Provide the mobile number and enter the received OTP.
3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
5: Enter your work details (Including company name, years of service and Designation)
6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
7: Provide your communication address, and income details and Click the ‘Submit’ button.
Also Read: Get a Personal loan in Koyambedu for Your Business Expansion
Conclusion
If you are in Pondicherry and need a personal loan, Buddy Loan can help you get the money you need without the hassle. You can apply for a personal loan online without any documents and receive your funds within a few days. And also, check your credit score using Buddy Score before you apply. Therefore, with such quick turnaround times, it’s easy to see why so many people are turning to personal loans for their financial needs. So don’t wait – apply today using Buddy Loan and get the cash you need fast!
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