Best Personal Loan | How to get Personal Loan without Income Proof 100%

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Best Personal Loan Apps in India

Buddy Loan : All of your desires and personal needs that you might not be able to fulfil because of financial limitations can be achieved with Buddy Loans Personal Loan. Whether you are looking for funds to meet your wedding expenses, to renovate your house, a foreign holiday, or to pay off your medical bills, you can get a personal loan of up to Rs. 15 Lakh without any fuss. You may complete the straightforward process in the comfort of your own home. Buddy Loan is accessible in several cities.

Navi : Navi is one of the best customer-friendly loan-providing apps in India that allows you to avail of loans to meet your financial emergencies. In case you need a loan for a wedding, to pay for medical bills, rent a venue, travel overseas, etc., you can acquire up to Rs. 20,00,000. Moreover, the most excellent part about taking out a loan through this app is that there is little paperwork involved, and interest rates range from 9.99 per cent to 45 per cent.

PaySense : Instant Loan is for all of your wants and dreams that you may not be able to fulfil due to financial constraints. PaySense provides you with a quick personal loan of up to Rs. 5 lakh without any hassle, whether it’s for a wedding, a foreign vacation, paying medical bills, acquiring consumer durables, or home improvement. The procedure is simple and can be conducted in the privacy of your own home. PaySense is available in more than 40 Indian cities.

What Is a Personal Loan?

A personal loan is an amount of money you can borrow to use for a variety of purposes. For instance, you may use a personal loan to consolidate debt, pay for home renovations, or plan a dream wedding. Personal loans can be offered by banks, credit unions, or online lenders. The money you borrow must be repaid over time, typically with interest. Some lenders may also charge fees for personal loans.

A personal loan allows you to borrow money to pay for personal expenses and then repay those funds over time. Personal loans are a type of installment debt that allows you to obtain a lump sum of funding.

When in sudden need for credit, both salaried and self-employed professionals can apply for a personal loan. However, it can be difficult to get an instant personal loan without income proof. Financial institutions usually require borrowers to show that they have credit discipline and funds enough to arrange for repayment. Those who are salaried or self-employed can apply for personal loans, but lenders require showing some income proofs such as salary slips, employer affidavits, income tax returns, bank statements, Form-16, etc. Lenders verify the monthly income flow and the sources of income claimed. Read on to know how you can apply for a personal loan without income proof.

What is Axis Personal Loan?

If you want to get Axis personal loan then you have to apply for it. You can apply both online and offline. You can apply online by visiting the official website of Axis Bank and you can apply offline by visiting any branch of your nearest HDFC Bank.  You can apply for Axis Personal Loan by going to ATM, Online, Loan Assist Application or Bank. You have to provide very few documents to apply. If you are taking a personal loan from HDFC bank, then your credit score should be above 750 for this.

The EMI of this loan is only Rs 2149 per lakh. Personal loan caters to a wide variety of personal needs. If you are an existing customer of HDFC Bank, then the bank gives you the loan in just 10 seconds. It will take less than 4 hours to take a personal loan to outsiders. You do not even have to submit too many documents to take HDFC personal loan, you can take this loan in very few documents.

Axis Bank Personal Loan Repayment Timings

If you are taking a loan from any financial institution from any bank, then it is very important for you to keep in mind that how much time that bank is giving you to repay the loan. HDFC Bank gives you a time period of 1 year to 5 years i.e. 12 months to 60 months to repay the personal loan. You can select the repayment period as per your requirement. After this you can pay the loan in equal monthly installments or EMI. The installment amount is calculated according to your loan, payment period and rate of interest.

Axis Personal Loan Insurance Benefits

If you take a Personal Loan from HDFC Bank, then you get many types of benefits. HDFC Bank provides you insurance benefits on personal loan. You can see these insurance benefits available on personal loan here: Personal Accident Cover: At very low premium, you can get the benefit of Personal Accident Cover up to Rs.8 Lakh and Critical Illness Cover up to Rs.1 Lakh. The special thing is that in these policies the premium is deducted from the loan amount. Applicable taxes and surcharge/cess will be payable extra on this policy.

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What is a Good Credit Score ?

Credit score is always displayed as a three-digit score, which ranges between 300 and 900. Anything above a credit score of 750 or higher is considered a good score. All financial credit institutions and banks mention such scores to understand the eligibility of individuals whose applications they receive for credit facilities.
There are many people whose scores are far below the desired level. This may be because individuals have failed to meet their repayments or equivalent monthly installments (EMIs) on time. Sometimes, people miss out on the simple reason of forgetting the said dates,

Personal Loan Without Documents

A personal loan is an unsecured debt that can be taken for emergencies as well as for reasons such as education expenses, home improvement, or for making a major purchase. Personal loans are unsecured as there is no collateral required. A personal loan is usually within a short span of one to five years. The repayment options are flexible, and are decided by the lender based on the borrower’s credit history. Loan repayment is done every month via EMIs through post-dated cheques or directing your bank to debit the EMI by ECS (Electronic Clearing Services). Personal loans require fewer documents than other loans.

How to Get a Personal Loan without Documents and Income Proof:

Few financial institutions consider giving a home loan without documents and income proof, purely based on customer persona and relationship. If you have a good relationship with the bank based on your timely payments and clear credit records, then the bank may offer you a personal loan based on the details already available with the bank.

Following are some of the things you can follow in order to avail a documentation-free personal loan:

  • Establish a good relationship with your bank by remaining loyal to it for all financial, and non-financial services. This helps in building trust with the bank which then decides your loan eligibility as well as your repayment capacity. If you are applying for a personal loan at the same bank, where your main operating account is located, it becomes easier for the bank to consider you eligible for a personal loan. As the bank is fully aware of all the transactions being made on your account, it helps them assess your creditworthiness.
  • Pay all your dues on time with the bank, if you are holding a credit card with the bank. Paying all your credit card bills on time, puts you at a higher chance of availing a personal loan with the bank.
  • Do not miss any payments associated with the bank, where you are applying for a personal loan. A missed payment is a sign of incapability of handling finances and therefore, banks, and lenders would ask you to provide a solid proof of income.
  • Maintain a high credit score as it helps in building faith with the lender that you are a safe customer.

The right Personal Loan is determined by several factors. Interest rates are one of them. Other factors to look at would include an easy approval system/quick disbursals, processing charges, and so on. A Personal Loan from Axis Bank ensures that you can meet all your goals with ease. Be it the perfect wedding for yourself or your child, the complete renovation of your home or a fun-filled holiday. Avail a Personal Loan starting from Rs. 50,000 up to Rs. 40 Lakh with minimal documentation and attractive interest rates.

However to make a duly informed decision be sure to go through the specifics of personal loan interest rates and charges applicable, below. These are subject to change basis the tenure of your loan and also highlight any ancillary charges that may be levied due to a change in payment tenures.

These include charges towards paying off your loan in part (over the agreed EMI) or entirely before its tenure is through, as well as charges levied in addition to the bank loan interest rates due to discrepancies in payment/non-payment of dues. So be sure to consider the interest rates and charges with respect to the amount to make the most of your availed loan. For further assistance in calculation you may also check the Personal Loan EMI Calculator.

Interest rates for Personal Loans with tenures of up to 36 months.

Fixed Rate Loan 1 Yr MCLR Spread over 1 year MCLR Effective ROI Reset
Personal Loan 8.05% 4.65%-13.65% 12% to 21% No Reset


Features & Benefits of Personal Loan Without Income Proof 

Here are some of the features and benefits of personal loans without income proof:

  • Competitive interest rates
  • No collateral required
  • Transparency and instant disbursal
  • Easy repayment with flexible tenure period
  • The loan amount depends on the repayment capacity of the individual
  • The loan amount can be used for any personal expenditures

Eligibility Criteria For Personal Loan Without Income Proof

The eligibility criteria to get an instant personal loan are as follows:

Eligibility Criteria For Salaried Employees

  • You must be an Indian citizen, aged between 18-65.
  • You should have a minimum credit score of 650.
  • You should have been working for a minimum of 2 years.
  • Your monthly income must be a minimum of Rs. 20,000.

Eligibility Criteria For Self-employed

  • You must be an Indian citizen, aged between 18-65.
  • You should have a minimum credit score of 650.
  • You should have sufficient funds to repay the loans on time.
  • The turnover/profits of your company should meet the lender’s requirements.

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