When you are in need of emergency cash, the application process and documentation can seem tiring. So many details are asked and so many records are required, which might leave you puzzled and with the impression that taking out a loan in times of need is difficult. Getting instant cash loan in 1 hour with minimal documents seems like a dreamland in such moments. However, it is not a dream and you can absolutely apply for a cash loan with minimal documents. There are few prerequisites that you have to meet before the application, and few mandatory documents that every lender requires. Before we proceed to see how to get a quick loan with minimal documents, let’s have a look at the list of mandatory documents.
List of Mandatory Documents for an Instant Loan
- Identity proof: Government-approved ID/ PAN card/ Aadhaar card/ Passport
- Residential proof: Aadhaar card/ rent agreement/utility bills/ residential property papers
- Income proof: financial statements/ salary slips/bank statements/casual statements/
Top 3 Features of an Instant cash Loan with No Documents
- Collateral free: Instant cash loans with minimum or no documentation are always unsecured personal loans. This means you can avail of it with minimal any collateral. Your income and credit history plays an important role in instant loan approval.
- 100% Paperless: These loans are online available hence 100% digital including the documentation. No soft copy is demanded and with zero paperwork these loans are approved and credited. It saves time and helps in quick cash access.
- Instant: Apart from being unsecured and digital, instant cash loans in one hour are also quick. The online application and quick approval fast-track the borrowing process and make instant credit easier.
How to apply for an Instant Cash Loan with minimal Documents?
- High credit score: With a high credit score you can easily apply for a loan with minimal documents. The credit score is calculated after thoroughly checking all your financial credentials considering both income and liabilities. During this process, all your records are already observed and hence the credible credit score is reached. Your credit report works as the mirror image of your financial health and personal records hence with minimal documents your loan can be approved.
- Loan from an existing lender: Being an existing customer of a bank or NBFC or any other financial institution can go in your favour while taking a new loan. With this, the lender already has all your records and based on that an instant loan with minimal documents is given. This is possible only if you are a potential customer and have been a responsible borrower in the past. Repaying your loan on time is the easiest way to build rapport with the lender.
- Loan from employer: Borrowing a loan from your employer is another way to avail of an instant cash loan with minimal documents. Being the source of your income your financial details are already existing. Being the employer your personal details like residential address and contact details etc. are with the lender. It helps in giving the approval and also it ensures a stable income and timely repayment. But, never every employer provide this facility to its employees so before choosing this option cross check the possibility.
- Pre-approved loan: Pre-approved personal loan is another way to get an instant cash loan with minimal documents. Often the lender offers such loans to potential borrowers based on their credit history, in case you need credit you can avail of the benefit. You can apply for preapproval if you see any future financial need and hope to have an instant loan with minimal documents at that time. This process will complete the procedure of evaluating your credit profile before you take the loan. At the time of application instant credit is granted on the credit limit you are pre-approved for.
Applying for cash loans online through FlexPay
- Registration: Registration is like opening a bank account but digitally. Here, you enter your basic details like your name, contact and Pan details to complete the process. Required information can vary from lender to lender.
- Online application: Here the details asked will vary a little from the traditional loan application process. With your name, PAN, contact details, the loan amount needed, and the term desired; the application is completed.
- Documentation: Documentation is minimal and done completely digitally when you apply for an instant loan online. You can upload all the records needed, and the application is processed further. Required documents and their format can also be checked beforehand to process the loan even faster.
- Verification: When you apply for an instant loan online, verification is done within minutes. No physical verification is required. With online KYC, you can present all your records and complete this process.
- Disbursal: Instant disbursal is the key benefit that comes when you apply for an instant loan online. Once the approval is granted, disbursal takes no time. It makes online loan applications perfect for emergency needs as well.
Eligibility Criteria for Instant Cash Loan in 1 Hour
The eligibility criteria vary with the lender, you can check them before starting the application process. You need to meet the basic requirements to apply for a loan. Following are a few mandatory eligibility checks that every lender sees-
- You must be an Indian.
- Your age must be at least 21 years
- You are a salaried individual with a minimum salary of INR 8,000.
These options can help you get an instant cash loan in one hour with minimal documents. When you choose any of such solutions in an emergency you would not have to wait for cash disbursement. With a simple application and no documentation, you can still access the credit within a few hours. Maintaining a good credit history and ensuring a stable source of income are the two primary factors that can lead you to have a loan with no documents easily.