Due to the ongoing pandemic, everything is being done from home. Only for really important work people step out of their houses. To make life easier, banks and financial institutes started touchless personal loans which are completely online. All this without going through the hassle of going to the bank and applying for it. This also made the transaction easier and safer for the people.

So What is a Touchless Personal Loan?

A touchless personal loan is when you can apply for the loan online on the computer without going out to the bank or financial institute. This requires minimum documents and can be done within 24 hours. It’s easier than going to the bank and applying for a loan. Documents needed are the KYC or know your client documents.

Eligibility Criteria:

The eligibility criteria to apply for loans in the bank and financial institutes remain the same. Anyone who is professional, employed or self-employed can apply for personal loans online and get the loan. The age criteria for applying for the loan is between 21 years- 65 years.

Is Digital Loan Expensive? :

It’s absolutely a myth that the rate of interest of personal loans that are digital in nature is more expensive. There is not much process involved in the online application of personal loans which is why it can be cheaper than the physical application of the loan. To avail of a cheaper personal loan you need to have a fixed income, free-flowing of money in the bank, employer name, a good CIBIL report and credit score.

Need KYC Document:

In order to get the loan in less time, you need to have all your KYC documents in place. Having a KYC document makes the process easier and you can simply apply for a personal loan.

How to Avoid the Rejection of the Online Loan:

• Your Aadhar card and contact number need to be updated.
• You have to make sure the account in which you get your salary and your online net banking is working smoothly.
• Your current address needs to be updated in the Aadhar card and bank account.
• For smooth functioning of the process, you need an email id that is correct and working.
• It is important to have your Aadhar card and PAN card in place as you will need it for the process of getting a personal loan.

The Bottom Line:

The ongoing pandemic has a major effect on how we work. Everything nowadays is work from home. Offices are shut and people are stepping out of the house only for essential needs like groceries and medicines. In such a scenario it is difficult to get a personal loan. In order to get a personal loan, you don’t have to go through the lengthy procedures in the bank. You can now get the personal loan at home itself. You only need internet and mobile or computer or any device through which you can apply online for the loan. It has made life simpler for the borrowers and it is also safer. For more check out Finserv MARKETS.