In this article we are going to see how to get instant loan without providing any documents.
What is instant loan ?
Instant loan is some sort of quick money a borrower wants it immediately (usually within few hours or days) to meet his financial needs.
Is it possible to get Instant Loan without providing any documents ?
Though financial institutions require some documents to process your loan, it is possible to get a loan without submitting any physical documents based on your relationship with them.
Is it possible to get Instant Loan without documents for non salaried accounts ?
No. Financial institutions should know about your credit score, your ability to repay loans and your income details to sanction the loan. However, in case if you have any other relationship with them such us home loan or credit cards or demat account, it is still possible.
Is it possible to get Instant Loan without documents for salaried accounts ?
Yes. Financial institutions will have access to your credit score and your income details. In such cases, they will roll out such offers.
Do bank provide Instant Loan without documentation if you own a credit card ?
Yes, Some financial institutions provide instant loan on the basis of your credit card. However, you should have good credit score and must have used the credit card more often and demonstrated your repay abilities. In such cases, bank itself will initiate such offers.
You can also withdraw cash from your credit card, however the interest rate will be higher. Use this option only if you can repay it immediately. See also how to increase credit limit in the article explained here.
Whether interest will be higher on instant loans ?
Instant loans are nothing but personal loans. They are considered to be unsecured loans. In such cases, interest rate will be slightly higher than the deposit rates however you can negotiate with the financial institution depending on the relationship you have with them.