Personal loan approval and disbursal depends on several factors. Physical verification of identity & address being the most essential. Once your past payment record, income capabilities, personal background are well-checked upon, your application goes into the approval stage. But how do you ensure physical KYC while coronavirus second wave is deepening its grip? No prior bank relations & favors seem to work anymore. The only way out here is to look towards digital savviness & take an online support for contactless loan approval.
Yes, it is true that you can get Personal Loan without any physical verification to keep you safe in COVID times. Now the online journey can vary from one company to another but eKYC has surely been the “constant”. Home Credit offers a COVIDsafe journey for an instant personal loan approval. It offers a loan amount upto 2 lakhs without physical verification, this clause may or may not be universally applicable.
What factors affect a Personal Loan while applying 100% online?
- Income level – Undoubtedly, income is an important factor for any loan consideration. Every lender evaluates your income bracket to understand your qualification for a personal loan. This gives an understanding of your repayment capacity, while taking the loan journey.
- Loan amount –Your desired loan amount is another factor which determines your loan approval. If you’re amount is higher than lender expectations, then you’re considered unfit to pay your EMIs & your loan stands disapproved.
- Debt or ongoing loans – If you have several existing loans or debts, then lender will be hesitant to credit money. And therefore there are high chances of rejection.
How can you use Home Credit Loans specially in Covid times?
Today, getting safe emergency care during the COVID 19 times is a bare minimum. However, it can be tricky to withdraw from long term investments or call up friends at the last minute. This is exactly when a quick personal loan can relief a small part of your spending,. So instead of getting panicky, look for emergency services with the financial worry in your mind. Whenever you’re stuck in a tight spot, Home Credit offers to have you covered through any physical visits or queuing. This new online KYC using Aadhaar can ease your loan application journey. Just ensure that your need as a borrower is genuine and you’re going to payback.
Other than medical reasons, getting a personal loans can be easily used for your genius business ideas or small business investments to keep inventory, as buffer money or getting assets for immediate business use.
What documents are required for COVIDSafe Personal Loan?
The usual documents required to avail a loan are:
- PAN card (mandatory)
- Valid Residential Proof- Aadhaar card which can conveniently be used for OKYC
Here are the ways to get an Online Personal Loan without any physical verification:
Since, it is a 100% online process you do not have to physically visit any POS for KYC. Just stay where you are & get contactless Personal Loan Approval by downloading the Home Credit App and follow the easy steps:
Step 1: Choose ‘Online KYC using Aadhaar’ Option [ Highly Recommended for Contactless Online KYC]
Step 2: Enter your ‘Aadhaar Number’ or ‘VID’ and displayed ‘Security Code’ on screen (Capcha), then click on ‘Send OTP’.
Step 3: Enter OTP received on your registered Mobile Number for the given Aadhaar Number.
Step 4: Alongside, Choose & Enter a Share Code (up to 4 characters long) which will also be password for the ZIP file.
Step 5: Finally, Fill up your Full Residential Address for Pincode verification. And you’re done!
Every lending institution/ NBFC calls out for mandatory documents when accepting your loan application. The sole purpose is to ensure their repayment security incase the borrower chooses to default on the loan and goes bankrupt to make even. Hence, an OKYC using Aadhaar takes care of that aspect pretty well.