personal loan
Summary: Be it a medical emergency, your child’s college education, or a wedding, personal loans are one of the convenient financing options today. Although getting a personal loan is easy, some documents are required for final approval. Personal loan applications without ITR proof or other important documents attached are likely to be rejected. Read on to find out more.
When it comes to the application and approval process, personal loans are one of the easy financing options that can cover expenses for various purposes such as medical emergencies, weddings, holidays, or large celebrations. There is generally no need to notify the bank of the purpose of the personal loan, making it a popular demand-based financing option in the market.
However, documentation of personal loan income for salaried individuals has always been an important part of a traditional loan application. However, instant personal loans like FIRSTmoney from IDFC FIRST Bank can go through quick approval without ITR or any other documents except PAN card which is required for VKYC process.
Standards for secured and unsecured personal loans
Personal loans are unsecured loans, meaning there is no need to pledge collateral or collateral. However, if you are an individual who wants a personal loan without ITR, you can opt for a secured loan.
If a person provides collateral for the loan, the bank can waive the ITR requirement under personal loan rules. Banks do not lend the entire value of the collateral as a loan, but calculate the loan amount by calculating the LTV (Language Value Ratio). For example, you have provided a guarantee of Rs 5 lakh and the bank’s LTV is 80%. In this case, the maximum loan limit that the bank can provide is 40 million won.
However, IDFC FIRST Bank FIRSTmoney Digital Personal Loan offers additional free loans with an approved limit of up to INR 10 lakh along with the ability to withdraw money in unlimited amounts or in one go as per your financial needs. It is more flexible than traditional personal loans and only requires you to provide your original Personal Account Number (PAN) during the video KYC process. Application is quick and convenient and can be completed in minutes from the comfort of your home.
Role of credit score in getting personal loan without ITR
The next step to getting a loan without ITR is to build and maintain a good credit score. Banks consider a CIBIL score of 750 or above as a good score for all loans, including instant personal loans through FIRSTmoney. After 750, the higher your CIBIL score, the more likely you are to get a personal loan without ITR.
A higher CIBIL score can help you get a higher personal loan amount, and also at a lower interest rate.
Payment date period
Banks look at more than just your CIBIL score when evaluating your loan application. Check your loan payment history. Making monthly payments on time and in full shows that your credit discipline is good. Banks prefer to provide loans to these customers.
What is unique about Firstmoney instant loans?
IDFC FIRST Bank offers FIRSTmoney instant personal loans without ITR through a hassle-free digital application process. All you need is a PAN card, a steady salary and a credit score of 750+. Here are some of the features that make this digital personal loan unique:
1. Instant Access to Personal Loans: IDFC FIRSTmoney allows you to access funds whenever you need them, eliminating the waiting period associated with traditional loan approval processes.
2. Flexibility: IDFC FIRSTmoney’s credit line facility provides unmatched flexibility, allowing you to borrow as much as you need up to the approved limit and repay it at the right time.
3. No Foreclosure Fees: IDFC FIRST Bank FIRSTmoney offers cost-effective loan solutions by not charging any foreclosure fees. Flexible repayment period options give you the freedom to pay off used funds at any time.
4. Flexible Loan Amount: With this instant personal loan, you can choose the amount of your choice starting from INR 5,000 up to the approved limit. You can also withdraw the amount all at once or in one lump sum.
5. Customized Payment Options: FIRSTmoney gives you the freedom to choose flexible payment options ranging from 2 to 60 months to suit your financial needs.
conclusion
While IFR remains an important step in traditional loan approval, instant personal loans have opened up a way to quickly access loans without the need to present IFR documents. Digital applications simplify the process with minimal documentation and fast approvals. To make the process more convenient, FIRSTmoney provides instant access to loans with great flexibility and convenience to meet your various financial needs without any hassle.
disclaimer
The contents of this article/infographic/image/video are for informational purposes only. The content is general and for informational purposes only. It is not a substitute for specific advice regarding your particular circumstances. Information may be updated, finalized, reviewed, verified, corrected, and may be materially changed. This information is not intended for distribution or use by anyone in any jurisdiction where such distribution or use would be contrary to law or regulation or which would subject IDFC FIRST BANK or its affiliates to any licensing or registration requirements. IDFC FIRST BANK is not responsible for any direct or indirect loss or liability incurred by readers due to making financial decisions based on the content and information mentioned. Consult a financial advisor before making any financial decisions.
The features, benefits and offers mentioned in the article are valid as of the date this blog was published and are subject to change without notice. The contents of this document are subject to other product-specific terms and conditions and third party terms and conditions, as applicable. Please refer to our website www.idfcfirstbank.com for the latest information.
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