Lending institutions have been innovating and evolving over the years, and one such technological advancement is their ability to process a touchless loan online. A touchless loan processing does not require the borrowers to visit any branch offices or even have physical interaction with any executives. The entire process of loan application to disbursement of loan happens online in a straightforward, secure and transparent way.

Lending institutions offer Personal loan minimum interest rates through their online loan processing platforms. The online loan application process is the same as any other application but is carried out online by submitting a digital copy of the documents mandated by the lending institutions. As a refresher, any citizen of India who is in the age group of 21 to 65 years and has a verified stream of income is eligible to apply for a loan.

The following check-list helps the borrowers achieve faster loan processing and reduces the chances of rejection:

● Possess digital copies of government-approved identification

● Update the current address on the Aadhar card. If not, then have other accepted proof of address as mandated by the lending institutions.

● Hold copies of income proof with authorised digital signatories.

● Digital photographs of the loan applicant

● Provide a mobile number and official email ID that is currently active.

● Any other KYC documents mandated about personal loan.

Online loan application is a time-saving approach to go about personal loan. Additionally, personal loan minimum interest rate can be availed through online loan processing platforms.

Must Read: Is Personal Loan with Longer Repayment Term a Better Choice?