A short-term loan is a type of borrowing that is typically repaid over a short period, usually within a few weeks to a few months. These loans are often used to cover unexpected expenses or temporary cash flow issues. Short-term loans can be a quick and convenient way to access funds when needed. These loans are commonly used for emergencies, small purchases, or to bridge gaps in income.
Insta Personal Loan offered by Bajaj Finance is a great way to manage your urgent financial requirements. Select customers can get the funds they need without even submitting any documents such as bank statements and salary slips.
Why are bank statements important to avail of a short-term loan
Bank statements are important to avail of a short-term loan because they provide lenders with crucial information about your financial health and ability to repay the loan. Lenders use bank statements to verify your income, assess your spending habits, and evaluate your overall financial stability. They also help lenders determine your creditworthiness and assess the risk of lending to you. Additionally, bank statements can help lenders verify your identity and ensure that the funds are being used for legitimate purposes. Overall, bank statements play a crucial role in the loan approval process and help lenders make informed decisions.
In some cases, if you have an existing relationship with the lender, they may already have the necessary information needed to offer you a loan. In those situations, select customers can get a loan without needing to submit extensive documentation. With our Insta Personal Loan, you can get short-term funds by submitting just a few basic documents.
Read about the eligibility criteria and documents required for Insta Personal Loan.
How to get a short-term loan without bank statements
You only need to follow the below steps to get our Insta Personal Loan.
- Click on ‘CHECK OFFER’ on this page.
- Enter your 10-digit mobile number and OTP.
- Go with the pre-assigned limit or choose a different loan amount.
- Choose a repayment tenure that suits you best.
- Click on ‘PROCEED’ to complete the online process.
The online process may differ depending on whether you are a new customer or have an existing relationship with us.
Features of a short-term loan without bank statements
Here are the features of our Insta Personal Loan that make it a great option when you need urgent funds for short-term:
- Quick processing: No need to go through a lengthy application process. Just check your offer using mobile number and OTP.
- Quick disbursal: The disbursal process is significantly shortened since it is a pre-approved loan offer. You can get the funds in as little as 30 minutes**.
- Flexible tenures: You can pick a convenient repayment tenure ranging from 12 months to 87 months.
- Minimal to no documentation: Select customers may be able to get the funds without needing to submit any documents, such as their income proof or bank statements.
Eligibility criteria for short term loan without bank statements
Your eligibility and documentation requirement for an Insta Personal Loan depends on whether you are a new customer or have an existing relationship with us.
If you are an existing customer with a pre-approved offer, there are no additional eligibility criteria that apply to you. Some of our existing customers may be asked to submit additional documents, such as your income proof, KYC documents, and bank statement to get the loan.
If you are a new customer, you may need to go through a CIBIL check and provide additional documents. The documentation and application process may differ slightly.
Conclusion
In conclusion, a short-term loan can be a valuable tool for managing unexpected expenses or cash flow issues. Insta Personal Loan from Bajaj Finance offers a convenient way to access funds without the need for extensive documentation. While bank statements are important for verifying financial stability and creditworthiness, select customers with existing relationship may be eligible for a loan without submitting them, streamlining the process and providing quick access to much-needed funds.
Check your Insta Personal Loan offer
*Terms and conditions apply.
