Getting a Personal Loan without Bank Statement

07/02/2019 Uncategorized

Though applying for a loan has become easy, there are still some aspects that remain a little tedious. One of these aspects is document submission and verification. With all the different documents the lender asks you to submit, confusion is bound to arise. It takes a lot of time and puts a lot of pressure on you to get all your documents up to date. Often, you might not wish to give the bank or non-banking financial corporation your bank statement. Typically, when you are applying for a loan, you are asked to submit your bank statement. Although, technically they have no use of it since all the information they would require would be easily available from your credit score and credit report. Some lenders advance loans with minimal paperwork. Standard Chartered process the Standard Chartered Bank Personal Loan with minimal paperwork such as identification and address proof.

How can a loan be availed without a bank statement?

To get a Personal Loan without bank statement, you either need to have a very good relation with the lender. Or, you can check out the various private short-term loan providers who lend direct cash. Although, borrowing cash from these small lenders can be very expensive due to higher interest rates and missing equated monthly instalments (EMIs) is very costly. Additionally, these lenders generally are unable to provide larger sums. There is also the element of risk involved, as some lenders may use aggressive tactics in case of missing EMIs. The better method is approaching a lender with whom you share a great relationship and have had good past business. These banks and non-banking financial corporations often lend their old customers who provide good business loans with little to no verification and processing or requiring a bank statement.

Although, these days getting loans without providing a bank statement has become quite difficult, next to impossible even. There are, however, some banks which provide loans without asking for a bank statement. Standard Chartered is one of the biggest banks that provides Personal Loan without bank statement. Citibank also has the policy of extending Personal Loans to existing customers with a good debt repayment history, credit report and credit score.

What are the details of the Standard Chartered Personal Loan?

The Standard Chartered Bank Personal Loanis extended for a minimum of 12 months and a maximum of 60 months. The minimum amount that you can apply for is Rs. 1 Lakh, which can go up to a maximum of Rs. 30 Lakhs. The rate of interest generally is around 10.50%-19%. There is a processing fee that can go up to 3% of the loan amount disbursed. Standard Chartered also gives you the offer of 50% discount on the processing fee when you apply for the loan online. Under certain specifications, the loan processing fee is zero, too. Other benefits include a chance to get your last EMI waived off or get a 2% cashback on the total EMI paid. There are a lot of flexible options for repayment for your easiness.

How can you apply for a Standard Chartered Personal Loan?

You can apply for the Standard Chartered Bank Personal Loan at any of their bank branches, or you can apply online and avail a lot of great benefits. For the offline application, you need to visit their bank branch and fill out the Personal Loan application form. Submit all the required documents and wait for the verification and disbursal.

For the online application, all you need to do is go to the Standard Chartered Bank website. Go to the Personal Loans section in personal banking, fill out the information asked by them, get a quote about eligibility, the rate of interest, approvable loan amount and monthly EMI.You can then proceed to apply online and wait for verification. Once your loan is approved, you get a confirmation by SMS and then soon after the disbursal of money is done.

What can you use the Personal Loan for?

You can use a Personal Loan for various activities. You may wish to utilise the money for your business, like setting up a firm, expanding your existing firm, buying machinery or various other things that a business requires. You may decide to make your or someone in your family’s wedding or birthday extra special. You can use it to fulfil your day to day requirements like groceries, eating out, paying rent or the host of other things. You can also use your loan to pay off an existing loan whose EMI is higher than your Personal Loan’s, basically getting a debt transfer or refinancing done.

What does a lender look at when lending without requiring a bank statement?

When a lender is willing to extend Personal Loan without asking for a bank statement, they would want to make sure that they are lending in a relative environment. To protect themselves, lenders would want some basic information like-

  • Identity Proof
  • Credit report and a good credit score
  • Your age
  • Proof of income like a salary slip or affidavit from your firm’s accounts or human resources department
  • Information of other loans, if any

Apart from these, lenders would want some other information too. This would depend upon the lender, amount of money in question, your relationship with the lender and various other factors.

Will getting a Personal Loan without a bank statement be difficult?

Well, it is a lot more difficult than obtaining loan approval when you are willing to provide your bank statement. With that said, it is not impossible, and, depends upon the lender. Banks like Standard Chartered Bank, Citi Bank Personal Loan, other big private players and some foreign banks practice this method of approving Personal Loans without too much paperwork. They try to ask for the bare minimum documentation from the customer to make banking easy for them and also follow all legal procedures and government orders.