What Types of Loans Are Available Without Financials?

Several loan products are now available in the market that do not require income proof documents or financials. Some key examples include:

1. Personal Loans: Personal loans can be obtained based on the applicant's profile. The interest rates, however, can be high for a chosen tenure. Financial institutions usually ask for bank statements or payslips to prove a source of income. But some lending institutions also have more lenient eligibility criteria that do not require showcasing an income source.
2. Instant Loans: Some loan providers offer instant small-ticket loans from ₹5000 to ₹50,000 to even a couple of lakhs via apps. The loans are disbursed immediately into bank accounts and typically have shorter tenures.
3. Payday Loans: These are very short-term loans to meet urgent needs before the next payday.
4. Secured Loans: These are loans against securities like property, vehicle, Fixed Deposit (FD), etc., without income documents.
5. Top Up Home Loans: Existing homeowners can avail of small top-ups on home loans without extra financials based on repayment track record.
6. Credit Card Loans: Many credit card providers offer instant loans to existing customers without added paperwork based on card usage and limits.
7. Overdraft Accounts: Some financial institutions provide overdraft accounts up to pre-approved limits to account holders without financials based on profiling.
8. Peer-to-Peer Loans: You can also borrow from individual lenders online without financials, where eligibility is assessed based on profiling parameters.

The above products cater to those who have urgent requirements for funds but lack formal income documents to qualify through traditional loan products.