Get Personal Loans for Shopping with Minimal Documents in Just 10 Minutes

Want to grab the hottest deals, mega sales, and unbeatable discounts? But, cash crunch holding you back! Don’t postpone your plan as you can still make the most of the hottest deals by opting for an instant personal loan from SalaryOnTime. With a few basic documents, including PAN, Aadhar and Bank statements, you can easily secure an online personal loan for shopping.

SalaryOnTime is a highly reliable money-lending platform, offering some of the best shopping loans in India with remarkable perks and flexibility. Whether you want funds to purchase home decor items for styling, kitchen appliances, clothes and accessories for weddings, or want to upgrade your gadget to the latest version, we’ve got you fully covered.

Let’s scroll down to discover more about this loan product by SOT. In addition to this, you’ll also learn about how to apply for this loan, what documents are handy for swift approvals and most importantly whether or not you are eligible to secure this innovative payday loan from SalaryOnTime. LET’S GET STARTED!

What is a Shopping Loan?

A Shopping Loan or Personal Loan for Shopping is classified as an unsecured personal loan that offers borrowers a lump sum amount to purchase goods and services. In return, the borrower needs to repay the loan in easy instalments at scheduled intervals. Basically, it means Shop Now, Pay Later.

Since it’s unsecured, it doesn’t require collateral to be pledged, provided, or submitted, keeping borrowers on the safer side. Secondly, such loans are highly effective when you don't want to miss out on the hottest deals, mega sales, and unbeatable discounts despite being cash-deprived.

SalaryOnTime’s payday loans for shopping are disbursed in just 10 minutes so you can access funds instantly and grab the amazing deals on time. With just a few basic documents and some clicks on your phone, you’ll receive your desired loan amount directly to your bank account. Such is the ease and convenience of making SalaryOnTime your financial partner.

How to Ensure Speedy Loan Approvals

It doesn’t matter how easy and hassle-free it sounds or appears, there are chances of your loan application getting rejected or delayed. If you truly don’t want that to happen in your case, you must take into consideration a few key points mentioned below. Let’s have a close look at them one by one:

1. Poor Credit Score and Credit History

Lenders assess your creditworthiness based on your credit score. A low score (below 650) or a poor credit history may lead to rejection.

Reasons for a Low Credit Score:

• Late or missed loan/credit card payments.
• High credit utilisation (using more than 30% of your credit limit).
• Previous loan defaults or settlements.

How to Fix: Maintain timely repayments, reduce credit utilization, etc.

2. High Debt-to-Income Ratio (DTI)

Your DTI ratio indicates the proportion of your income that goes toward debt repayment. A high DTI means you may struggle to repay an additional loan.

Example:

Monthly income = ₹50,000

Existing EMIs = ₹30,000

DTI = (30,000/50,000) × 100 = 60% (too high!)

Lenders generally prefer a DTI below 40%.

How to Fix: Pay off existing loans before applying for a new one. Opt for a lower loan amount if needed.

3. Low or Unstable Income

Lenders evaluate your ability to repay the loan based on your monthly income and employment stability.

Possible Issues:

• Income below the lender’s minimum requirement.
• Frequent job changes (less than six months in a company).

How to Fix: Maintain stable employment for at least a year before applying for an online personal loan for shopping.

4. Multiple Loan Applications in a Short Period

Applying for multiple loans at once makes you appear credit-hungry and reduces your credit score.

Why This is a Problem?

• Every loan application triggers a hard inquiry on your credit report.
• Lenders may assume you are financially struggling.

How to Fix: Space out your loan applications and apply only when necessary.

5. Errors or Mismatched Information in Application

Even minor mistakes in your application can lead to rejection.

Common Mistakes:

• Name mismatches between PAN, Aadhaar, and bank details.
• Incorrect income details.
• Providing outdated employment information.

How to Fix: Double-check all details before applying. Ensure documents are updated.

6. Lack of Proper Documentation

Lenders require specific documents for verification, such as:

• Identity proof (Aadhaar, PAN, Passport)
• Address proof (Utility bills, rental agreement)
• Income proof (Salary slips, bank statements, ITRs)

Rejection Causes:

• Missing or illegible documents.
• Salary slips do not match bank statements.

How to Fix: Ensure all documents are valid, clear, and correctly submitted.

7. Applying for a Loan Amount Beyond Your Eligibility

Lenders evaluate if you can afford the loan based on your income and existing obligations.

Example of Over-Borrowing:

Monthly income = ₹40,000

Existing EMI = ₹15,000

Applying for a loan requiring an EMI of ₹20,000 → Rejection likely!

How to Fix: Apply for a realistic loan amount based on your income and repayment ability.

8. Lender’s Internal Policies & Risk Appetite

Each bank/NBFC has internal guidelines for approving loans. Even if you meet general eligibility criteria, you may still face rejection due to:

Lender-Specific Reasons:

• Some lenders do not offer loans to applicants from certain locations.
• Internal policies restrict lending to certain professions.

How to Fix: Research different lenders and apply to those whose policies match your profile.

FAQs

1. How to apply for a quick online personal loan for shopping?

Let’s follow the easy steps below to effortlessly apply for a personal loan for shopping.

• Step 1. Visit our website or download the official SalaryOnTime app from the App/Play Store. Next, register your mobile number as a new user by entering the OPT.
• Step 2. The next step is to fill out the application form by entering your personal, residential, employment, and income details. Make sure that all information you have entered is accurate.
• Step 3. Further, upload the required documents, such as identity proof, address proof, and income proof.
• Step 4. After you submit your loan application, our team carefully reviews your eligibility by evaluating every detail. If you fit our eligibility criteria, your loan is instantly approved and the amount is disbursed directly into your bank account.

2. How much money can you borrow from SalaryOnTime as a shopping loan?

To make your shopping more delightful and thrilling, you can obtain an amount of up to ₹1,00,000 from SalaryOnTime.

3. What are the eligibility criteria to secure a Personal Loan for Shopping from SOT?

Here are the terms and conditions you must meet to avail of SOT’s payday loans designed specifically for shopping enthusiasts:

• The applicant must be an Indian resident. Any non-resident shall not be entertained.
• The shopping enthusiast must be between 21-50 years of age.
• The shopping enthusiast must be a salaried employee with at least ₹30,000 in-hand salary. Any self-employed shall not be entertained.
• The shopping enthusiast must be receiving the salary in his/her bank account. Salary in cash/cheque shall not be entertained.
• The shopping enthusiast must reside in the city where we are actively functional.