From being a retirement haven to the bustling IT hub, Bangalore sure has navigated a great leap in a limited amount of time. The city of Bangalore has grown exponentially and so have the needs and aspirations of its populace. With this growth, there has been an increase in the city’s population, demands and lifestyle. To finance this growth head on, banks and NBFC s have increased credit distribution to working-class professionals in Bangalore. But then, of course, there are so many criteria that need to be fulfilled, that a big chunk of this demand has no source to finance. This is where Fintech companies like Qbera have stepped in with private loans in Bangalore.
How can a new entrant into this city get finance for say an emergency hospitalization or for paying the deposit for a rented home? Private loans in Bangalore are like the perfect solution to such situations that require instant cash. Private loans in Bangalore offered by Fintech companies are also known as instant loans in Bangalore, mostly because of the incredibly low turnaround times that these credit products associate themselves with. These fast disbursal, online loans are quick, easy and hassle free. Qbera, for instance, will inform you about your loan eligibility and offer in 2 mins. The documentation and validations are all done online with minimum paperwork. After the completion of all checks, the amount is deposited directly into your bank account in 24-48 hours.
Also, such private loans are deposited directly to your account and without any kind of collateral pledged. So, it’s way easier to obtain and lesser of a headache. CIBIL score plays an important role in determining the loan eligibility and the interest rate that you are offered. Which means that, with private loan lenders in Bangalore, even if your CIBIL score is marginally less, you still can get a personal loan. The rate of interest, however, will differ. These Fintech companies also offer you the benefit of flexible repayment tenures, from 6 months to 60 months. Accordingly, you can choose a personal loan with an affordable rate of interest and tenure so that your monthly budget doesn’t go haywire.
The eligibility for a private loan in Bangalore are:
- You must be a salaried individual.
- You must have a min net salary of Rs.20 000/- per month.
- You must be above 23 years of age and less than 55 years
- Minimum CIBIL score of 575 and no defaults in the last 24 months
And the documents needed are:
- Aadhaar Card
- PAN Card
- Proof of address
- Salary and income documents
- Photographs
The advantages of such instant personal loans are many. They are quick and the paperwork is minimal, making them the first choice in case of immediate funding. The loan amount is directly disbursed to your bank account and there is no restriction on the usage. You can plan a vacation, renovate your home, and fund your education or your marriage- no questions asked! A longer repayment tenure ensures that you do not end up broke each month; your monthly budget is manageable.
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