Cash Loans in Delhi are unsecured loans that come with not-so-stringent eligibility criteria and are different from personal loans offered by traditional financial institutions. Personal loans offered by traditional banking institutions usually come with stringent eligibility criteria, especially under parameters of credit score, employer status, income and number of years of work experience. Easy Personal loans, on the other hand, come with easier eligibility parameters, making these loans more preferred in the current day.
What is the eligibility for personal loans from traditional financial institutions?
Before we go on to look at the eligibility criteria for cash loans in Delhi, let’s look at the eligibility for personal loans offered by traditional banking institutions that include top private banks and state-run banks.
Traditional banking and financial institutions require you to have a minimum income of at least Rs. 30,000 or Rs. 35,000 to qualify for a personal loan. If you don’t meet the minimum income criteria, your application will be rejected.
Traditional financial institutions require you to have a minimum credit score of at least over 750. Even if a score of 750 isn’t present, a minimum score of 700 is almost always mandatory.
Number of years of work experience
The number of years of experience is another parameter that comes into play in determining your eligibility for a personal loan. As such, you should have at least 3 years of work experience to become eligible for a personal loan from a traditional financial institution. Also, your number of years of work experience in your current company should be at least 1 or 2 years (depending on the lender) to qualify for a personal loan from top private banks.
Past Repayments and Credit history
Your credit history is also a crucial aspect that determines your personal loan eligibility from a top private bank. If you’ve had too many instances of EMI bounces or late payments, you are in for some bad news as far as your loan application goes.
If you want to apply for an easy personal loan, approaching a Fintech company is your best bet – these companies have transformed the lending arena in India, offering quick and easy loans to individuals (mostly salaried individuals, although some companies offer loans to self-employed individuals as well). Qbera is one such Fintech company that offers easy personal loans to salaried individuals with eligibility criteria that is very easy to satisfy.
||11.99% to 35.99%
|| 1% to 5% of total loan amount
||₹1,00,000 to ₹15,00,000
||12 to 60 months
"I am really happy that I got a loan from Qbera. My application has been rejected by lenders in the past without giving any explanation for rejection. Qbera approved my loan with minimum documents. Thanks a lot once again."
I did not want to make many enquiries as many requests can lower the CIBIL score. I contacted Qbera on a Monday and by evening itself they had an offer for me. They kept me informed through every step of the process and were also flexible with regards to my commitments. In the end, the loan was disbursed within two days of documents submission. Thank you Qbera for simplifying the process and helping me find a loan. " Show more...
"It was a nice experience with Qbera. I have never seen such an easy process for getting a loan, especially when you need it the most. Thank you Qbera for your support."
"I had a hassle-free experience with Qbera. It was a very easy application procedure and in a short span of 3 days I got my loan credited to my account. Thank you so much for the support Team Qbera"
"It was very easy to get a loan from Qbera. I just applied on their website and got a confirmed offer immediately. The amount was transferred soon after. Will give it 5 out of 5"
"It's good and quick response from the Qbera team to get the loan. They are very good at the communicating the things properly and appropriately"
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