The Biriyani capital of India is world renowned for its culinary treats but that is not what defines the city of Nawabs. It has recently earned for itself the moniker of a Hi-tech city and is one of the premier cities for IT companies. This has bought with it, a steady inflow of IT professionals from all walks of life and all parts of the country. Moreover, as a majority of this migration is undertaken by the youth, there is a presence of young individuals and households here. There are quite a few challenges that come along with this. And the independent youth would like to live their life by their own terms. Although financing it might become an issue now and then, Private loans in Hyderabad has made it possible and doable. Private Loans in Hyderabad are also commonly referred to as instant loans in Hyderabad and immediate cash loans.
Banks, NBFCs, and Fintech companies are in the market providing easy private loans in Hyderabad to young and old alike to finance their monetary deficits. Any salaried or self-employed individual can avail these personal loans. One of the important aspects of these loans is that there is no requirement to pledge any kind of collateral. This kind of helps in getting necessary monetary help without the inconvenience that comes with pledging an asset. The onus of repaying the online loan lies with the salaried individual and he/she has to work and manage their monthly incomes to accommodate the repayments first.
Private loan in Hyderabad from Fintech companies like Qbera can be applied instantly and the online eligibility checks and quick turnabout time, make them an ideal choice during financial emergencies. These loans are quick and paperless, you log on to their website, fill in the details and your eligibility is known in 2 mins. After submitting the bank documents through net banking and a few other internal checks, the amount is deposited directly into your bank account within 24-48 hours.
And the documents that need to be given are:
- Aadhaar Card
- PAN Card
- Proof of address
- Salary and income documents
- Photographs
The eligibility criteria for applying for a personal loan are:
- You must be a salaried individual
- You must have a min net salary of Rs.20 000/-
- 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
Other than these, another important point that has an impact on your loan application is your employer. Banks and NBFC has a big database of employee information from employers. So if your employer database is present, the higher the chances of your loan being approved. Having said so, there have been instances of loan being rejected as the employer was not part of banks database. Fintech companies are handy in such situations and with a database of more than 7 lac companies, there probability of loan approval increases substantially.
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Interest Rate & Other Charges
Interest Rate
|
11.99% to 35.99%
|
Processing Fee
|
1% to 5% of total loan amount
|
Loan Amount
|
₹1,00,000 to ₹15,00,000
|
Loan Tenure
|
12 to 60 months
|
Step 1: Online Application Form
Get approved instantly
Fill out our online application form by answering a few questions about yourself, your employment, your education, expenses and needs. This process would take no longer than 10 minutes.
Step 2: Connect bank account
Submit your bank statements
Connect securely to your bank via netbanking and submit bank statements as part of the easy loan application form. Alternatively, you can upload bank generated pdf bank statements.
Step 3: Loan term
Choose your Loan Term
Using our proprietary Credit Scoring Algorithm we determine your loan eligibility in real-time. Our algorithm uses the information about you, to determine your future potential and help you get the best rate instantly.
Example: A
loan offer of
₹2 lac, for a
tenure of
3 years at an
interest Rate of
16.6% (on a reducing principal) and a
processing fee of
2.5%.
Translates to:
- Processing Fee deduction of ₹5000 (2.5% of 2 Lacs) from loan amount, thus, the amount credited to your account will be ₹1.95 Lacs
- EMI of ₹7091 per month
- Total payable amount in 3 years = 36 times ₹7091 = ₹2,55,276
- Total Interest paid in 3 years = ₹55,276, hence, annual interest paid = ₹18,425 (which translates to an effective flat annual rate of interest of 9.21%)
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