Bangalore is the hottest destination of all related to the IT field. There are many IT hubs, multinational companies and related services that have offices here employing personnel from all parts of the country. For emergency finance in Bangalore opt for financial institutions like banks and Fintechs rather than private money lenders. In case of emergencies, individuals tend to turn to private lenders as they instantly hand over cash, but, with the advent of Fintech companies like Qbera, there is a viable alternative. You can approach Qbera which promises a turnaround period that is less than 24 hours when you wish to avail emergency finance in Bangalore.
Emergency finance in Bangalore is available in the form of personal loans. These are unsecured loans and so are categorized as high-risk. This is the reason that banks follow stringent protocols and also do not consider applicants with a CIBIL score lesser than 750. Banks typically take a week or more to process applications, thus, making it less useful when the need is urgent. Fintechs, on the other hand, makes use of advanced risk calculation algorithms and highly digitized processing that makes them fast. So, the applicants with an urgent need but who do not possess high credit score can get an urgent personal loan.
Features of emergency finance loans in Bangalore
- Digital experience: The complete process of applying for an unsecured loan including the submission of necessary documents is done online.
- Quick disbursal: The entire process - from application submission for the personal loan, document verification and amount disbursal are completed within 24-48 hours.
- Economical Interest rate: The interest rate starting at 10.99% is quite competitive.
- Long repayment tenure: as longer repayment tenure means lesser monthly payouts. So, long repayment tenure ensures that the monthly budget of a household is not disturbed.
- Low-income groups: The low-income groups typically face more issues in getting an application through. There is a high probability of loan approval by a fintech for a low-income applicant.
- Low CIBIL score: Those with a low credit score finds it difficult to land a loan, however, Fintechs are making it possible. They do not make lending decisions solely on CIBIL rating and does consider other social and economic leanings.
The Eligibility criteria should be carefully considered before applying for a loan. These are the minimum requirements that institutions look for and it differs among different institutions.
Eligibility for Emergency Finance in Bangalore
- You must be a salaried individual
- You must have a min net salary of Rs.18 000/-
- You must be above 23 years of age and less than 55 years
- A minimum CIBIL score of 600 and no defaults in the last 12 months
Documents required for emergency finance in Bangalore
- Aadhaar Card
- PAN Card
- 4 Cheques from your Salary Account
- Current and permanent Address Proof
- Photographs
View a complete list of our FAQs at our
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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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