Emergency Finance in Bangalore

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