Fast, Quick and Instant are the mantras of today’s digital world. Be it fast food or fast consumer loans, the trend favors the swift and quick versions. Nowadays, instant consumer loans are given to salaried customers and the average time taken for processing and disbursal is just 24-48 hours! If you’re wondering what consumer loans are, they are a type of personal loans and vary mostly in terms of their tenure and turnaround times. Just like personal loans, consumer loans also fall into the category of unsecured loans. In the changing economic front, Fintech companies such as Qbera have started providing fast personal loans to the salaried.
Instant consumer loans for the salaried
Earlier, applicants didn’t have access to super-quick and digital access to credit. Nowadays, however, they have access to fast online loans. Thanks to the digitized procedure in checking for personal information and credentials, the process is fast and hassle-free with minimal documentation. The digital technology has completely revolutionized the loan granting process with super-fast online loan disbursal. The average turnaround time for loan disbursal by companies such as Qbera is as less as 24-48 hours, provided the documents are in order. The access to fast online loans has changed the outlook of salaried individuals in viewing personal loans as the ideal solution for quick and easy access to credit.
The online loan process
The term online suggests that the majority of the application process can be completed online. The application form is filled online, credentials are checked online, bank statements and supporting documents are submitted online through secure channels and post verification according to internal standards of institutions like Qbera, the loan is disbursed straight to the applicant’s bank account. In recent times, fast consumer loans have changed the way salaried individuals view borrowing, and have elevated personal loans as a source of finance in case of emergencies. For emergency cash requirements like in case of sudden hospitalization or home renovation, consumer cash loans are offering customers the facility of fast cash that can be repaid from their salaries over a fixed time period.
Documents Needed and Eligibility Criterion
The upside of personal loans by Fintech companies is that even if you have a low CIBIL score, you still have a chance; provided you meet their internal standards and have proper documents. Qbera processes loans for individuals with a CIBIL score of 600 and above. If your net take home salary is Rs. 20, 000/-per month, and your age falls in the 23-55 years category, you have a chance to avail a consumer loan from Qbera.
The mandatory documents are:
- Aadhaar Card
- PAN Card
- Proof of address
- Salary and income documents
- Photographs
- Cheques of your salary account
It is to be noted that all Fintech companies have their own internal standards of processing, and loans are granted based on successfully meeting those criteria.
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