Instant Loan Approval on personal loans is quite the norm these days, with both banks and Fintech companies offering instant personal loan approvals, depending on the applicant's credit profile. As such, if the applicant's credit profile does not meet the internal norms of the lender, the applicant will automatically face rejection. How do these instant loan approvals on personal loans work? Let's find out!
Say you want to avail a personal loan from a lender. The lender will first determine your initial eligibility, post which, you can go ahead and submit your supporting documents. When you feed in your personal, professional and KYC details, information on your credit profile is almost automatically obtained through risk evaluation algorithms that pull your CIBIL report and analyze your information.
Information on your credit profile is obtained from the bureau, through your PAN and Aadhaar number. The algorithm almost instantly obtains information on two main parameters - your credit score and your credit history. Most lenders look at the credit score as the primary parameter in approving or rejecting your loan application - if your credit score meets the internal credit norms of the lender, your credit history will then be analyzed. Instances of defaults and EMI bounces in the recent past are reflected, based on which the lender's algorithm will generate approval. Multiple instances of late payments (EMI bounces) in the recent months will most certainly lead to loan rejections.
Through instant loan approvals, online personal loans have become more quick, reducing turnaround times quite significantly.
||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"
Following a Supreme Court Order dated 13th March, 2018, Insurance regulator IRDAI extended the deadline for linking the 12-digit unique identity number with various insurance policies.
A day after SBI hiked deposit rates across maturities, the largest lender of India also raised MCLR by up to 25 basis points. MCLR is now at 8.15 percent which was earlier at 7.95 percent. This signals a possible increase in the EMIs of all types of loans – starting from personal loans to home, auto and other loans. ICICI Bank and Punjab National Bank (PNB) also hiked their MCLR by 15 bps. PNB home loans will now be at 8.6% and for women it will be 8.55%.