There are only so many things one can do when an urgent loan is required. But in urgent situations usually, a family is unable to secure the amount. Banks have stringent procedures and paperwork that makes them unfit in case of urgent need. Fintech companies have made life easier with an urgent personal loan against Aadhar card being granted to the salaried.
Personal loans are unsecured loans and calls for more precautionary and stringent rules in banks. To give out the loan against Aadhar card is considered safe as the personal information and Biometrics can be accessed and cross verified with the physical documents. Fintech companies like Qbera use advanced algorithms to calculate risks along with the CIBIL score and approve loans against Aadhar cards to salaried individuals. These personal loans are instant, which means that the whole turnaround period is 24-48 hours provided the documents are in order. When you need loan urgently, you can keep all required documents handy and then check your eligibility with Fintech companies.
The basic eligibility criteria for urgent loan are:
The applicant must be salaried-
There is no collateral that is pledged with a fintech company. They give you the loan with the knowledge that it will be repaid from salary. So, the employment tenure and the income to loan ratio is checked and an ideal ratio is 40% which means that the monthly budget is not stressed.
The applicant must have a net salary of Rs 20 000-
This is again to ensure the repayment capacity. In all cities, with the raising living standards, even the income has gone up. However, if you are still in a lower pay scale of Rs 20 000 per month, Qbera does offer you a personal loan.
The applicant must 23-55 years of age
Applicants in this age group are better equipped to make proper use of the long tenure provided. Qbera for example, offers you a repayment tenure that spans from 6 months to 60 months.
The applicant must have a CIBIL score of 545
While banks and NBFC s consider a score of 750 and above while giving out loans. There are numerous factors that affects this score and so fintech companies using their advanced algorithms gives a leverage to its customers by considering marginally lower scores as well.
Although the whole procedure is online, there are few documents that must be submitted. These are-
- Aadhar Card
- PAN card
- Proof of Identity and address
- Salary slips and bank statements
- photographs
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