Need Loan Urgently

There are only so many things one can do when he needs loan urgently. Maybe the first source is your loved ones and family, then the banks and finally any private lenders. But in urgent situations, it is not uncommon that family is unable to secure the amount. Banks have stringent procedures and paperwork that makes them unfit in case of urgent need. Private lenders do give money instantly but may ask for assets and charge exorbitant interest rates as well. Fintech companies have made life easier when urgent personal loan is required.

Fintech companies like Qbera use advanced algorithms to calculate risks along with the CIBIL score and gives out unsecured personal loans to salaried individual. These personal loans are instant, which means that the whole turnaround period is 24-48 hours provided the documents and verifications are in order. When you need loan urgently, you can keep all required documents handy and then check your eligibility with Fintech companies.

So, what are the basic eligibility criteria for  an urgent cash loan:

The applicant must be salaried-

There is no collateral that is pledged with a fintech company. They give you the loan with the idea that you will be repaying it from your salary. So, they do consider your employment tenure and the income to loan ratio. It is advisable to maintain this ratio as 40% which means that there is no strain on your income.

The applicant must have a minimum monthly net salary of Rs 20,000-

This is again to ensure your 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 575

Banks and NBFCs 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 provide loans for customers with sub-prime credit 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

The two most loved features of an instant personal loan are that there is absolute flexibility in using the funds and the fact that assets do not have to be pledged. You can avail the personal loan to pay medical bills, for home renovations, paying for holiday, travel, marriage or education. Any financial shortfall or need can be managed with an urgent personal loan. So when you need loan urgently you can just keep the documents hands and check for the eligibility online.