The digital era is all about doing away with things that harm the planet. Traditionally there is a ton of paperwork that is related to the loan process, this directly means excessive use of paper. A lot of trees are cut to facilitate paper production so, joining the “Go Green” initiative, the loans process has also become paperless. Private paperless loans are quick, easy and environment-friendly way of handling monetary deficits.
Private Paperless Loans in India
Although banks, NBFCs and Fintech lenders give out personal loans, the paperless loan is the forte of the Fintech lenders. Companies like Qbera accepts applications in digital format and also encourages online submission of documentation. This drastically reduces the need for paper documents. To apply for a private paperless loan from Qbera, just login to the website. After entering the necessary information, you can upload important documents like bank statements and salary slips. After successfully completing the verification process, the loan amount is credited to your bank account. This process is done digitally without the requirement for any physical paperwork.
These private paperless loans are extremely flexible. Whatever the nature of your requirement be assured that these loans will be able to help you out. A monetary crisis like hospital bills or emergency repairs to the home can be easily managed and it can also be used to fund an exotic vacation or a long dreamt of a destination wedding. Being unsecured loans, there is no need to pledge any kind of asset with the company providing the loan.
Before applying for the private paperless loan, it is advisable to check the eligibility conditions. Different institutions have different requirements. The eligibility criteria for Qbera loans are:
You must be a salaried individual
As these are unsecured loans, the lender expects loan repayment from salary. The employment status and the job stability are given much importance.
You must have a min net salary of Rs.18, 000/-
Qbera considers applications of individuals with a take home salary of Rs 18 000 and above for a paperless loan. The obligation here is that, the borrower should be able to manage his monthly EMIs along with his monthly family budget.
You must be above 23 years of age and less than 55 years
The age of the borrowers becomes a key factor as it is better to give a loan to a younger person, who can avail a long tenure, rather than an older individual who doesn’t have many years left.
Minimum CIBIL score of 575 and no defaults in the last 24 months
The credibility of the borrower is particularly important and CIBIL score provides an insight into that for the lender. Most banks consider a score of 750 and above. Qbera does consider marginally less score as they also do a risk assessment based on other socio-economic factors. But a score of 600 and higher with no case of payment defaults in the last 1 years is a requirement.
Being private paperless loans, there is not much paperwork involved, however, few documents are required.
Documents for Private Paperless Loans
- Aadhaar Card
- PAN Card
- Proof of address
- Salary and income documents
- Photographs
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