Quick Loan India

The Indian credit market has progressed quite impressively in recent times, with a larger section of working-class individuals getting easy and instant access to credit. Quick Loans in India, a form of credit not heard of even until recently, are now a reality, thanks to the emergence of Fintech companies such as Qbera and P2P lenders. In fact, many private banks and NBFCs are typing up with Fintechs to expand their reach in the market. If you are looking for Quick Personal Loans in India, you can get one very easily, with minimal paperwork and hassle.

Qbera offers quick loans in India at interest rates starting from 11.99% p.a. If you are looking for a quick personal loan that is disbursed to your bank account with 24-48 hours, Qbera is your best bet in the market today.

Do traditional lenders offer quick loans in India?

The term “quick loan India” is a credit instrument mostly characteristic of Fintech companies, and not so much a product offered by traditional banking institutions. This is mostly because traditional lenders such as private banks, although still very popular in the Indian market, take at least 7 to 8 business days to process and disburse loan applications.

When you apply for a personal loan from a traditional lender, you might receive instant or quick approval based on your credit profile, but the actual process that involves document submissions, verifications, and the final disbursal, can take anywhere between 6 to 8 business days, or sometimes even more, depending on the nature of a customer’s application. Moreover, traditional lenders do not usually offer loans to individuals without a credit history, thereby although sporting a sizeable share, they do not cater to the majority of the working class population.

Quick Loans in India from Fintechs

Fintechs and P2P lenders have come to dominate the market in the recent past. The reason for this is the absolute ease in applying, minimal paperwork, and low turnaround times that have become principal attributes of quick loans offered by Fintechs and P2P lenders in India. If you are contemplating applying for a quick personal loan in India, here is why you should choose a Fintech company like Qbera for your instant credit needs:

Minimal Paperwork

Quick loans in India don’t even exist as far as Private Banks are concerned. This is mostly because of excessive paperwork involved in processing loan applications. The same isn’t true in the case of Fintechs, however. Applying for a quick loan with a Fintech company involves bare minimum paperwork – in fact, the only real paperwork involved is the cheques to your salary account. For individuals who have an excellent credit history, no paperwork is required.

Very low turnaround times

While we’ve already spoken about how personal loans take at least 7 to 8 business days to be disbursed when you apply with a bank, the story is evidently different in the case of Fintechs and P2P lenders. Fintechs offers instant personal loans with turnaround times spanning anywhere between 24-48 hours.

Loans for low incomes and credit scores

Qbera offers quick personal loans in India to individuals with a minimum income of Rs. 20,000 and a minimum credit score of 575. Banks on the other hand require individuals to have a minimum credit score of at least 700 (some banks require you to have scores of 750+) to qualify for a personal loan.