The young and modern Indians prefer modern ways of lending over the traditional. And well, can we blame them, certainly not, the traditional money lenders would require collaterals, charge exorbitant interest rates and there was simply no transparency in their ways. To power the young individuals of today, the financial institutions have come up with unsecured personal loans. These unsecured loans in India are offered by banks, NBFC as well as Fintech companies.
What does an unsecured loan imply?
The word unsecured means that these loans do not require any type of collateral. For example: if you opt for a home loan, the home you purchased also belongs to the Bank which has financed it. You are staying and using the property but the bank also has custody of the papers and in case of defaults in payment or non-payment, you can be evicted from the house. With an unsecured loan in India, there's no such worry; these collateral-free loans are easy cash to deal with short-term financial deficits.
These unsecured personal loans fall in the high-risk category and so the companies rely heavily on the CIBIL score of an individual to determine their credibility. A score of 750 and above is considered as ideal by Banks and other financial institutions. Fintech companies like Qbera do however, consider your application if it is as less as 575.
Where can personal loans be used?
With these unsecured loans, the institution does not specify the end use of the amount. Home loans are used to buy a home, vehicle loan to buy a vehicle, however, with personal loans you can use it as and how you deem necessary. The amount can finance your marriage or education, can be used to renovate or upgrade your home, Buy that second-hand car or bike, pay medical bills or simply to go on a dream vacation.
How to apply for unsecured loans in India?
It is quite simple to apply for such an unsecured loan in India. All you have to do is go online and fill in the parameters and check for your loan eligibility. Banks have a big list of criteria and quite a lot of paperwork which is a deterrent for the time conscious working population. Fintech companies like Qbera have stepped in with minimal paperwork and instant notifications to bridge this gap in demand and supply.
Qbera lets you know if you are eligible for a loan is as less as 2 mins. Once approved, you can actually see the amount reflected in your bank account statement within 24-48 hours.
The documents required are:
• Aadhaar Card
• PAN Card
• Proof of address
• Salary and income documents
• Photographs
The main eligibility criteria that Qbera requires are:
• You must be a salaried individual
• You must have a min net salary of Rs.20 000/-
• You must be above 23 years of age and less than 55 years
• Minimum CIBIL score of 575 and no defaults in the last 24 months
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