Looking for unsecured urgent cash loans in India? Fintechs are your best bet. When a situation is deemed urgent, it sets forth a high activity pace. For urgent requirement of funds, it is futile looking at banks and NBFCs. The watertight rules and strict practices employed while analyzing a loan application ensures that the processing time takes more than a week, this often is too long a waiting period if the need is urgent. Fintechs like Qbera offers urgent cash loans that promise a quick turnaround time. These loans are processed and ready to be used in 24-48 hours of successful document verification.
With the soaring prices of commodities and general inflation prevalent in the economy, it is exceedingly difficult for households to save up money. Unsecured personal loans are like saviors in the present economic condition. Being unsecured means that there is no need to pledge any kind of asset with the lender. This saves you from going on a guilt trip after pledging your asset. Moreover, the modern young households do not have that kind of asset either. This leads one back to unsecured cash loans to fund any type of eventuality.
It is definitely possible to receive unsecured urgent cash loans in India and knowing the qualifiers to be ready with documents needed is important. The qualifiers include-
You must be a salaried individual
The absence of collaterals mean that the lender expects you to repay the loan from your salary. So, your employment status and job stability are key factor having much weightage.
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 cash loan. The obligation is on the borrower and its essential that he be able to manage his monthly EMIs along with his monthly family budget. A relaxed income to debt ratio is always preferred.
You must be above 23 years of age and less than 55 years
The age of the borrowers becomes a crucial factor as a younger applicant can utilize the long repayment tenure effectively while being compared to an old individual.
Minimum CIBIL score of 575 and no defaults in the last 24 months
Being unsecured cash loans, the credibility is an important factor. The credit score provided by CIBIL score provides precious insight to the lender. Most banks consider a score of 750 and above as ideal to be considered for a personal loan. Fintech companies, on the other hand, do consider marginally low score as well. This is because they do risk assessment based on other socio-economic factors as well. But a score of 600 and higher with no case of payment defaults in the last 2 years is a requirement.
Some documents that have to be submitted are:
- Aadhaar Card
- PAN Card
- Proof of address
- Salary and income documents
- Photographs
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