With demonetization and other economic changes in the country, the interest rates for loans have become quite competitive. With more and more applications coming in there is a need to simplify the process so that when urgent loan requirement comes, it can be processed quickly. A loan delayed can be equated to loan denied; as it was not available when the need was vital.
Banks do offer instant personal loans however, there are lot of paperwork, documentation and stringent criteria to be met. So, what is the alternative when urgent loan is required? You now have the option to opt for an online instant personal loan from fintech companies. Fintech companies have successfully integrated technology in the finance sector and has revamped the whole process of sending, receiving and investing money. The whole process from application to disbursement of amount is done online with minimal documentation.
Qbera for instance lets you know the loan eligibility in 2 mins and then after further documentation and internal checks, disburses the loan amount into your bank account within 48 hours. Such kind of facility was unheard of in the past, but, in todays hi-tech world it has gained precedence. To simplify and accelerate the process, you can keep the following documents handy-
These urgent personal loans are quite versatile which means that you can use the amount as you wish. You have an unexpected medical bill which must be paid urgently or an unexpected repair work that has burgeoned into a major renovation in your home. The funds can be used to plan your marriage, education or vacation or else simply to consolidate the various debts that you were dealing with. The scope of instant personal loans is varied but there are some basic conditions that needs to be achieved-
CIBIL score is another important factor. Banks only considers applicants with a score of 750 and above. Fintech companies on the other hand, follows advanced algorithms that helps determine your intent to repay and considers the applications with a marginally lesser score.
Other than these, another important consideration while processing a loan application is your employer. Banks and NBFC has a big database of employee information from employers. So if your employer database is present, the higher the chances of your loan being approved. But there have been instances of loan being rejected as the employer was not part of banks database. Fintech companies are handy in such situations and with a database of more than 7 lac companies, there probability of loan approval increases substantially.
||11.99% to 35.99%
|| 1% to 5% of total loan amount
||₹1,00,000 to ₹15,00,000
||12 to 60 months
"I am really happy that I got a loan from Qbera. My application has been rejected by lenders in the past without giving any explanation for rejection. Qbera approved my loan with minimum documents. Thanks a lot once again."
I did not want to make many enquiries as many requests can lower the CIBIL score. I contacted Qbera on a Monday and by evening itself they had an offer for me. They kept me informed through every step of the process and were also flexible with regards to my commitments. In the end, the loan was disbursed within two days of documents submission. Thank you Qbera for simplifying the process and helping me find a loan. " Show more...
"It was a nice experience with Qbera. I have never seen such an easy process for getting a loan, especially when you need it the most. Thank you Qbera for your support."
"I had a hassle-free experience with Qbera. It was a very easy application procedure and in a short span of 3 days I got my loan credited to my account. Thank you so much for the support Team Qbera"
"It was very easy to get a loan from Qbera. I just applied on their website and got a confirmed offer immediately. The amount was transferred soon after. Will give it 5 out of 5"
"It's good and quick response from the Qbera team to get the loan. They are very good at the communicating the things properly and appropriately"
Following a Supreme Court Order dated 13th March, 2018, Insurance regulator IRDAI extended the deadline for linking the 12-digit unique identity number with various insurance policies.
A day after SBI hiked deposit rates across maturities, the largest lender of India also raised MCLR by up to 25 basis points. MCLR is now at 8.15 percent which was earlier at 7.95 percent. This signals a possible increase in the EMIs of all types of loans – starting from personal loans to home, auto and other loans. ICICI Bank and Punjab National Bank (PNB) also hiked their MCLR by 15 bps. PNB home loans will now be at 8.6% and for women it will be 8.55%.