Urgent Loan Required?

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-

• Aadhaar Card
• PAN Card
• Proof of address
• Salary and income documents
• Photographs

 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-

• You must be a salaried individual and must submit proof of employment and salary
• 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

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.