How Instant Loans are easily available today thanks to Fintech lenders

By: Issuewire

Bengaluru, Jan 17, 2019 (Issuewire.com) - Fintech lenders have made an incredible impact in the Indian financial sector. The ease of use combined with a top-notch digital experience is prompting the new-age hi-tech youngsters to prefer Fintech products over traditional ones. A simple and personalized digital experience is much in demand and Fintechs like Qbera offer this along with a host of other features. Instant loans with minimal paperwork and quick disbursals are possible only with Fintech lenders and they sure have revolutionized the lending arena.

Fintechs have defined the new-age lending trend with many players and an equally high number of innovative and hi-tech advertisements. Lets us first get to know who are the Fintech lenders who offer online instant loans to salaried individuals.

The word Fintech is an amalgamation of finance and technology. These companies use the latest in technology to improve and automate the use of different financial services. Fintech companies use specified software and complex risk-assessing algorithms to arrive at a lending decision. They do not just help companies and business owners but also the common man to access credit easily and promptly. Instant cash loans have thus become a reality with the loan amount being disbursed in a day or two.

There is an increased demand for credit in India and the limited options that banks and NBFCs put forth gave an opportunity for Fintechs like Qbera to step in. Typically, for any kind of financial shortfall, Banks were the most preferred solution. The procedural demands for accessing loans with a bank is a herculean task in itself. There are strict criteria and loads of paperwork associated.

Getting an Instant Loan in India

Youngsters in particular who have just joined the workforce and earning a basic salary could never qualify for a secured or an unsecured loan. This is the target group for Fintechs who consider applicants in the age group of 23-55 years and with a net take-home salary of Rs. 18000 per month. Banks do not usually consider these young professionals with immature credit scores. Deviating from the traditional credit assessing system that places significant importance on credit ratings, Fintechs have developed alternative risk-assessment tools. In the absence of data, alternative data and other worthy sources are considered. The introduction of Aadhar a biometric identification only helped strengthen and simplify the process of verification for instant cash loans in India

There are many who are denied an instant cash loan by banks simply because they are employed with uncategorized companies. They might be having a handsome salary and a good credit score, but their employers categorization might stand in the way. This ceases to be a concern with Fintech companies and all salaried individuals employed in both the public and private sectors can access personal loans if they meet the basic eligibility criteria laid down.

Basic Eligibility for Instant Cash Loans

The basic eligibility criteria are extremely simple. Any salaried individual with a monthly take-home salary of Rs 18 000 can apply for a personal loan. They should ideally be in the 23-55 year age group and possess a good credit score. A marginally lower score is also considered. Qbera accepts applicants with CIBIL score of 600 too. They should not have any payment defaults and should be reasonably stable in their job profiles. You can submit an online application if you meet these conditions and upload supporting documents. After successful verification, the loan amount will be disbursed to the individuals registered bank account within a day or two.

Media Contact

Qbera

anirudha@qbera.com

8971928484

1st Floor, Wolfpack Workspaces, #39, 8th Main Road, Vasanth Nagar.

https://www.qbera.com

Source :Qbera

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