An instant cash loan is a personal loan that is unsecured, meaning that no collateral is required to be pledged with the lender offering the loan. These type of loans are mostly offered by Fintech lenders and P2P lenders, and not offered by private or state run banks. Private Banks and traditional lending institutions offer personal loans, but their product isn’t instant as such. The turnaround time for loans offered by private banks is about 7-8 business days. Fintech lenders and P2P lending platforms, however, offer the “instant loan” product, enabling consumers to get their amounts within 24 hours.
Why an Instant Cash Loan is a better option than a Personal Loan
While it is true that instant cash loans are themselves a category in personal loans, these type of credit instruments have become increasingly popular in the present day. The reasons for this are many – from super-quick processing and disbursals to an easy and convenient application process, these credit products have literally gone on to dislodge the influence of banks and traditional lending institutions. As a matter of fact, instant personal loans have become
Let’s look at some popular features associated with instant cash loans in India and why they’ve become so popular in the present day.
These loans are disbursed within 24 hours: Lenders like Qbera that have incorporated high-end technology to simplify the loan process and make it quicker and more efficient. Qbera uses its proprietary risk-based algorithm to determine the eligibility of applicants – the algorithm is advanced, and assesses profiles within seconds to conclude if an applicant can be eligible for a loan or not.
Applicants are evaluated across a bunch of parameters – the credit score and repayment histories aren’t the only parameters that are evaluated; an individual’s social standing, employment history and stability, age and income are also used to determine eligibility.
Once an applicant receives his approval for the instant cash loan, his documents are digitally verified, an executive will visit and collect a set of documents (note that the documentation is minimal), after which the final loan offer is received and the amount is credited to the individual’s bank account within 24 hours!
Salary slips and bank statements for instant cash loans in India from Qbera can be submitted online, and don’t require any collateral to be submitted. Bank statements can be submitted online by logging into a secure online portal with your internet banking credentials. Note that no hard copies of salary/income documents and bank statements need to be submitted.
Documents required for Instant Cash Loans in India
Following are the documents that are required for instant loans from Qbera:
- Salary Documents – Payslips for the last 3 months.
- Bank statements for the last 3 months – for instant personal loans, they can be submitted online.
- Aadhaar Card and PAN Card (copies of these have to be submitted to the field executive)
- Salary Cheque Leaves (Cheque leaves linked to your salary account)
- Photographs (Passport-sized – 2 nos.)
Eligibility for Instant Cash Loans from Qbera
You should be at least 23 years old and not older than 55 years of age.
You should have a minimum net monthly income of Rs. 18,000 and a minimum credit score of 600.