Need a small loan to manage a month-end financial crunch? Instant small loans in India are the ideal solution if you find yourself in the midst of an emergency at the end of the calendar month and need access to urgent funds.
Until just about a year ago, there weren’t a good number of lenders offering small cash loans in India to salaried or self-employed individuals. In recent times, a good number of Fintech lenders and P2P lending platforms have made their arrival in the market, enabling low-income individuals as well as those with sub-prime credit scores to get access to instant small loans in India.
Essential Features and Benefits of Instant Small Loans in India
Small loans that are instant work differently from personal loans. Well, as such, they certainly are personal loans and are unsecured (meaning they don’t require any form of collateral to be pledged with the lender), but have much lower turnaround times and lower repayment tenures.
In case of personal loans that are offered by private banks and other lenders in the market including Fintech and P2P lenders, tenures usually range from 12 months to 60 months. As a customer, you can opt for a tenure of your choice, and choose to pre-close your loan in case you wish to do so. Pre-closures are mostly a phenomenon associated with personal loans and not instant small loans as such.
Here are some notable features that deserve mention
In most cases, the repayment tenures associated with instant small loans are under 12 months or equivalent to 12 months. These loans don’t usually attract longer tenures. If you wish to go in for a longer tenure, it is advisable to go in for an instant personal loan instead.
Instant small loans are available to persons with low income levels
If you are to qualify for credit from Qbera, you just need to have a minimum net monthly income of Rs. 18,000. Most other lenders that offer personal loans in the market require individuals to have a minimum net monthly income of Rs. 30,000 or above.
A low credit score doesn’t need to be a barrier
If you have a low credit score and fear being rejected by banks or other traditional lenders, well, there isn’t a thing to worry when you choose Fintechs for instant small loans in India. As such, Qbera does not essentially look at an individual’s credit score while approving or rejecting his/her loan application. Various other aspects such as your social standing, employment stability, area of residence, income and age are used to determine eligibility.
You can receive your loan amount within 24 hours
Well, an exciting feature associated with Fintechs offering small loans in India is that you can receive your loan amount within 24 hours if your application meets the internal credit criteria – this is if you apply with Qbera – note that Qbera has very lenient eligibility criteria, and offers credit to individuals without a credit history, those with sub-prime credit scores and with low income levels. Also, individuals residing in shared accommodations and those employed with uncategorized companies are also eligible for personal finance from Qbera.