If you didn’t know it already, you can now get a personal loan from an instant loan app that most lenders in the market have. An instant loan app for Android or Ios can be used to obtain instant loans from Fintech lenders or P2P lending platforms.
Using an instant loan app to get a personal loan can be a brilliant solution, considering the minimal amount of time required and lenient eligibility criteria.
Documents to be submitted on the Instant Loan App of popular lenders
Lenders will require your KYC documents, your income documents, and any document that verifies your address. All these documents can be uploaded online. If your credit score is excellent, pick-up of physical documents by an executive might not be necessary. Let’s look at the documents that need to be submitted:
- Aadhaar Card
- PAN Card
- Salary documents – Payslips for the last 3 months
- Bank statements for the last 3 months – can be uploaded online through your netbanking credentials. Note that the procedure is safe and secure, and only a copy of your bank statements for the last 3 months will be obtained.
- Photographs – Passport-sized photographs (5 nos)
- Cheque leaves linked to your salary account.
Eligibility criteria for personal finance from Instant Loan Apps
- In order to be eligible for instant credit from an instant loan app, the following eligibility criteria need to be met. These criteria are specific to Qbera. The documents required for instant credit from Qbera are similar to the list of documents mentioned above.
- You must be at least 23 years old, and not older than 55 years.
- You must be a salaried individual residing in any one of the following Indian cities: Bangalore, Chennai, Mumbai, Hyderabad, Pune, Delhi, Ahmedabad, Jaipur, Kolkata.
- Your monthly income (net monthly take-home salary) must be Rs. 18,000 (minimum).
- You should have a minimum credit score of 600 to qualify for loans from instant loan apps in India.
- There should be no incidents of defaults linked to your credit profile in the last 12 months.
- A few instances of reported late payments are allowed and won’t lead to rejection, but multiple instances of late payments can lead to rejection of your application.
Other eligibility aspects that are considered for Instant Loans Apps in India
While applying for a loan from an instant loan app, there are some other eligibility aspects that are considered. Let’s take a look:
Years of work experience: You will need to have at least 6 months of work experience if you are a first-time borrower, and submit your salary documents and bank statements for the last 3 months. If you have less than 3 months of employment experience, you will not be able to avail a loan from the instant loan app.
Monthly debt to income ratio: Another aspect that becomes important while availing instant personal loans is the monthly debt to income ratio. A ratio of over 50% reflects high risk, and most private banks might reject your application. Lenders like Qbera, however, consider applicants with a similar monthly debt to income ratio. A percentage of over 50% can serve as a cause for rejection.
Number of debt sources: If you have too many debt sources that are driving your monthly debt to income ratio over the 50% mark, your application is near certain to face rejection.