Credit penetration has always been an important indication of a country’s economic progress.

Most developed countries boast of a credit market that is evolved, allowing citizens to get swift and easy access to credit to purchase a variety of goods, commodities and services. As a matter of fact, an increased credit penetration assists growth prospects through increased demand for services and goods, thereby correspondingly increasing supply and contributing to economic growth.

The Indian credit market has grown significantly over the last few years, with lenders offering customized private loans to salaried and self-employed individuals in India. There are several lenders in the “private finance loan” space, each offering their own product at an affordable rate of interest.

Among the many lenders that include banks and financial institutions, “Fintechs” are one (and now the most popular of course!). These Fintechs have scripted their own success story, and have gone one to seize a major chunk of the credit market in India.

How Private Finance Loans from Fintechs are enabling greater credit penetration

The idea of Fintechs and their role in the credit space

Fintechs, short for financial technology companies, offer unsecured credit to salaried (and self-employed – in some cases) individuals in India. Earlier, people used to prefer banks for their credit needs as banks were perhaps the only players in a market that didn’t have the taste of too much competition.

As time progressed, ideas evolved and companies offering easy and affordable borrowing options to individuals, emerged.

A personal loan from a bank took over 7 days to reach a beneficiary’s bank account even until a couple of years ago. Personal loans don’t take that long to reach a beneficiary account anymore. Yes, applying for credit from a bank will still take you 7 days or more to receive the amount; but it won’t take more than just 2 days if you apply for the same personal loan (same amount) from a Fintech company.

Most Fintechs offer credit in less than 48 hours and have seamless user interfaces to enable convenience and ease in applying for unsecured credit.

This characteristic of lightning quick disbursals among others that include easy eligibility and affordable interest rates have made Fintechs the primary choice for credit in a budding Indian credit market.    

Among the many Fintechs that are popular in many of India’s top cities, Qbera is one of them. Qbera offers personalized private personal loans to salaried individuals at low interest rates. The best part about Qbera’s instant unsecured credit is that you can get a finance loan in as many as 10 Indian cities.

Choosing Qbera for private finance loans – How does Qbera stand out?

We’ve already mentioned earlier about the presence of multiple lenders active in the market – the competition is of course, strict and merciless. But when you want to borrow India, choosing Qbera for your credit needs may be the best choice yet! Here is what makes Qbera stand out amongst private lenders in the “private finance loan” space:

Qbera offers credit for low income individuals

Lending institutions have their own eligibility parameters that need to be met in terms of income, credit score, etc. As far as the income is concerned, most lending institutions lenders only offer finance options to individuals drawing a net monthly income of at least Rs. 30,000 per month. Qbera on the other hand offers private finance loans to individuals with a net monthly income of just Rs. 20,000 per month.

Instant credit to individuals with low credit scores

You don’t necessarily need to have a high credit score to apply for personal finance from Qbera. Salaried individuals with a minimum credit score of 600 (out of 900) can apply for an online finance from Qbera.

Finance options for salaried individuals residing in shared accommodations

A big factor that influences your application approval is the type of residence you live in. Banks will only offer credit to individuals who live in rented accommodations and self-owned residence types. Qbera, however, offers instant online loans to salaried individuals living in shared accommodations too.

Flexible tenures and a wide range of amounts

Choosing Qbera as your lender would mean that you can choose tenures ranging from 6 months to 60 months, and choose from amounts ranging from Rs. 25,000 to Rs. 25 Lakhs.

So if you are looking for smart private personal loan choices in any of India’s top cities, Qbera is by far your most fitting choice!

Article posted in Credit Cards and Debt, Debt


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