Instant personal loans are accessible financial products that are changing the way the millennial generation understands and applies for loans. As an unsecured loan, quick loans do not require you to put up your house, car, or any other asset as collateral. This significantly reduces the amount of documentation you need to get the loan.
There are many offline and online lenders offering instant personal loans now. In India, the options are endless – ranging from traditional banks to non-banking financial institutions to loan apps. Choosing between several lenders can be a difficult process. The eligibility requirements of each organization might help you make a decision.
So, what do you need to be eligible to apply for a personal loan online? Read on to find out!
Monthly Salary
Most lenders require you to be a salaried employee of a registered company and have a minimum monthly salary. This assures them that you are financially capable of completing your monthly payments. If you are applying for an instant small loan through the CASHe app, your net monthly salary needs to be at least Rs. 15,000.
CASHe offers loans ranging from Rs. 1,000 to Rs. 4 lakhs. Your monthly salary helps decide the maximum amount you can borrow from CASHe. The more your monthly salary, the higher your loan amount eligibility.
Documentation
Different organizations will need different documents from you. Sharing necessary and accurate documentation on time helps quicken the loan approval process. As CASHe is one of the few loan apps in India that has a completely online application process. Our platform requires you to upload digitized documents only through the app. For the loan process to go through smoothly, your documents need to be genuine and legible.
Check out the documents and information required to apply for a CASHe here.
Credit Score and Repayment History
A credit score is a metric that determines your ability to repay the bill on time. It checks your repayment and credit history and evaluates how consistent you have been with your previous payments. Credit scores from 580 to 669 are considered to be fair. Good scores range from 670 to 799. If you have a credit score that is upwards of 800 then you fall in the excellent category. The better your credit score, the more likely you are to get a personal loan.
Thus, you must maintain a good repayment history on any loan you take from the CASHe personal loan app or any other financial institution. Failing to pay on time or defaulting on a loan, that is, not paying off the loan reflects negatively on your credit score and makes it harder for you to get approved for a loan. However, life can be unpredictable. So, CASHe offers a 7 day grace period at the end of the month where you can submit your monthly payment and not get charged any late fees.
As an instant loan app, CASHe offers small loans to a diverse range of clients. We aim to bring financial products to the masses. We understand that someone just starting their loan journey might not have a credit history or a good credit score. Thus, we have developed a proprietary Artificial Intelligence algorithm called the Social Loan Quotient (SLQ). SLQ uses Big Data Analytics and AI to assess your information and digital footprint to determine your creditworthiness. Since SLQ goes beyond traditional credit scoring systems, even individuals without prior financial history can succeed in getting an instant personal loan.
Other CASHe Requirements
To apply for a personal loan through the CASHe app, you need to be a resident of India as well as between 23 years to 58 years old. Since our unique Social Loan Quotient (SLQ) algorithm uses social media to get a holistic understanding of your creditworthiness, we also require you to have a social media account. Currently, we accept applicants that have either a Facebook, Google+, or LinkedIn account.
Get started on your instant personal loan journey and download the CASHe app today!
