Fintech means financial technology and its existence has gained much popularity in recent years. It enhanced the entire process of applying for a personal loan and made it quick and hassle-free for the people. The best part about FinTech is that they are not only restricted to work for only bank personal loan, even if you are employed in a start-up that is not listed in the database of the big banks, it will approve your application for NBFCs also on being satisfied with your credit profile. Checklist for getting a personal loan from Fintech Companies
Age: The borrower’s age should be between 21 years to 55 years to apply for a loan. Income Requirement: As per Fintech lenders, the borrower should earn at least 15000 per month. Employment: The borrower should be employed for a minimum of 2 years to get an online personal loan approval. In other words, the job stability of a borrower should be good. Documents required: As compared to the traditional mode of applying for a bank personal loan, documents required by Fintech company for applying for a loan are less; it includes PAN Card, Aadhar Card, Bank Statement and photograph. All need to be uploaded online. Credit Score: Fintech lenders only gives personal loan approval if the credit score of a borrower is 700 and above. Repayment History: Fintech lenders also check the creditworthiness of the borrower that how well it is managing the finances. It is done by checking the repayment history of the borrower if any, good is the repayment history, easier is to get the loan. Factors that make Fintech’s working the best! Instant Approval: By using risk- assessment algorithms, FinTech companies evaluate the credit profile of the applicant by going through with the credit report of the applicant. It results in giving a quick approval or rejection of the loan applications. Once the loan is approved, disbursal will take place in a matter of minutes. The online personal loan processing is quick of the FinTech’s. Online Verification Fintech made its loan application process digital so the verification process also. It not restricted to only online loan applying, but it moves further with the uploading of the scanned documents to get an online verification done. It saves both the time and effort of the lender and the borrower. Quick verification means quick disbursal. Flexible Tenure and loan amount: FinTech companies give you even short-term loans starting from Rs 20,000. The minimum tenure for short term loans is 12 months and the maximum tenure is usually set as 60 months. FinTech companies give many other options apart from bank personal loan. There are many NBFC’s also that are dealing with personal loans. Fin Techs connect well the borrowers with them by sharing the credit profile. It is one of the main features of FinTech companies which attracts borrowers. FinTech’s have made a strong reputation in the banking industry. If you are looking for an instant personal loan, it would be the best place.
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