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For a city as buoyant as Mumbai, the instrument of instant credit is quite a necessity. With a population of almost 1.85 crores, which is of course growing further, credit access becomes important for a large segment of consumers to improve their purchasing power and subsequently fuel the citys growing economy. Lets look at how private loans in Mumbai work, and how an increased number of people are gaining access to instant credit provided by Fintech companies like Qbera.
Mumbais access to finance and credit
A recent statistic by NABARD the National Bank for Agricultural and Rural Development noted that Mumbai has the highest access to bank loans, more than any other city in India; quite expected, citing Mumbais privileged status of being the countrys financial capital. In the recent past too, several banks have increased their operations, opening a large quantum of branches across the city.
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Quite expectedly, a statistic such as this vividly illustrates the necessity as well as the scope for instant personal loans. As a matter of fact, this form of credit has helped a larger section of the average consumer to improve his purchasing power and subsequently, his standard of life.
Personal loans are the most popular forms of unsecured credit amongst working class professionals (mostly the salaried class). They come in handy if consumers require access to credit for a variety of purposes including travel, education, marriage, an emergency, so and so forth.
Going by volume terms, the average monthly search volume for personal loans in Mumbai, stood at 21,090. The number certainly looks to increase with the advent of instant credit in the financial market.
Lets go ahead and explore the world of Private Loans in Mumbai. Note that certain characteristics pointed out below also reflect why this form of credit is so popular in the market today.
The completely hassle-free process of applying for an instant loan
Applying for instant loans, particularly from Fintechs, is as easy as ordering food online. Lenders these days allow consumers to complete the entire application process from start to end online. This includes the paperwork too, which can be uploaded online - the verification of which is done digitally. A process like this saves a tremendous amount of time and blends in perfectly for a city as fast-paced as Mumbai.
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Low Credit Scores arent a big deal
Fintech companies like Qbera offer personal loans to individuals with credit scores as less as 625. This enables a larger section of the consumer class to get access to credit facilities, thereby enabling them to improve their purchasing power.
Turnaround times of a little over 24 hours
The awesome part about private personal loans in Mumbai is that you can complete the application process in under 5 minutes, and if your credit outlook is impressive, you can receive the loan amount on the very same day. While traditional lenders like banks usually take about 7 to 10 working days to process and disburse loans, companies like Qbera take just about 24-48 hours to disburse the amounts. This feature is of course, a key attribute associated with new-generation lenders such as Fintech companies.
Easy Repayment schedules and affordable interest rates
As a matter of fact, borrowing isnt going to make too deep of an impact, as interest rates on personal loans are quite affordable. If youre coming from an old-school mindset that has its reservations against borrowing, youd realize that with the enhanced convenience and current interest regime, instant loans arent that unaffordable at all!
Looking for a Personal Loan in Mumbai? Qbera has got one for you!
1st Floor, Wolfpack Workspaces, #39, 8th Main Road, Vasanth Nagar.
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