Insta Loan by Finance Buddha is an online personal loan facility in more than 180 cities across India. Through Insta loan one can apply for a personal loan online using the internet on their mobile phones and laptops. From filling the form to applying, and from processing the loan application to the loan disbursal everything is 100% online and digital.
The loan application processing is done by software and algorithms which saves the time making Insta loan processing way faster than the conventional loans.
As soon as the loan is processed, it is approved in just an hour and the money is disbursed in the borrower’s bank account in just 2 Hours.
However, the processing is fast and the loan is available widely, there are some eligibility criteria fixed by the lending institution to ensure secure and risk-free lending in terms of repayment.
The one who is eligible for it can avail of an instant loan online ranging from ₹50,000 to ₹50 Lakhs without any physical documentation.
Let us discuss the eligibility criteria which one requires to fulfill in terms to get qualified for an Insta Loan.
Eligibility Criteria for Insta Loan
The eligibility criteria to qualify for an Insta loan depends on several factors, which directly or indirectly decides your repayment capacity and your creditworthiness. So here are those factors-
Your income is one of the most important factors on which your Insta Loan eligibility depends.
Your repayment capacity is directly dependent on your income. So, the more you earn, the more is the possibility of timely repayments. To avail Finance Buddha Insta Loan you need to have a minimum income of ₹20,000 in case of salaried person and a minimum of ₹25,000 for a self-employed individual.
Age is just a number! This is a common saying, which you might have come across. But things are different and quite serious when it comes to lending and borrowing business. Your age is also among the one factors which decide your repayment capacity. A person who is in his early 30’s is more likely to be considered creditworthy as compared to that of one who is in his late 50’s.
In order to avail of a Finance Buddha Insta Loan, you need to be between 25- 60 years irrespective of being salaried or a self-employed individual.
Some of you might be wondering what this is? Well, your employment stability is your job security in other words. A person working in a reputed company or in a government sector is likely to be considered more creditworthy and eligible for a loan than compared to one working in a startup or a small organization.
To qualify for an Insta Loan you should have at least 2 years of full-time work experience in your current profession, and if you are a self-employed person then you should have a minimum of 5 years of earning turnover.
Credit Rating / CIBIL Score
Your CIBIL report is the one that reflects your financial history. Your previous borrowings, repayments made towards them and your credit card bill history everything is reported by your lender to the credit bureau and your CIBIL is the mirror of that. A credit score of +750 is considered good and more creditworthy than that of a CIBIL of 500.
The same is true for Insta loan and a CIBIL of +700 is required to get qualified for it.
Do you know- your employer also holds a lot of value when it comes to avail an Insta Loan. The employer with whom you are employed is the most ideal thing to know your repayment capacity and eligibility.
A person employed with a CAT A company will always be considered more eligible than one who is employed with a small organization. Being in a piece of rumoured and high turnover organizations is an advantage with regards to applying for the Loan.
How to get an Online personal loan/Insta loan
- Go to – https://financebuddha.com/insta-loan
- Check for interest rate and Eligibility
- Fill the online application form
- Submit the documents online
- Get e-approved for the insta loan
- Get assistance through our customer support team
- Get the loan amount disbursed
In online personal loans, you don’t have to visit the bank even for a single time. All you need to do is go to our website and with just a few clicks you can apply for this loan. The process is 100% online, with no physical documentation, available at the minimum interest rate in +180 cities across the country with the disbursal within 2 hours.