How to get a personal loan in less than 5 minutes

Today, month-end blues aren’t uncommon and a financial emergency or a big-ticket expense can wreak havoc on your bank account. In this case, taking a Fibe Personal Loan or a Loan Advance against your salary is a good solution. You can conveniently repay the loan when your paycheque comes in. 

With new-age borrowing options like Salary Advance apps or a Personal Loan from Fibe, borrowing is convenient and stress-free. These apps are quick in loan disbursal and easy to use, unlike the lengthy procedure and excessive formalities of a traditional personal loan. 

Read more to know how to get a personal loan with a low salary, how much time it takes to get a personal loan from Fibe and more. 

How Fibe works?

Personal loan formalities with Fibe are minimal, making the process easy and convenient. Fibe conducts customer assessment based on your particulars and your ‘Social Worth Score’. It does not require a guarantor or collateral. 

The process merely involves completing your particulars and uploading documents online. While the first loan disbursement may take up to a day, the Fibe loan disbursement time for future requirements is comparatively shorter. Check out the advantages of Fibe in depth here.

Application Process

To apply, simply log in and register via the Fibe app. Uploading basic documents like your identity proof, address and bank details for the last three months takes only a few minutes. 

The eligibility criteria require you to be an Indian national between the ages of 21 and 55 years, a graduate and a job holder for at least three months. You must also have a monthly income of over a certain level, in this case, ₹18,000 if living in metro cities and ₹15,000 if living in non-metro cities. 

Dynamic Borrowing Limits

One of the best parts about borrowing through the Fibe app is that it allows dynamic borrowing limits. Your borrowing limits show up on your dashboard after updating your particulars.

Having separate limits for urgent expenses like medical emergencies and separate limits for your shopping needs means one is not binding on another. So, you can easily pay that sudden hospital bill or any other immediate expense without compromising your desire for the latest iPhone.

Repayment

Fibe repayment charges are quite low, with no hidden charges. The amount gets deducted directly from your account when due, or you could also choose to prepay through the Fibe mobile app. 

With Fibe, you can choose a favourable repayment schedule as per your repayment capacity using our EMI calculator. The app also allows you to spread your EMI payments over a tenure ranging from 3 to 36 months. 

However, you must go through the terms and conditions to pay close attention to each clause, processing fees and other charges to choose the most cost-effective option. Also, unlike bank loans, there are no fines and prepayment charges on early repayment.

Unlimited Loans

Unlike banks, you can get unlimited loans throughout the year if you’re regular in repayments and have a good credit score. 

So, one month, you could be borrowing for actualising that Ladakh trip with your buddies and another, you could be borrowing for the short cash requirement to pay rent. As long as you repay on time, Fibe’s got your back no matter what your next need is.

Can you get funds for the long term?

Fibe offers loans for a tenure ranging from 3 months to 36 months. You can borrow multiple times depending on your needs without any hassles. This means if you close your account today, you can borrow more funds the very next day. As the tenure options are flexible, you can choose a convenient one that aligns well with your financial obligations.

Learn more about managing long-term loans here.

With Fibe, you can get an Instant Personal Loan of up to ₹5 lakhs in just a few minutes. Download the Fibe Personal Loan App to enjoy quick, easy and hassle-free access to funds.

FAQs on How to Get a Personal Loan in Less Than 5 Minutes

What is the disbursement period for a personal loan?

If you are wondering, “How much time it takes to disburse a personal loan,” the answer is that it varies depending on the lender you choose. Fibe takes only a few minutes to approve and disburse your loan.

How much amount can I get with a Fibe Personal Loan?

The maximum Fibe Personal Loan amount you can get is up to ₹5 lacs, provided you meet the eligibility criteria.

What is the maximum repayment tenure for a Fibe Instant Personal Loan?

The maximum repayment tenure for a Fibe Instant Personal Loan is 36 months.