Forget about banks, P2P loans can also give instant cash loans; Here is the eligibility checklist for peer to peer lending applications.

Most fintech lenders and P2P lending platforms allow you to upload your documents, either through their mobile app or website.

Instant cash loans are unsecured loans with flexible repayment terms. They work like personal loans, with the only difference perhaps being the “instant” parameter associated with them.

There are several lenders in the market offering instant cash loans to employees and self-employed people, and each of them has various eligibility criteria that must be met. In this article, we take a look at some parameters that influence your eligibility for instant cash loan India.

Here’s your very own instant cash loan eligibility checklist.

Age: Most lenders require individuals to be at least 23 years old to qualify. The maximum age allowed by lenders is generally 55 years.

Returned: Lenders require that you meet a minimum income test to qualify for an instant cash loan. With a good number of fintech lenders entering the unsecured lending space, the minimum income requirement has dropped significantly over the past year. As a potential loan seeker, you can qualify for an instant cash loan with an income of at least Rs 15,000 per month.

Professional experience: The number of years that you have been employed is also an important influencing factor. Private and public banks that offer personal loans generally require individuals to have at least 2 years of work experience to be eligible. Fintech lenders, on the other hand, have embraced high-end technology, assessing applicants on a wide range of parameters and determining their overall repayment capacity through a broader prism of criteria. As such, Fintechs do not strictly require that individuals have a pre-determined eligibility criteria when it comes to their work experience. If you decide to apply for an Instant Cash Loan from a Fintech Lender, you can become eligible even with only 6 months of work experience.

Document Checklist: As with every loan process, you will need to submit a set of documents to the lender in order to begin processing your loan application. Let’s look at the list of required documents:

# PAN card

# Aadhaar card

# Salary slips / payslips for the last 3 months

# Bank statements for the last 3 months

# Check the holidays in your salary account

# Photographs

Most fintech lenders and P2P lending platforms allow you to upload your documents, either through their mobile app or website. Bank statements can be downloaded through a secure web channel by logging in with your internet banking credentials.

Credit score: Credit score is an extremely important eligibility metric that lenders look at. While most major banks have a minimum credit score requirement of 700 to 750, Fintech and P2P lenders have a more flexible test on this front. You can qualify for an instant cash loan from a fintech lender even with a credit score of 600.

Refund history: Your repayment history is as important as your credit score, if not more. In fact, 35% of your credit score is influenced by your repayment history, a metric that takes into account every repayment made on existing credit instruments that you have used. Private banks, especially the more popular ones, are rigid in their valuation, while fintech lenders are fairly lenient in determining an individual’s eligibility based on their repayment history. Defects are not taken into account at all costs, while some cases of late payment are allowed if other parameters are respected.

(By Aditya Kumar, Founder and CEO of

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