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Overview

Xpress Loans

Xpress Personal Loans as the name suggests, are designed to ensure that the customer gets express disbursal of the loan into his/her bank account within few hours of applying for the loan. These are small ticket size loans ranging from Rs.5,000 to Rs.2 Lacs

Institutes providing Xpress loans

India Infoline , Paysense , Qbera, Earlysalary

Purpose :

Customer can take this loan for any personal use. Such Loans helps customer to tide over any personal emergency or urgent cash requirement without having to wait for the next salary / borrow from friends or relatives etc.

Loan tenure :

Few days to 36 Months.

Eligibility :

Applicant must be a Salaried Individual

  • Minimum monthly income should be between Rs.15,000 – Rs.20,000
  • Applicant must have at least 6 months of Work experience.

Rate of Interest :

Typically between 13.50 % to 24.00 % p.a.

Documents :

  • FAadhar Number to do eKYC
  • ID Proof ( Not required if eKYC is done).
  • Address Proof ( Not required if eKYC is done).
  • Latest Salary slip for past 3 months
  • Latest Bank statement for 3 months of Salary account
  • Rent agreement ( If applicable)

Eligibility :

Take a glance at our Loan Eligibility Calculator for further actions.

  • Individuals or Group of Individuals or Members of Cooperative Society
  • Employed: 3 years confirmed service
  • Self employed: 3 years in the business
  • Not a defaulter and should not enjoy any other credit facility of same nature
  • Should own the house in his name or spouse
  • Applicant not more than 60 years

Amount :

  • Many banks: Up to Rs.50 lacs for resident individuals
  • HNI(High net worth Individuals) : Rs.2 crores
  • Loan is fixed based on age and repayment capability of applicants

Security :

    1st Mortgage of property financed. The land or property should be in the name of applicant or jointly with the spouse. The spouse can be the co-obligant. The property should have clear and marketable title of the property.

Disbursement :

Home loan interest rates vary on the basis of the loan amount, the credit history/score of the applicant as well as previous relationship of the borrower with the lender. Additionally, home loans are linked to the base rate prescribed by RBI, however, banks provide home loan online at a certain percentage above the base rate. Currently home loan interest rates start from 9.5% onwards.

  • In case of construction of house, it is based on stages of progress.
  • In case of flat, disbursement is on progress of construction.
  • In case of completed flat, the disbursement is done in one go.

Moratorium :

Home loan interest rates vary on the basis of the loan amount, the credit history/score of the applicant as well as previous relationship of the borrower with the lender. Additionally, home loans are linked to the base rate prescribed by RBI, however, banks provide home loan online at a certain percentage above the base rate. Currently home loan interest rates start from 9.5% onwards.

  • For construction of house: up to 18 months of Moratorium.
  • Purchase of house or flat: 3 months of moratorium.

Prepayment Issues :

Many of the bank and NBFC are not charging this. If you have money pay it back to reduce the principal amt.

Moratorium :

  • Normally: 15-20 years
  • Some banks :25 years
  • In case of fixed rate of Interest: 10 years.

ROI (Rate of Interest) :

  • Depends on loan and repayment period.
  • Depends on fixed or floating ROI
  • Depends on fixed or floating ROI
  • Mostly the ROI bank is from 8 to 11 at the present scenario.

Processing fee :

0.25% and some banks waive it.

Other products :

Banks and NBFCs have different other products for HNI and NRI. Loans are also given for home Improvements, furnishing Homes as add on loans in different brand names.

If you have any queries write us at info@myfundbucket.com

FAQ's

Q. What is an Express Loan?

Ans. Xpress Personal Loans as the name suggests, are designed to ensure that the customer gets express disbursal of the loan into his/her bank account within few hours of applying for the loan.

Q. Will I get the loan immediately after applying?

Ans. Some Financial Institutes promise Express loan disbursement in few hours of the application while some commit disbursement in a day or two. But there are certain terms and conditions which need to be fulfilled by the customer for the actual loan to be disbursed in the promised time line.

Q. How much loan amount can I apply for in an Express Loan?

Ans. Depending on the customers eligibility, a customer can apply for a loan ranging from Rs.5,000 to Rs.2 Lacs in an Express Loan.

Q. Can I use this loan amount for any use?

Ans. Barring any illegal use, this loan amount can be used for any personal use.

Q. Am I eligible for an Express Loan?

Ans.

i. Applicant must be a Salaried individual

ii. Minimum monthly income should be between Rs.15,000 – Rs.20,000

iii. Applicant must have at least 6 months of Work experience.

Q. What is the loan tenure?

Ans. Loan tenure can be from a few days and can go upto 36 Months.

Q. What is the Rate of interest?

Ans. Typically between 13.50 % to 24.00 % p.a.

Q. What documents do I need to provide?

Ans.Documents to be provided are:

i. Aadhar Number to do eKYC

ii. ID Proof ( Not required if eKYC is done)

iii. Address Proof ( Not required if eKYC is done)

iv. Latest Salary slip for past 3 months

v. Latest Bank statement for 3 months of Salary account

vi. Rent agreement ( If applicable)

Q. How will my EMI’s be deducted?

Ans. Monthly EMI’s will be deducted from the customer’s Salary account.

User Reviews

Trishna Mukherjee, Assam

Quick Loan Provider

I am very thankful to myfundbucket.com for processing my loan quickly with fewer documents. Honestly saying I didn’t expected so quick, they completed my loan process in one day. Myfundbucket.com website is very easy to understand and user friendly. Once again thank you MyFundBucket!

Pratik Vyas, Rajasthan

Super Fast

I applied for xpress loan on myfundbucket.com and it was approved in a day. The process from applying loan till the time I got money was very quick, I like their service. Their agent Nagma did a follow up call and was helpful throughout the process. I can say if anyone is urgent need of loan then MyFundBucket is the best place to get quick loan.

Somesh Gupta, Indore

Helping Hands

Their agents are humble, helpful and informative. Agent called me and taken my information, being on the call he entered my information in myfundbucket.com website which shown good loans with best interest rate. I am thankful to MyFundBucket and team for providing me quick loan when I was in urgent need.

Apurva Rao, Tamil Nadu

Amazing website

was in an urgent need of money, I tried many banks and online website but their process was very lengthy and rate of interest which they were offering was very high. My friend suggested me myfundbucket.com, this was the first time I use this website. I found very good loan offers with low interest rate on top of that I got my loan amount very quickly.

Sanjay Tawde, Nashik

Fast process

Through myfundbucket.com I have taken Xpress loans of 2 lacks, it was overall good experience. Their agent was good and responded quickly. The entire loan process was very smooth and the loan amount was approved in a day. I found the rate of interest is low as compare to other websites.