How FINCOVER® (Loan Aggregator in India) is redefining the personal loan distribution for IT EMPLOYEES

CHENNAI, India, Sept. 4, 2024 /PRNewswire/ -- 

The FINCOVER® advantage for IT employees looking for Personal Loan

Here is a General overview

According to a Statista report, there are at least 5.9 million IT employees in India, which is expected to reach 6.5 million by this year. IT professionals often have specific financial needs that a personal loan can address.

"FINCOVER® has made the entire loan process incredibly smooth and efficient," says Ram Sundar, an IT professional from Coimbatore. "I was looking for a personal loan to extend my existing home. I discovered FINCOVER® during a random search for personal loans in Tamil Nadu. Since landing on their site, there has never been any looking back. They saved me from rejection and suggested the right loan option for me. I was surprised when the fund hit my account the third day I contacted them. The entire process was hassle-free and very professional. I thank the customer service team who backed me through the process."

Similarly, Soumya Ramesh, a Financial Analyst from Chennai, highlights the efficiency of FINCOVER®'s services: "I was looking for a loan when an acquaintance suggested FINCOVER®, saying that he secured a loan from DBS through FINCOVER®. I contacted them on their website and registered with them. The AI-driven recommendations were spot on, and the process was transparent and efficient. While interacting with them through this loan process, I also learned about their wealth management wing. I hope to invest in them in the future. I highly recommend FINCOVER® to anyone looking for a personal loan in Chennai."

FINCOVER®, an online loan aggregator, understands the extensive financial needs of IT and MNC employees, who often require higher personal loan amounts to meet their goals, whether it's a home renovation, down payment of a dream, or a dream vacation, or funding their child's education in an international school. With its extensive network of banks and NBFCs, FINCOVER® can connect IT and MNC employees with them to secure personal loans that match their income levels and credit profiles. Regarding personal loans for IT employees, FINCOVER® is rapidly emerging as the top choice for them in tailoring various options for this segment.

Here's a general overview of personal loan interest rates typically offered to IT employees in India:

Key Points:

• Rates: The interest rates generally range from 10.50% to 24.00%, depending on the bank or NBFC and the applicant's credit profile.
• Special Offers: Many banks offer preferential rates or faster processing for IT employees, especially if they hold salary accounts with the bank.
• Negotiation: IT professionals can often negotiate better terms due to stable income and employment status.

These rates are indicative and can vary based on their specific circumstances, credit score, and the bank's terms.

Documents Required and Eligibility Criteria

The documentation for IT employees is relatively simple and can be done in a few minutes.

Eligibility Criteria:

• Age: 21 to 60 years.
• Employment: Full-time employment with a reputed IT company.
• Income: Minimum monthly income typically ranges from ₹25,000 to ₹40,000, depending on the lender.
• Credit Score: A credit score of 700 and above is preferred.

Required Documents:

• Identity Proof: PAN Card, Aadhaar Card, Passport, or Voter ID.
• Address Proof: Utility bills, rental agreement, or passport.
• Income Proof: The last three months' salary slips and the previous six months' bank statements showing salary credits.
• Employment Proof: Employment ID card and an offer letter or appointment letter from the current employer.
• Photographs: Passport-sized photographs, typically 2-3 copies.

Special Offers for IT employees

Lower Interest Rates: Some banks offer reduced interest rates exclusively for IT employees, making the cost of loan more affordable.

Higher Loan Amounts: IT employees are often eligible for higher loan amounts compared to employees from other sectors Flexible.

Tenures: Banks offer flexible repayment tenures depending on the credit repayment record and credit score of the IT employee.

About FINCOVER®

FINCOVER® is a fintech startup based in Chennai existing from 2020. It is a one-stop platform for all things related to finance leveraging the power of technology.

Their mission is to provide every customer with an affordable and seamless digital premium financing experience and ensure they become financially empowered.

FINCOVER® provides a platform that enables the user to search and locate the best financial products suited to their needs and wants. They have partnered with India's leading insurers (23 insurance), 50+ banks and NBFCs, and 35+ mutual fund companies to distribute their products. Within a year from inception, they have disbursed more than Rs. 150 crore secured and unsecured loan amounts from various banks and NBFCs in the last financial year and over 10000+ insurance policies.

The company is targeting a 5X growth in the upcoming year and aims to cross Rs. 500 crore in annualized disbursal run rate. Point of Sales persons (PoSP) can use their App or Web portal to assist customers in their financial needs. For more information, visit https://www.fincover.com/.