Easy Approval Personal Loan

An easy approval personal loan is a loan product that gives you instant approval. Qbera offers easy approval personal loans in India for salaried individuals with a minimum net monthly income of Rs. 18,000 and a minimum credit score of 600. 

The use of credit to fund small term purchases of high-end good and services has gained momentum. Earlier such purchases would be done from saving, nowadays, an easy approval personal loan is preferred. In the fast and hi-tech world of today, the concept of waiting is not appreciated. Everything is done at supersonic speed and loans are no different. While traditionally, loan processing would take months, it now takes weeks or if you choose Fintechs a matter of hours. The digital online loan processing platforms take pride in conducting the entire process online with minimal or no documentation. The required documents are shared and uploaded online, the verifications are done using eKYC and credit profiling is available online.

Easy Approval Personal Loans in India - Difference between Qbera and traditional banks:

Features of the Easy approval Personal loan from Qbera

• Digital Verification: the use and promotion of Aadhar card and eKYC documents have speeded the verification process substantially.

• Loan for low credit scores: While banks heavily rely on credit scores, Fintechs also bases their lending decision on the advanced risk calculations algorithms. These algorithms consider social and economic leaning of an individual while making the lending decision.

• Loan for low-income levels: Low-income groups are not preferred by banks. With good interest rates and long repayment tenure, this group can get the loan required from fintech companies who do not view low income as a deterrent.

• Loans for employees of unlisted companies: persons working with companies that are not listed with any particular bank faces difficulty in loan procurement. Qbera has a vast database and also considers applications from employees of unlisted companies.

• Loans for individuals living in shared accommodations: Those living in shared accommodations are not considered stable and so are not preferred for easy approval personal loans. This group is considered for a loan by Qbera.

Points to consider before applying for an easy personal loan:

1.    Do you really require the loan? do a thorough study about your requirement before applying for a loan. Apply for an amount that is justly required and does not take extra amount simply because you can.

2.    Check the eligibility criteria as these differ from institution to institution and forms the first check for loan acceptance or rejection.

3.    Check your CIBIL score: Higher the score, better are your chances of getting the loan and also at an enviable interest rate. Those with a marginally lower score can also get an easy approval personal loan from Qbera.

4.    Check the interest-rate offered: Lower the interest rate, lesser the total payout at the end of the loan term. So, take care to negotiate a better interest rate.