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:
|
Qbera
|
Traditional Banks
|
|
CIBIL score of 600
|
Minimum CIBIL score of 750
|
|
Minimum net monthly income of Rs. 18,000
|
Minimum net salary of Rs 30, 000 and more
|
|
No defaults in the last 12 months
|
No defaults in last 12 months
|
|
Late payments a few times are allowed
|
Late payments attract heavy penalty
|
|
Paperless loans
|
Paperwork involved
|
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.
View a complete list of our FAQs at our
help center
Interest Rate & Other Charges
Interest Rate
|
11.99% to 35.99%
|
Processing Fee
|
1% to 5% of total loan amount
|
Loan Amount
|
₹1,00,000 to ₹15,00,000
|
Loan Tenure
|
12 to 60 months
|
Step 1: Online Application Form
Get approved instantly
Fill out our online application form by answering a few questions about yourself, your employment, your education, expenses and needs. This process would take no longer than 10 minutes.
Step 2: Connect bank account
Submit your bank statements
Connect securely to your bank via netbanking and submit bank statements as part of the easy loan application form. Alternatively, you can upload bank generated pdf bank statements.
Step 3: Loan term
Choose your Loan Term
Using our proprietary Credit Scoring Algorithm we determine your loan eligibility in real-time. Our algorithm uses the information about you, to determine your future potential and help you get the best rate instantly.
Example: A
loan offer of
₹2 lac, for a
tenure of
3 years at an
interest Rate of
16.6% (on a reducing principal) and a
processing fee of
2.5%.
Translates to:
- Processing Fee deduction of ₹5000 (2.5% of 2 Lacs) from loan amount, thus, the amount credited to your account will be ₹1.95 Lacs
- EMI of ₹7091 per month
- Total payable amount in 3 years = 36 times ₹7091 = ₹2,55,276
- Total Interest paid in 3 years = ₹55,276, hence, annual interest paid = ₹18,425 (which translates to an effective flat annual rate of interest of 9.21%)
About Qbera
Partner with Qbera
Press
Reviews
Call Back Request
