Private Loan in Bangalore
Private Loan in Bangalore
From being a retirement haven to the bustling IT hub, Bangalore sure has navigated a great leap in a limited amount of time. The city of Bangalore has grown exponentially and so have the needs and aspirations of its populace. With this growth, there has been an increase in the city’s population, demands and lifestyle. To finance this growth head on, banks and NBFC s have increased credit distribution to working-class professionals in Bangalore. But then, of course, there are so many criteria that need to be fulfilled, that a big chunk of this demand has no source to finance. This is where Fintech companies like Qbera have stepped in with private loans in Bangalore.
How can a new entrant into this city get finance for say an emergency hospitalization or for paying the deposit for a rented home? Private loans in Bangalore are like the perfect solution to such situations that require instant cash. Private loans in Bangalore offered by Fintech companies are also known as instant loans in Bangalore, mostly because of the incredibly low turnaround times that these credit products associate themselves with. These fast disbursal, online loans are quick, easy and hassle free. Qbera, for instance, will inform you about your loan eligibility and offer in 2 mins. The documentation and validations are all done online with minimum paperwork. After the completion of all checks, the amount is deposited directly into your bank account in 24-48 hours.
Also, such private loans are deposited directly to your account and without any kind of collateral pledged. So, it’s way easier to obtain and lesser of a headache. CIBIL score plays an important role in determining the loan eligibility and the interest rate that you are offered. Which means that, with private loan lenders in Bangalore, even if your CIBIL score is marginally less, you still can get a personal loan. The rate of interest, however, will differ. These Fintech companies also offer you the benefit of flexible repayment tenures, from 6 months to 60 months. Accordingly, you can choose a personal loan with an affordable rate of interest and tenure so that your monthly budget doesn’t go haywire.
The eligibility for a private loan in Bangalore are:
- You must be a salaried individual.
- You must have a min net salary of Rs.20 000/- per month.
- You must be above 23 years of age and less than 55 years
- Minimum CIBIL score of 575 and no defaults in the last 24 months
And the documents needed are:
- Aadhaar Card
- PAN Card
- Proof of address
- Salary and income documents
The advantages of such instant personal loans are many. They are quick and the paperwork is minimal, making them the first choice in case of immediate funding. The loan amount is directly disbursed to your bank account and there is no restriction on the usage. You can plan a vacation, renovate your home, and fund your education or your marriage- no questions asked! A longer repayment tenure ensures that you do not end up broke each month; your monthly budget is manageable.
Interest Rate & Other Charges
||11.99% to 35.99%
|| 1% to 5% of total loan amount
||₹1,00,000 to ₹15,00,000
||12 to 60 months
- 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%)
- Age: 21-57 years old
- Net Monthly Income must be more than Rs. 18,000.
- No defaults in the last 24 months.
Documents Required after Digital Approval
- Aadhaar Card
- PAN Card
- 4 Cheques from your Salary Account
- Current Address Proof
- Permanent Address Proof (in case the permanent address is different from the address on Aadhaar card)
"I am really happy that I got a loan from Qbera. My application has been rejected by lenders in the past without giving any explanation for rejection. Qbera approved my loan with minimum documents. Thanks a lot once again."
I did not want to make many enquiries as many requests can lower the CIBIL score. I contacted Qbera on a Monday and by evening itself they had an offer for me. They kept me informed through every step of the process and were also flexible with regards to my commitments. In the end, the loan was disbursed within two days of documents submission. Thank you Qbera for simplifying the process and helping me find a loan. " Show more...
"It was a nice experience with Qbera. I have never seen such an easy process for getting a loan, especially when you need it the most. Thank you Qbera for your support."
"I had a hassle-free experience with Qbera. It was a very easy application procedure and in a short span of 3 days I got my loan credited to my account. Thank you so much for the support Team Qbera"
"It was very easy to get a loan from Qbera. I just applied on their website and got a confirmed offer immediately. The amount was transferred soon after. Will give it 5 out of 5"
"It's good and quick response from the Qbera team to get the loan. They are very good at the communicating the things properly and appropriately"
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A day after SBI hiked deposit rates across maturities, the largest lender of India also raised MCLR by up to 25 basis points. MCLR is now at 8.15 percent which was earlier at 7.95 percent. This signals a possible increase in the EMIs of all types of loans – starting from personal loans to home, auto and other loans. ICICI Bank and Punjab National Bank (PNB) also hiked their MCLR by 15 bps. PNB home loans will now be at 8.6% and for women it will be 8.55%.