Loans are the smartest solution to any kind of financial deficits. Unsecured loans in Bangalore from fintech companies like Qbera are an excellent way to tide over immediate monetary needs. Being unsecured there are no assets that are to be pledged with the company. This makes them high risk loans along with high interest rates. However, Qbera offers economical interest rate starting at 10.99% and long repayment tenures as well. Personal loans can be used to fund a variety of needs and so its important to analyze the requirement before applying for an unsecured loan in Bangalore. Loan amounts ranging from Rs. 50 000 to Rs. 25 00 000 can be applied from Qbera that cab fund a wide variety of requirements.
Unsecured Loans in Bangalore - Qbera vs Banks
| Parameters |
Qbera |
Banks |
|---|
|
Parameters
|
Qbera
|
Banks
|
|
Processing fee
|
1% -5%
|
2.25% of principal + GST
|
|
Interest rate
|
Starting at 10.99%
|
Starting at 11.99%
|
|
Credit Score required
|
600 and above
|
750 and above
|
|
Loan amount
|
Up to Rs 25 00 000
|
Up to Rs 15 00 000
|
|
Minimum age required
|
23 years
|
21 years
|
|
Pre-closure charges
|
5% + GST
|
5% + GST after a lock in period
|
Features of an unsecured loan in Bangalore
-
Instant approvals: the digital process involves online document submission and instant approvals after verification. Qbera promises the amount in your bank account within 24-48 hours of successful verification.
-
Economical interest rate and long repayment tenure: with an interest rate that starts at 10.99% and a long repayment tenure that spans up to 5 years, an unsecured personal loan is quite economic and competitive.
-
Low- income group: Qbera caters to the low-income category that faced trouble in getting a loan. You can apply for a Qbera loan if you have a minimum take home salary of Rs18,000.
-
loans for employees of unlisted companies: Qbera does have a vast database of more than 7 lakh companies which makes the probability of rejection considerably less. They also do consider applicants working with unlisted companies.
-
Loan for individuals in shared accommodation: Those who choose to stay as paying guests or are in shared accommodation with friends in the city find that most banks reject their loan applications. The stability of a person staying in shares accommodation being the point to consider. Fintechs like Qbera offers respite for such individuals seeking quick unsecured personal loans in the city.
Tips to ensure manageable Interest rate despite Low CIBIL:
-
To counter your low credit points, you can establish your ability to manage regular EMI payments and sufficient income with supporting documents. The tenure at the job and overall job stability is a contributing factor.
-
To bring down the rate of interest, you can apply for an unsecured personal loan along with a co-applicant or a guarantor. This helps if your spouse or co-applicant has a good credit history.
-
It is a possibility that your previous loan closure reports haven’t been communicated with the bureau. So, do a regular screening of your credit report and take corrective measures, if needed.
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
