There is no dearth for reasons to celebrate here in Chennai. Every other week there is a festival and even if you plan your month’s expenses meticulously, there will be some unexpected costs (a doctor’s visit). By the end of the month you may find it difficult to gather enough funds to pay off your credit card debt which means you will have to pay for it the following month with an additional late fee. What if there was an easy way out of this vicious cycle? Qbera brings to you the best Credit Card Refinancing Loan out there. It is simple to acquire and makes your financial trouble disappear quickly.
What is Credit Card Refinancing?
Choosing to settle an existing debt by taking on another payment option, one that has more favourable features, means that you are ‘refinancing the debt’. Basically, if you have a credit card payment hanging over your head, you can choose to pay it off with a loan which has lesser interest rates and more attractive features than what you had with the credit card. This means that your tenure is extended and even with added fees and penalties, you will end up paying less! What’s more, your credit score will be better off without any late payments in your name.
Even if you are someone who has multiple credit cards, you can take out one lump sum in the form of Credit Card Refinancing Loan from Qbera to pay off all of your debts in one shot, and thus maintain a perfect credit score.
THE UNIQUE BENEFITS OF CHOOSING QBERA’S CREDIT CARD REFINANCING LOAN:
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Simple approval
We have all been there, gotten carried away by the all-powerful credit card and being stumped while wondering how to pay off that hefty bill at the end of the month. Credit Card refinancing loan is one of the simplest ways to fund such situations. We will offer you a loan as long as you are salaried with a minimum salary of Rs. 20,000. Unlike most banks, we will offer loans to those working in a wide variety of companies, including start-ups.
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One day approval
Application, approval and disbursement of your funding can be done in just a day!
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Minimal paperwork
Making your life simple is our priority which is why we offer personal loans with minimal paperwork.
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Complete financing
Our Credit Card Refinancing Loan lets you finance all your overdue bills in one lump sum starting from ₹25,000 up to ₹10,00,000.
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Just one due date to deal with
Bills come in like clockwork each month; the electricity, phone, internet and so much more. In this whirlwind of bills to pay, it is easy to lose track of your many credit card bills. But once you take out a personal loan from Qbera to pay off all your credit card dues, you just have to worry about that one EMI (We will send you reminders just in time for you to make your payment).
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Interest Rate on Refinancing Loan
The APR we charge between 14-24%, on par with the current market rates.
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Fees and other charges
The fees and charges that we charge for credit card refinancing loan is on par with the market. The processing fee is a mere 2-3% (this will be based on the amount borrowed). Other charges like late payment fees, prepayment charges, ECS/cheque bounce charges and special service request charges are as per the RBL norms.
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Unparalleled support
When you take a personal loan from us, you have our assurance that we will support you the best possible way. Your queries will surely be answered by our staff within 24 hours. The Qbera staff can be reached via whatsapp at +91 89719 28484, by chat on the website or you can email us.
SOME TIPS TO REMEMBER WHILE CONTEMPLATING A CREDIT CARD REFINANCING LOAN:
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Be a ‘math head’
Just a few simple math steps are crucial while deciding if credit card refinancing is the right move for you. It may or may not benefit you the same way it did your friend. If you cant figure it out yourself, ask someone for help. You can also contact a Qbera staff who will clearly explain how much you could save if you do decide to take a personal loan. Chances are that a credit card refinancing loan will help you out because the interest rates on credit cards are shockingly high, not to mention the hidden charges and fees that it comes with.
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Don’t hurt your CIBIL score
Once you are done refinancing and clearing your credit card bills, do not close all your accounts immediately because it can hurt your CIBIL scores considerably. Give it some time. Close it only after a few weeks or months.
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There will be a verification process
Our verification procedure is quick but also thorough. So make sure that you keep your bank statements, CIBIL score and employment records ready while applying for a loan.
HOW TO APPLY FOR A CREDIT CARD REFINANCING LOAN VIA QBERA:
Obtaining a credit card refinancing loan in Chennai via Qbera is as easy as purchasing a house plant. It’s a simple five step process:
- Simply log on to Qbera.com and fill in the loan application form
- Upload your bank statement on the website.
- Receive an offer from us within 4 hours
- A representative will come to you, at your convenience, to collect the documents
- Within 24 hours, your money will be transferred to your account
Documents Required for Education Loan:
- Bank Statement
- Income proof
- Pan card
- Aadhar card
- Address proof
- One photograph
- 3 cancelled cheque leaves
ELIGIBILITY CRITERIA CREDIT CARD REFINANCING:
- Should be employed with a minimum salary of Rs. 20,000
- Should have a minimum credit score of 625
- Applicants must be between the ages of 23 and 55
View a complete list of our FAQs at our
help center
Interest Rate & Other Charges
Interest Rate
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11.99% to 35.99%
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Processing Fee
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1% to 5% of total loan amount
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Loan Amount
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₹1,00,000 to ₹15,00,000
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Loan Tenure
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12 to 60 months
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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%)
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