Located on the coromandel coast on the Bay of Bengal, the lively metropolis of Chennai is one of the largest technical centres in the country. Chennai is home to several large-scale IT and Non-IT companies. Being a metropolitan city and an established IT centre, Chennai is seeing many new households settle in. The young entrants into this ancient and traditional city sometimes face the daunting task of setting up their new abode in the new city. This relocation takes not just efforts but instant cash as well. Now, who does one approach for Instant cash loans in a new city? To fill this vacuum, Fintech companies like Qbera are providing Instant cash loans in 1 hour in Chennai.
Instant Cash Loan in 1 hour in Chennai – What you should know
The instant cash loan in 1 hour in Chennai is nothing but an instant personal loan, meaning the money will reach beneficiary accounts almost instantly after final approval is received. These instant loans are like the boon from above as they do not require any collaterals to be pledged. This does make it high risk for the lender, however, lenders like Qbera use risk-based pricing models to ascertain the creditworthiness of an individual. They used advanced algorithms to estimate the risk of lending to particular customers and the process is fast. So, you can actually be surprised on seeing Instant cash loans in 1 hour in Chennai in your bank account, ready for it to be used as you wish.
There is no restriction in the end usage of the amount. Which simply put, means that whatever your cash need, you can go ahead and use this instant personal loan. You can pay your medical bills, redo your home, pay the deposit for your rented accommodation, finance your marriage or education or simply go on a weekend vacation. All of this without the need to answer your parents or banks about the end usage of the amount. Many banks and NBFC s may reject your loan application simply because you are currently in a shared accommodation or are employed by a company that is not listed with them. Qbera however, does not reject applications just because the residence type is “shared”.
Qbera provides instant cash loans even if you are in shared accommodation and is offering online personal loans to individuals of over 7,00,000 companies in India. So you can be rest assured that there is a big probability of your loan being approved.
You can apply for an instant cash loan in 1 hour in Chennai now within the range of Rs.50, 000 to Rs.25, 00,000. The annual percentage rate of interest (APR) ranges from 11.99% to 35.99% and the tenure from 12 to 60 months. The Administration fee range is 1% to 5%. The eligibility criteria are simple too. If you are a salaried individual with a monthly net take-home salary of Rs. 20,000/- and fall in the age bracket of 23-55 you are eligible for the loan. Another important factor is the CIBIL score - you are considered even if it’s as low as 575. There is minimal documentation too-
- Aadhaar Card
- PAN Card
- Proof of address
- Salary and income documents
- Photographs
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
