If you're looking for a cash loan in Mumbai that you can get within 1 hour, well, Qbera is easily the best option you've got. Although at times it isn't technically possible to get an instant cash loan in 1 hour in Mumbai, choosing Qbera for your instant loan in Mumbai will enable you to get your loan in super-quick time. Note that banks that offer personal loans in Mumbai take at least 7 working days or more to process your loan application. Qbera, on the other hand, provides you with instant approval on your loan, digitally verifies your documents the very same day, and send you a customized loan offer within an hour. Let's go ahead and look at some features of Qbera's instant cash loan in 1 hour in Mumbai.
Instant Cash Loan in 1 hour in Mumbai
The most impressive feature in picking Qbera for an instant personal loan is that the entire application process can be completed online. You can fill out your application form online, submit your supporting documents online, accept the offer online and receive your loan amount in no time.
Once you fill in your KYC details - PAN and Aadhaar number - Qbera's proprietary risk-based algorithm will assess your credit profile immediately (in real-time) and generate approval based on your credit health. Parameters like your credit score, repayment history, current credit status (number of loans or credit cards in your name), employment stability, etc. are taken into consideration, following which you can receive instant approval. Your credit report is pulled from the bureau, and the information is analyzed through the risk-based algorithm.
In order to know the maximum loan amount that you are eligible for, you can use Qbera's online EMI calculator. Simply adjust the sliders (choose the range for your current monthly income and your current monthly repayment liability) and you'll know the maximum loan amount you're eligible for.
Interest rates on instant cash loans in 1 hour in Mumbai start from 11.99% p.a., and can go up to 34% p.a. The interest rate that you're offered on your loan will depend on your repayment history, your credit score, and your overall credit health.
Choosing Qbera for an instant cash loan in 1 hour in Mumbai - What are the benefits?
- You can get an instant cash loan in 1 hour in Mumbai with a low credit score of just 575.
- You can get a loan with an income starting from Rs. 20,000 per month (net monthly income).
- Even if you're residing in a shared accommodation or your company isn't listed, you can get an instant cash loan in Mumbai from Qbera.
- The entire application process is digital, and can be completed within 5 minutes!
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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%)
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