The Fast paced and active lifestyle of Mumbai has attracted many companies from the country and abroad to set up their offices here, promoting employment. This along with the fact that Bollywood is one of the biggest employers here - employing both directly and indirectly as well as inspiring many more people to be a part of it. These new residents of Mumbai may not always be having strong finances to back their decisions, paving the way for an increase in demand for cash loans in Mumbai. Cash Loans are nothing but personal loans that come with fixed interest rates, and tenures ranging from 6 months to 60 months. So? Looking for a cash loan in Mumbai? Qbera is easily your best choice.
There are like n number of things that could go wrong or cause one to shell out more money. Immediate Cash Loans in India have emerged as lifesavers in such situations. The deficit, wherever and whatever can be managed with online personal loans. To name a few instances- you need to upgrade your education with say a certificate course- you can opt for an education personal loan. Sudden hospitalization demands paying huge medical bill- opt for a medical loan. Other than these you can simply take this cash loan in Mumbai to renovate or upgrade your home, finance your marriage or consolidate your debts.
Personal loan translated to high interest rate in most minds. However, with the new technology and ways to determine the credibility of an individual has paved the way to interest rates being as less as 11.99%. Rightly so, these are unsecured loans, without any type of collateral, so the creditworthiness is given much importance. CIBIL score determines one credit-worthiness through their various documents and data submitted to them periodically by banks and other financial institutions. But what if your CIBIL score is marginally low? Is there any solution? Well yes.
New age Fintech companies like Qbera use advanced algorithms and risk calculation tools to determine if a person is credible. CIBIL score alone is not the factor, other social and economic aspects are considered. The eligibility factors are:
- Salaried individual
- Net take home salary of Min Rs. 20,000/-
- Age bracket of 23-55
- CIBIL score of 575
- No payment defaults in last 24 months.
If you fit the eligibility, just log on the website and apply for a cash loan in Mumbai. The USP of fintech companies like Qbera is they process your loan request instantly, the turnaround period is as less as 24-48 hours provided the documentation is in order. Also, there are more than 7 lac companies who share their employee database with Qbera. So the loan approval probability is quite high. What are the documents needed?
- Aadhar card
- PAN Card
- Proof of address
- Salary and income documents
- Photographs
These are like the basic documents, you can just go online, check out the fine prints, submit your bank statement and after internal verification expect the amount in your bank account in as less as 24 hours.
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
