Private Loan in Mumbai
Private Loan in Mumbai
Mumbai is the financial capital of India since ancient times and even in the present economic scenario, the importance of the city has not diminished. This is evident from the ever-increasing workforce here. The commercial capital of India has a long history and a special relation with private individual lenders who have helped fund individuals and businesses at their time of need. Having said that, the young individuals today are wary of taking a private loan in Mumbai from them due to the obvious lack of transparency.
Banks and NBFC have a good deal of paperwork, checks and criteria which instils a sense of dread and are considered as the last option in case of emergencies. Fintech companies like Qbera have stepped up in this realm and promise quick turnaround time and fast disbursals. This simply put means that the new households and individuals need not worry about funds in case of emergencies. A sudden illness requiring hospitalization, funds to organize a dream wedding or simply to take a long-awaited vacation, all of these and more can be financed with a private loan in Mumbai.
What are private loans?
Private loans are nothing but instant personal loans that require no collateral and with no conditions attached to their end usage. Being unsecured loans, these fall in the high risk category. Fintech companies with their advanced algorithms and risk assessment models are able to cater to this category with minimal paperwork. Qbera offers its borrowers an unprecedented experience like the paperless application for a quick personal loan, instant lending decisions, digital verification of income and employment, and loan disbursal in 24-48 hours.
The CIBIL score is another important factor that plays a vital role in determining your eligibility for a private loan in Mumbai. Most banks prefer a score of 750 and above but what if your score is a little lower than that. It is quite possible that your score is marginally less and you require immediate funds. Well, Fintech companies do consider private loan applications with CIBIL score as less as 575.The rate of interest, however will differ. The company also offers you the benefit of a long repayment tenure, from 6 months- 60 months. Accordingly, you can choose a personal loan with an affordable rate of interest and an appropriate tenure so that your monthly budget doesn’t go haywire.
The eligibility for a private loan in Mumbai are-
- You must be a salaried individual
- You must have a min net salary of Rs.20 000/-
- You must be above 23 years of age and less than 55 years
- Minimum CIBIL score of 575 and no defaults in the last 24 months
And the documents that need to be given are:
- Aadhaar Card
- PAN Card
- Proof of address
- Salary and income documents
- 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%)
- You must be a Salaried Employee
- Age: 23-55 years old
- Net Monthly Income must be more than Rs. 20,000.
- No defaults in the last 24 months.
- You must be residing in Delhi/NCR, Bangalore, Pune, Chennai, Mumbai or Hyderabad.
Documents Required after Digital Approval
- Aadhaar Card
- PAN Card
- 4 Cheques from your Salary Account
- Current Address Proof
- Permanent Address Proof (in case the permanent address is different from the address on Aadhaar card)
"I am really happy that I got a loan from Qbera. My application has been rejected by lenders in the past without giving any explanation for rejection. Qbera approved my loan with minimum documents. Thanks a lot once again."
I did not want to make many enquiries as many requests can lower the CIBIL score. I contacted Qbera on a Monday and by evening itself they had an offer for me. They kept me informed through every step of the process and were also flexible with regards to my commitments. In the end, the loan was disbursed within two days of documents submission. Thank you Qbera for simplifying the process and helping me find a loan. " Show more...
"It was a nice experience with Qbera. I have never seen such an easy process for getting a loan, especially when you need it the most. Thank you Qbera for your support."
"I had a hassle-free experience with Qbera. It was a very easy application procedure and in a short span of 3 days I got my loan credited to my account. Thank you so much for the support Team Qbera"
"It was very easy to get a loan from Qbera. I just applied on their website and got a confirmed offer immediately. The amount was transferred soon after. Will give it 5 out of 5"
"It's good and quick response from the Qbera team to get the loan. They are very good at the communicating the things properly and appropriately"
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