How to get an online cash loan urgently in India?
Getting an urgent online cash loan is quite simple these days. All you've got to do is apply with a Fintech or P2P lender. With Qbera, you will get instant loan approval if your income is Rs. 20,000 per month and your credit score is at least 600.
Eligibility for Online Cash Loans from Qbera
Let's look at the eligibility table for cash loans from Qbera:
Eligibility Parameter
|
Criterion
|
|---|
Credit Score
|
A minimum credit score of 600
|
Monthly Income
|
Minimum net monthly income of Rs. 20,000
|
Defaults
|
No defaults over the last 12 months
|
EMI bounces
|
No EMI bounces for the last 3 months
|
Documents required for cash loans
Here are the documents required for online loans from Qbera:
- Aadhaar Card
- PAN Card
- Bank statements and salary slips for the last 3 months - to be submitted online
- Photographs
- Cheques from your salary account
Features of Qbera's Online Cash Loans
Paperless application process: When you apply for an instant personal loan
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
