If you are looking for instant loans in Patna, Qbera is the best choice for you. Instant Loans are unsecured loans, also commonly known as personal loans. Patna, as you know is the largest town in Bihar. This city is located on the southern bank of the River Ganga. Well connected by railway and road as well as being the educational center of Bihar has made the place a prominent hub for good jobs.
Any kind of fiscal deficit can be easily managed with a personal loan online in Patna. The presence of Fintech company with lenient criteria and minimum paperwork has become a boon to individuals looking for a loan. It has helped many approach their money problem safely without shelling out being victims of high-interest rates.
Personal Loans in Patna - Differences between Qbera and Traditional Banks
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Parameters
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Qbera
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Banks
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Processing fee
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1% -5%
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2.25% of principal + GST
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Interest rate
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Starting at 10.99%
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Starting at 11.99%
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Credit Score required
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600 and above
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750 and above
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Loan amount
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Up to Rs 25 00 000
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Up to Rs 15 00 000
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Minimum age required
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23 years
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21 years
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Pre-closure charges
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5% + GST
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5% + GST after a lock in period
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Features of Personal Loans in Patna
Economical ROI: The total payout to the lender at the end of the tenure is governed by the interest rate applied on the personal loan. A lower interest rate means lesser payout and hence better for the borrower. Qbera offers personal loans starting at 10.99% interest rate.
Long repayment tenure: The time period in which the loan should be repaid is called as the tenure. It has a massive impact on the monthly payouts as a longer term means lesser amount as EMI each month. Qbera Instant online loans in Patna have flexible repayment tenure that can span up to 5 years.
Digital Process: Being a Fintech company Qbera uses the perfect blend of technology with finance to makes these personal loans completely digital. The whole process of applying, uploading, verification, and disbursement is seamlessly done. If all the paperwork is up to date, one can expect the loan amount within 24 hours.
Unsecured loans: There is no need to pledge assets. The loan is expected to be repaid from salary and so a healthy income to debt ratio is preferred.
Minimum Documentation: There is minimal documentation requirement- Aadhar card, PAN card, Salary slips and income statements, bank statements, photographs and post-dated cheques from the salary account.
Things to keep in mind while applying for Personal Loans in Patna
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Instant online loans are undoubtedly an option when faced with a fiscal deficit but do consider these points while choosing the loan amount, tenure and interest rate.
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Monthly household budget: The presence of loan should not disrupt the home budget.
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All existing financial liability: All financial commitments must be considered.
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The income to debt ratio: An ideal ratio preferred by financiers is 40% and lower the ratio better the chances of loan approval.
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Interest rate applied and the total final pay-out: A higher interest rate means a bigger payout when the tenure ends and so it’s best to shop for lower ROI.
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Any lump-sum financial gains: Any increment in income can be considered while taking an instant online loan in Pune. Diverting such amounts towards loan repayment is beneficial.
View a complete list of our FAQs at our
help center
Interest Rate & Other Charges
Interest Rate
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11.99% to 35.99%
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Processing Fee
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1% to 5% of total loan amount
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Loan Amount
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₹1,00,000 to ₹15,00,000
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Loan Tenure
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12 to 60 months
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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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