Personal loan, also known as ‘unsecured loan’ is the instant money lent to a borrower without asking for any collaterals, such as a home or a car. Personal loans amounting from ₹25,000 to Rs. 30,00,000 are available for salaried and self-employed individuals across India, depending upon their loan repayment capacity and loan tenure.
A percentage of total loan amount charged, mostly annually, by the lender to a borrower, for lending his money is called interest rate. It is charged on the total unpaid portion of your outstanding loan. The interest rates differ widely across various lenders. It is one of the major influencing factors for a borrower to decide whether or not to take a personal loan and to choose the right lender.
Here’s how you can calculate the interest on the total loan amount. Divide the interest rate by the number of payments and multiply it with the principal amount. That is,
Here, the principal loan amount will be the full loan amount if you are calculating the interest for the 1st pay back. For example, if you are calculating the interest for a single year of the loan tenure, the number of payments will be 12.
Many of us literally do not know the role played by interest rate in a personal loan. All we look for is the lowest interest rates while applying for an Unsecured Loan. Fundamentally, interest is the fee that you are paying to someone who is lending you his money. It is the profit that they earn by lending. Hence it is very important to know the interest rate that is charged on your total loan amount. After all it is a part of the monthly repayment that you are doing from your savings. Nowadays, even credit card holders go for a personal loan to consolidate their debts of multiple credit cards. Because the interest rate charged on a personal loan is much lower compared to that charged in credit card. Their interest rate on multiple cards gets simplified and they have to pay for only a single interest every month.
The loan approval criteria for most of the banks includes a credit score of 700 to 900. Why not flaunt your good score to get a better deal of loan when it gets rejected for a bad credit score? It will increase your creditworthiness using which you can also request for a lower interest rate than usual.
If you work for an esteemed company, the transparency of job stability and regular income becomes easier for the lender. And if your employer is already in their listed companies, the discounted interest rates will be cherry on the top!
If you have successfully repaid the loan amount for any loan in the past, use it as a ladder to get quick loan approval with lower interest rates.
Grab those exceptionally beneficial loan offers which are declared during festivals and are for limited period only. You may get hold of very low interest rates, which in turn will help you cut down the loan expenses.
Before you jump over a loan by seeing only the low interest rates, you may find yourself paying for a flat rate which asks you to pay the interest throughout the loan tenure. Whereas a diminishing Unsecured Loan Rate asks for interest towards outstanding loan amount only. Hence calculate the interest over your entire loan tenure using the calculation method shown above and then proceed.
Rs. 1 lac to Rs. 20 lacs
Up to 2.5%
Rs. 15,000 to Rs. 15 lacs
||14.75% to 20.70%
Up to 2.50%
|Kotak Mahindra Bank
Rs. 15,000 to Rs. 15 lacs
||10.99% to 24%
Up to 2.5%
₹25,000 to Rs. 15,00,000
Up to 2.5%
Up to Rs. 15 lacs
||12% to 18%
Up to 1.5%
Up to Rs. 30 lacs
||20% to 49%
1.5% to 6%
|Aditya Birla Finance
Up to Rs. 30 lacs
||11% to 13.75%
Up to Rs. 15 lacs
In case of personal loans, the interest rates are usually lower compared to other loans like home loan or a car loan where you have to pledge collaterals also, which in turn charge you higher interest rate. Therefore, better compare the interest rates offered by various lenders and select the best. Qbera offers the best on par interest rates starting from 13.99%.
As the interest is a part of the monthly repayment you do over a loan tenure, interest rate helps you plan your budget accordingly.
A fixed interest rate helps close your loan tenure quickly because the interest rate in a personal loan remains fixed till your loan tenure ends. You don’t have to worry about the fluctuating interest rates that keep tampering the monthly payable amount, as in the case of secured loans.
1. What is the tenure of a personal loan from Qbera?
The loan tenure at Qbera is a flexible one and it ranges from 1 to 5 years (12 to 60 months).
2. What is an EMI?
It is the fixed amount that a borrower pays to the lender on a particular date every month. An EMI includes the principal and interest charged on a loan.
3. What is the minimum and maximum loan amount that I can get from Qbera?
The loan amount ranges between Rs. 25,000 to Rs. 10 Lacs.
4. What is unique about Qbera?
Our technology and lending partnership allow us to offer a world-class experience to our borrowers:
Our CIBIL score cut-off is 625 and we can give loans to employees of more than 9 lac companies in India. Now you don’t have to get rejected by banks just because they have not analyzed and categorized your employer.
5. What should be my age to apply for a loan with Qbera?
You must be at least 23 years old to apply for a loan.
6. What should be my minimum salary to get a loan?
Your net monthly income must be Rs. 20,000 or more.
7. What should be my CIBIL score cut-off for a personal loan?
Our CIBIL score cut-off is 625 (V2 score).
8. What is the rate of interest charged on a personal loan?
Rate of interest depends on a borrower’s income, CIBIL score, employer, age etc. Qbera collects information from your application form and various other data sources to create a personalized loan offer for you. Our interest rates start at 11.99%.
9. What is the eligibility criteria to get a loan from Qbera?
To get a loan from Qbera, a borrower should meet the following eligibility criteria:
10. How do I apply for a loan online?
To apply for a loan online, click here. For queries, please Whatsapp us on +91 89719 28484.
11. What are the documents required to get a loan from Qbera?
The following documents would be required after your loan is digitally approved:
12. What is the processing fee charged on a personal loan by Qbera?
The processing fee ranges between 2% - 4%.
13. How can I repay my loan?
Qbera provides easy repayment of its smart loans through automatic debit of EMIs via NACH mandate.
14. Why was my loan application rejected at Qbera?
Although we have one of the best approval rates in the industry, we may have to reject some applications if they do not meet our basic qualification criteria. You can re-apply after 3 months in case you think that your credit profile has improved.
15. Can I re-apply for a loan?
Qbera requires you to wait for at least 3 months before re-applying for a personal loan.
16. How much time does Qbera take to process a loan application?
It will not take more than 10 minutes to fill up your online application form. Our technology allows us to disburse the approved loan amount within 24-48 hours.
17. Is part/prepayment allowed on my personal loan?
We do not allow part-payments. However, you can prepay your loan after completing 1 year of repayment. (Foreclosure charges: 5% + GST applicable).
18. Do I need to submit any collateral to get a personal loan from Qbera?
All personal loans offered by Qbera are unsecured. Hence, you need not submit any assets or property to secure a loan.
||11.99% to 35.99%
|| 1% to 5% of total loan amount
||₹1,00,000 to ₹15,00,000
||12 to 60 months
"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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A loan can get you and your loved ones the comfort of a car and security of a home, and many other things. But your real responsibility begins only after taking the loan.