What is an easy loan?
Easy loans are unsecured loans that come with flexible tenures. They’re similar to personal loans, only that they’ve derived the name for themselves by sporting an easy application process and subsequent disbursal. Some other names for easy loans are – online loans, instant loans, and quick loans.
How do you apply for easy loans?
There are many financial institutions that offer easy loans (personal loans with a simpler and easier application processes). Fintechs and private lending institutions are the primary players in the market. Qbera is a popular Fintech company that lets you apply for easy loans through mobile and web platforms. The entire application process can be completed online in a few steps.
How to apply for easy loan with Qbera?
Follow these simple steps to apply for easy loans with Qbera:
- Visit the Qbera website and click on the “Apply Now” option available on the site, or the “Apply” option for salaried individuals.
- Fill out your personal and professional details in the application form, after you’ve picked your loan amount and the purpose of your loan.
- Submit your income, residence and identity documents. You can upload your bank statements online through your netbanking credentials (by logging in to a secure web platform that uses your credentials only to pull your bank statements).
- Receive a customized loan offer from Qbera. You’ll get an offer after your credit profile has been reviewed.
- Accept the loan offer – which will quote a loan amount depending on your credit profile, monthly income, and repayment capacity. Once you accept the offer, you will receive your loan amount within the time-frame of 24 to 48 hours.
Interest rate on Easy loans from Qbera
The interest rate on easy loans from Qbera starts at 11.99% p.a. and can go up to 24% p.a. The interest rates on easy personal loans depend on your credit history, credit score, the number of debt sources and your debt to income ratio.
Apply for Easy Loan from Qbera – See if you’re eligible
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Qbera allows you to apply for easy personal loans if you have a minimum credit score of 600.
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The minimum monthly income to be eligible for an easy personal loan from Qbera is Rs. 20,000.
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The minimum loan amount offered is Rs. 25,000 and the maximum loan amount is Rs. 10 Lakhs.
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Qbera offers easy personal loans to employees of over 7 Lakh companies in India.
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The minimum age to apply for easy personal loans from Qbera is 23 years. The maximum age is 55 years.
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As a Qbera customer, you can choose a loan tenure ranging from 6 months to 60 months.
1. I just got my loan application rejected. Why is that?
A. Qbera offers loans to individuals with low credit scores, yes. But if you’ve had instances of defaults or multiple instances of EMI bounces, you can be rejected. Also, if you have too many debt sources and your monthly repayment amount is over 50% of your income, Qbera will most likely not offer you a loan.
2. When can I re-apply for a Qbera if I get my loan application rejected?
A. You will have to wait for 3 months before you can re-apply for an easy personal loan with Qbera.
3. How long will the loan amount take to get disbursed into my loan account?
A. The loan amount will be disbursed to your bank account within 24 hours.
4. What is the maximum loan amount that you can apply for from Qbera?
A. Qbera offers a maximum loan amount of Rs. 10 lakhs. The approved loan amount will depend on your income, credit score and repayment patterns in the past.
Interest Rate & Other Charges
Interest Rate
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11.99% to 35.99%
|
Processing Fee
|
1% to 5% of total loan amount
|
Loan Amount
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₹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%)
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