Best Bank Loans
Best Bank Loans
Bank loans are the best conceivable way to make up for financial shortages. There are commercial banks, scheduled banks and cooperative banks as well as NBFC s that are offering personal loans to the salaried. The offers and tenure are equally lucrative in all the banks. The best bank loan is, however, the one that is tailor made for your specific need. Any salaried or self-employed individual can avail these online personal loans from banks. One of the key features of these personal loans is the fact that collaterals are not pledged. This ensures timely financial help without the guilt that comes with pledging an asset. The onus of repaying the loan lies with the salaried individual.
Best Bank Loans in India
The interest rate charged, and the repayment tenure applied are other important aspects of a personal loan. The best bank loan will have a less interest rate and long repayment tenure. Fintech companies along with banks are offering the best deals. A typical personal loan interest rate starts at 10.99% with a tenure of 5 years. With fintech, the hassle of going to the bank to apply for a loan is also done away with. The loan can be instantly applied to with quick online eligibility check and turnaround time.
Many private banks have partnerships with different fintech companies and offer the best possible deals to their customers. Ratnakar Bank Limited, IndusInd Bank, Fullerton and Yes bank are some of the banks that have partnered with Qbera. A Qbera loan is quick and paperless. Just log on to the website, fill in the details and the eligibility is calculated in 2 mins. After submitting the bank documents through net banking and a few other internal checks, the amount is deposited directly into your bank account within 24-48 hours.
There are however a few documents that has to be submitted. These include-
- Aadhaar Card
- PAN Card
- Proof of address
- Salary and income documents
The eligibility criteria for applying for a bank loan 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 600 and no defaults in the last 24 months
Being unsecured loans, the banks place high importance on the credit rating of the applicant. So banks usually consider a CIBIL score of 750 and above for a loan. Fintechs, on the other hand, enable individuals to get a personal loan with a credit score of 600 too.
Interest Rate & Other Charges
||11.99% to 35.99%
|| 1% to 5% of total loan amount
||₹1,00,000 to ₹15,00,000
||12 to 60 months
- 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%)
- Age: 21-57 years old
- Net Monthly Income must be more than Rs. 18,000.
- No defaults in the last 24 months.
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"