Instant cash loans are unsecured personal loans that are made available almost instantly. The turnaround time for instant cash loans in India is about 48 hours, making these loans a great saviour in times of emergencies or situations that require immediate access to funds.
Qbera offers instant cash loans in India to salaried individuals. Unlike traditional lenders that are active in the market today, Qbera offers instant online loans to individuals with low CIBIL scores and low incomes. Currently, as per Qbera's eligibility criteria for instant cash loans in India, individuals with a minimum credit score of 600 and a minimum income of Rs, 20,000 are eligible.
Why choose Qbera for cash loans in India?
There are a good number of reasons why Qbera has the upper hand in the personal loan market today. Here are a few reasons
- Qbera offers instant cash loans to low income levels and low CIBIL scores.
- Individuals residing in shared accommodations are also eligible for cash loans with Qbera.
- Employees of unlisted companies aren't rejected. Traditional banks, however, reject applications of individuals employed in uncategorized/unlisted companies.
- The application process adopted by Qbera is super-quick, fast, and completely digital.
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%)
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