To answer this question, let us first understand the meaning of ‘Refinancing’. ‘Refinancing’ is basically the process of clearing your debt dues using another loan. It is a smarter way of saving yourself from a huge debt if you know 2 things properly - your budget and the capability to pay back the loan. Now what is Credit Card Refinancing? Having exhausted the credit limit on your credit card and then you are over burdened with the repayment amount that never comes to an end – that is when credit card refinancing comes into picture. To make it simpler, credit card refinancing improves the condition of your pre-existing loan by simplifying the overall interest rates. Now, before you jump to saving yourself from debts by this method, let us throw some light on the benefits and risks that are involved in credit card refinancing.
Young professionals these days hold multiple credit cards as they believe them to be the quick solutions to their shopping needs. It is their regular practice of swiping those plastic cards at various outlets and keep repaying on a monthly basis. Highly overwhelmed by the amazing offers availed by the credit card companies, these individuals cross the bars of credit limit and land themselves into neck-deep debt load that comes back to get them. In an attempt to pull themselves out of the debt well, they go for a credit card refinancing loan which they find as a justified alternative to improve the condition of their current loan.
You are eligible for a loan from Qbera if:
You are employed and earning a minimum of ₹20,000.
You are between 23 and 55 years.
Have a credit score of minimum 625.
Current Address Proof
Permanent Address Proof (in case the permanent address is different from the address on Aadhaar card)
4 Cheques from your Salary Account
Interest rate range from 11.99% to 24%.
The exact terms of the loan depend on certain factors such as your ability to pay back, history of past repayments, work experience, credit score, profession and age.
Getting a loan via Qbera is as easy as buying a t-shirt; it’s a simple five step process:
Log on to Qbera.com and fill in the application form (which takes just about 5 minutes)
Provide your bank statement through NetBanking Connect or e-mail us your bank generated PDF bank statement of your salary account.
Get an offer from Qbera within 4 hours
A Qbera representative will come to you, at your convenience and collect the required documents.
Once approved, the amount will be transferred to your account in less than 24 hours
A loan from Qbera does not require you to put up any valuables as collateral.
Quick and painless
We take pride in the fact that our processing involves minimal paperwork, has flexible terms and is super quick so that you can get your loan with minimal effort.
Flexible repayment tenure
We know that as a customer, your repayment capacity varies. That is why we offer flexibility when it comes to repayment tenures. You can choose between 1 to 5 years to make the repayment. You can choose to complete your repayment by paying off in large sums over a short period of time or in small amounts over a longer period of time. If you think paying off in smaller amounts over a long period will be easier on your monthly expense, you will find that in the end you have paid more as you have to pay interest over a longer period. After the first year of availing the loan, you can choose to pay back the amount in full in one shot without being charged a prepayment fee.
Once the online application has been filled up, the due documents been submitted and are approved by us, you will receive the amount in your account in just a day.
Before you avail the loan, you will be briefed on all (if any) fines, fees and rates that you may be liable to so that you won’t be unpleasantly surprised by any hidden charges.
We offer complete support from the moment that you decide to take a loan from us to the moment that you complete your repayment. We are available anytime between 9:30AM and 7PM IST on weekdays and between 10AM to 1PM on weekends. Our staff can be reached via whatsapp at +91 89719 28484, via Toll-Free number at 1800 4198 121 or e-mail at [email protected]
We value your privacy and will not be sharing your confidential details with any third party.
We make sure that your credit history is enhanced by sending regular reports to various credit bureaus.
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"
Rajeev Kumar, the Financial Services Secretary, said that the Banks Board Bureau (BBB) will continue to function even after the term of its existing members expires on March 31, 2018.
According to a data released by RBI, corporate loans contribute to a major chunk of bad loans in public sector banks (PSBs). On the basis of an analysis over released data, more than 73 percent of the bad loans comprised of corporate and industry loans only.
RBI approved the license of Jana Small Finance Bank that started its operations after one year on 28th March, 2018. Earlier known as Janalakshmi Financial Services, the bank looks forward to gain a strong footing in the affordable housing loan market.
The State Bank of India, after almost a 2-year period, announced an increase in Fixed Deposit rates across tenures on Wednesday, 28th March 2018.
Following a Supreme Court Order dated 13th March, 2018, Insurance regulator IRDAI extended the deadline for linking the 12-digit unique identity number with various insurance policies.
A day after SBI hiked deposit rates across maturities, the largest lender of India also raised MCLR by up to 25 basis points. MCLR is now at 8.15 percent which was earlier at 7.95 percent. This signals a possible increase in the EMIs of all types of loans – starting from personal loans to home, auto and other loans. ICICI Bank and Punjab National Bank (PNB) also hiked their MCLR by 15 bps. PNB home loans will now be at 8.6% and for women it will be 8.55%.
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.
A panel was of the opinion that state-run lenders need to be consolidated and private banks must compete with new-age financial services fintech firms through better technological innovation.