Looking for a digital loan online? Apply for one with Qbera and get your loan within 24-48 hours after receiving final approval. Loan amounts range from Rs. 50,000 to Rs. 25,00,000. Choose from a flexible repayment tenure in the range between 6 months and 60 months.
How to get a digital loan in India?
Fintech lenders and P2P lending platforms offer digital online loans in India at varied interest rates starting from 11.99% p.a. The interest rate that you're offered on your loan will depend on a spate of parameters including your credit score, repayment history, number of loan/credit card accounts in your name, and your employment stability. Other factors like your income, age and employer reputation are also considered by lenders while determining the interest rate on your loan application.
Eligibility for digital online loans in India from Qbera
The following are the eligibility parameters that you should meet in order to get approved for a digital loan from Qbera:
- You must be at least 23 years old and not over 55 years of age.
- Your credit score should be at least 600.
- You must be a salaried individual with a minimum net monthly income of Rs. 18,000.
- There should be no instances of payment defaults in the last 12 months.
- All information provided by you should be accurate and consistent with the information provided in the documents.
Documents required for digital online loans from Qbera
- Aadhaar Card
- PAN Card
- Proof of address - Utility bill, Passport or Driver's License
- Income documents - payslips and bank statements for the last 3 months.
- Photographs
Submitting your bank statements online
You can submit your bank statements online through a secure web channel. Even your payslips can be uploaded online. Your bank statements and payslips for the last 3 months need to be submitted - meaning, you should be employed with your current employer for a minimum period of 3 months. Employment stability, i.e., a minimum work experience of about 2 years is preferred.
Once you receive your loan offer, you can submit your bank statements online, using your internet banking credentials. Your bank statements are automatically retrieved, and your income is verified. Once you receive final loan approval, you can expect to receive the funds in your bank account within 24-48 hours.
Tips to keep your credit score high
Here are some tips that will help you maintain a good credit score:
- Make certain that you are consistent with repayments - do not pay too late, as late payments can bring down your credit score.
- EMI bounces also have a huge impact. So, if the auto-debit feature on your loan is active, it is advisable to make sure your EMI debit doesn't bounce.
- Payment defaults have a more severe impact, having the potential to bring down your credit score by a margin of 50 points. So beware of defaults!
- Try not to have too many credit accounts to your name. Multiple loan accounts coupled with multiple credit cards can increase your risk profile, prompting lenders to reject you.
- Make sure you have a healthy balance in your account as lenders also look at your average balance over a set period (usually a quarter) to understand your credit and spending behaviour to evaluate the risk quotient involved with your application.
View a complete list of our FAQs at our
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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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