Qbera offers super-fast, easy loans in Mumbai to salaried individuals with a minimum net monthly income of Rs. 18,000. Apply today and get instant approval, post which your loan will be disbursed within 24 hours!
The financial capital of India is home to a huge number of young households. The need for money to manage sudden fiscal deficits can be easily managed with an easy loan in Mumbai from Qbera. Being a Fintech, Qbera puts into practice the best of technology to bring you superfast loans in a short turnaround period. The processing is so fast that after verifications the amount is deposited directly to your bank account in 24-48 hours’ time.
Easy personal loans in Mumbai come armed with easy ROI s and long repayment tenure that spans up to 5 years. So, for immediate requirements, you can avail the same and pay off gradually in a systematic manner.
Easy Loan in Mumbai - Difference between Qbera and traditional banks:
Qbera
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Traditional Banks
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CIBIL score of 600
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Minimum CIBIL score of 750
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Minimum net monthly income of Rs. 18,000
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Minimum net salary of Rs 30, 000 and more
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No defaults in the last 12 months
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No defaults in the last 12 months
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Late payments a few times are allowed
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Late payments attract heavy penalty
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Paperless loans
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Paperwork involved
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Features of the easy loan in Mumbai from Qbera
Low-income groups: The low-income groups who face many difficulties in getting a loan can easily get a loan from Qbera. Qbera considers applications of those with a monthly take-home salary of Rs. 18,000 per month.
Low CIBIL score: The low credit score is another hurdle that leads to loan rejections. However, Qbera’s lending decision is not solely dependent on CIBIL scores and so they do give loans for marginally low scores as well.
Digital experience: Qbera offers an unparalleled digital experience. The entire process of applying for an unsecured loan including the submission of necessary documents can be done online. There is absolutely no requirement to physically visit a branch.
Quick disbursal: The best practices of technology and financial sectors are put to good use. The verifications are done online, and the lending decisions too are taken instantly. The risk calculation algorithm is put to good use and the amount is disbursed at the earliest.
Economical Interest rate: The interest rate starting at 10.99% is quite competitive and one of the best rates available in the industry. This directly means that the total payout of a loan is kept at a minimum and is affordable.
Factors that impact the credit score while applying for an Easy Loan in Mumbai
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Payment history which includes all past payment lists that include defaults and late payments. This has a huge impact on a credit score and is also a red flag for many lenders.
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It is considered good if you have diverse credit types. The presence of both secured and unsecured loans is preferred and shows your credit management skills.
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Credit inquiries made by lending institutions are also known as ‘hard-pulls’. Many such inquiries are thought to be signs of credit-hungry behavior and again deterrents for lending institutions.
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The level of debt usage made by you also has an impact, the closer you are towards the maximum allowed limit, lower the score. This again shows how you manage your credit.
View a complete list of our FAQs at our
help center
Interest Rate & Other Charges
Interest Rate
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11.99% to 35.99%
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Processing Fee
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1% to 5% of total loan amount
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Loan Amount
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₹1,00,000 to ₹15,00,000
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Loan Tenure
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12 to 60 months
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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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