Easy Loans in India
Easy Loans in India
Are you looking for easy loans in India? Well, you’ve landed in just the perfect place! Qbera offers easy personal loans online in India to salaried individuals.
A leading Fintech, Qbera has been successful in serving a large section of a traditionally underserved population, helping them get instant access to easy personal loans.
Easy Loans are similar to private personal loans actually – in fact, they are quite accurately, the end product of the evolution process of personal loans over the years – they’re instant, digital, and easy to avail. Let’s look at some characteristics of easy loans in India, and how they’ve grown to become so popular.
Easy Loans Online for individuals with low credit scores
Fintech companies and P2P lenders that are credited with helping easy loans evolve over the last couple of years provide individuals with low credit scores, easy access to credit. Qbera for instance, offers easy personal loans to individuals with credit scores as low as 575. By way of this, Qbera has been able to serve a larger section of the working class population.
Easy Loans in India for individuals with low income
Another impressive feature about easy loans provided by Fintechs like Qbera is that even individuals with low income levels can qualify for these loans. While private banks need individuals to have a minimum income of at least Rs. 30,000 per month, Fintechs like Qbera need to individuals to have an income of just Rs. 20,000 (net monthly) to qualify for an easy loan.
Easy Loans for individuals living in shared accommodations and those employed with unlisted companies
Banks reject applicants looking to apply for personal loans if they’re employed with unlisted companies or reside in shared accommodations. Fintechs like Qbera, however, don’t disqualify applicants on these parameters. Qbera is currently serving consumers employed in over 7 Lakh companies in India, thereby helping a massive section of working-class professionals who find themselves being rejected due to their employer category, get access to easy loans in India.
The easy loan as a concept is predominantly offered by Fintech companies, and not by traditional lenders. While these loans from Fintechs have a turnaround time of a maximum of 8 hours, banks take at least 7-8 business days to process loan applications.
Interest Rate & Other Charges
||10.99% 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"
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%.