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Easy Personal Loan

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Loan amounts range from Rs.50,000 to Rs.25,00,000. APR ranges from 11.99% to 35.99%. Loan lengths range from 12 to 60 months. Administration fee ranges from 1% to 5%.

Easy Personal Loans Eligibility


Easy Personal Loans are unsecured loans that come with not-so-stringent eligibility criteria and are different from personal loans offered by traditional financial institutions. Personal loans offered by traditional banking institutions usually come with stringent eligibility criteria, especially under parameters of credit score, employer status, income and number of years of work experience. Easy Personal loans, on the other hand, come with easier eligibility parameters, making these loans more preferred in the current day. 

Know how much you can borrow – check your eligible loan amount now!

What is the eligibility for personal loans from traditional financial institutions?

Before we go on to look at the eligibility criteria for easy personal loans, let’s look at the eligibility for personal loans offered by traditional banking institutions that include top private banks and state-run banks. 

Income

Traditional banking and financial institutions require you to have a minimum income of at least Rs. 30,000 or Rs. 35,000 to qualify for a personal loan. If you don’t meet the minimum income criteria, your application will be rejected. 

Credit Score

Traditional financial institutions require you to have a minimum credit score of at least over 750. Even if a score of 750 isn’t present, a minimum score of 700 is almost always mandatory. 

Number of years of work experience

The number of years of experience is another parameter that comes into play in determining your eligibility for a personal loan. As such, you should have at least 3 years of work experience to become eligible for a personal loan from a traditional financial institution. Also, your number of years of work experience in your current company should be at least 1 or 2 years (depending on the lender) to qualify for a personal loan from top private banks. 

Past Repayments and Credit history

Your credit history is also a crucial aspect that determines your personal loan eligibility from a top private bank. IF you’ve had too many instances of EMI bounces or late payments, you are in for some bad news as far as your loan application goes. 

How can you get an easy personal loan?

If you want to apply for an easy personal loan, approaching a Fintech company is your best bet – these companies have transformed the lending arena in India, offering quick and easy loans to individuals (mostly salaried individuals, although some companies offer loans to self-employed individuals as well). Qbera is one such Fintech company that offers easy personal loans to salaried individuals with eligibility criteria that is very easy to satisfy. 

Eligibility for Easy Personal Loans

Let’s look at the eligibility for easy personal loans from Qbera, a popular Fintech company that offers instant loans to salaried individuals. 

Credit Score

A credit score of 600 is good enough to apply for an easy personal loan from Qbera. So even if your credit score isn’t up there, you don’t have to worry about it. 

Income

While top private banks require you to have a minimum credit score of at least 750, Qbera allows applicants to apply for an easy personal loan with an income of just Rs. 20,000 per month. 

Number of years of work experience

As long as an applicant is 23 years old, he/she will be eligible for an easy personal loan from Qbera even with just one year of work experience. Note that while such is the case, the number of years of work experience will have a bearing on the loan amount. 

Credit history

While the credit history of an applicant is taken into account, a few instances of late payments won’t really hurt your eligibility for an easy personal loan from Qbera. However, instances of defaults over the last 12 months can cause your application to be rejected. 

Table: Eligibility for Easy Personal Loans from Qbera 


Eligibility Criteria for Easy Personal Loans


Details


Age

23 to 55 years

Income

Rs. 20,000 per month (minimum)

Loan defaults

No instances of defaults over the last 12 months



Residence

  • Delhi/NCR

  • Bangalore

  • Pune

  • Chennai

  • Mumbai

  • Hyderabad

  • Ahmedabad

  • Jaipur

Credit score cut-off

        600 (V2 score)    


Comparison Table: Eligibility for personal loans from Qbera vs Private Banks

Subject


Qbera


Traditional Lenders


Credit Score

600

750

Income

Rs. 20,000 per month

Rs. 30,000 – Rs. 35,000 per month

Employer Status

Employees of unlisted companies are eligible

Employees of unlisted companies are not eligible for a loan

Loan tenure

6 months to 60 months

12 months to 60 months

Processing Fee

2%-4%

4% (approximate)


How to get an easy personal loan from Qbera?

Getting an easy personal loan from Qbera is extremely simple. Here are the steps you have to follow:

  • Visit the Qbera website and click on the Apply now option or the Apply option for salaried individuals. 

  • Pick your loan amount and choose the purpose of your loan. 

  • Enter your application details and submit your documents, including your bank statements. 

  • Before you start the application process, use the Qbera online EMI calculator to know your loan eligibility. Your eligibility will depend on your income and your current monthly credit repayment liability (on existing loan and credit card accounts). 

  • Once you fill out your application form and submit your documents, you will get a customized loan offer from Qbera after digital verification of your application details. 

  • After you receive your customized loan offer and subsequently accept it, you will receive the loan amount in your bank account within 24 hours. 

Some aspects that make Qbera the ideal choice for easy personal loans in India

  • Loans to employees of unlisted companies

  • Paperless application

  • Digital verification process

  • Flexible repayment tenures – 6 months to 60 months

  • Quick loan disbursals – with 24-48 hours. 

  • Loans for individuals with bad credit scores. 


View a complete list of our FAQs at our help center
Getting a Qbera Smart Loan is Simple
Fill out our online application form
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.
Connect your Bank Account
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.
Select your loan term
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.
You’re done! Get the money in your Bank Account as early as tomorrow.
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:
  1. 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
  2. EMI of ₹7091 per month
  3. Total payable amount in 3 years = 36 times ₹7091 = ₹2,55,276
  4. 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%)
Repaying a Qbera Smart Loan is just as Simple
Repay your loan with automatic EMI payments.
  • Age: 21-57 years old
  • Net Monthly Income must be more than Rs. 18,000.
  • No defaults in the last 24 months.
  • You must be residing in Delhi/NCR, Bangalore, Pune, Chennai, Mumbai, Hyderabad, Jaipur, Ahmedabad or Kolkata.
  • 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)
Pradeep

Pradeep

"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."

Shekhar

Shekhar

"I would like to thank Qbera for speedy loan processing. I was having a tough time in deciding which bank would actually take my request for a loan as the loan was supposed to be for credit card payoff. I was forced to use my credit card for an unforeseen expense which I could not avoid and was finding it tough to pay back due to the high interest cost on credit cards. 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...

Syed

Syed

"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."

Anish

Anish

"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"

Arun

Arun

"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"

Bhaskar

Bhaskar

"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"

Are you ready to get your Qbera Smart Loan?
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Self-Employed
Salaried

QBERA

We are a Bangalore-based company offering digital, quick, hassle-free personal loans to people when they need them.

Loan amounts range from Rs.50,000 to Rs.25,00,000. APR ranges from 11.99% to 35.99%. Loan lengths range from 12 to 60 months. Administration fee ranges from 1% to 5%.

* Subject to Risk Profile

Need Help?
Contact our support team via WhatsApp by clicking below:
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E-mail: contact@qbera.com
Phone: 1800 4198 121
Whatsapp:+91 89719 28484
Address:
1st Floor, Wolfpack Workspaces,
#39, 8th Main Road,
Vasanth Nagar.
Bangalore 560 052

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