Eligibility Criteria for Instant Personal Loans

Instant Personal Loans

Personal loans are the easiest way to finance your immediate monetary needs. They can be utilized for various reasons such as travel, home renovation, education and medical emergency and so on. These days, traditional loans are no match for the quick approvals and convenience offered by instant loans. But do we really know whether we are eligible for one? 

Qbera is a Bangalore based Fintech Company that provides instant personal loans at competitive interest rates starting at 11.99%. Our loan application process is completely digital and we require the least time to revert with an offer based on your application details. 

What is Loan Eligibility?

Your loan eligibility decides whether or not you can borrow money from a bank or any financial institution. Lenders take this decision on the basis of their risk assessment criteria which may include age, employment, credit history, monthly income etc. 

Since different lenders have different perceptions for risk, the eligibility criteria for personal loans vary from lender to lender. Banks follow a rigid structure while deciding the creditworthiness of a borrower. Sometimes they even take more than a week to make a decision. 

And what if your loan application gets rejected? After making frequent visits to the branch office with a set of documents and getting a No? Smart Indian citizens now apply for a loan online. 

Qbera has even made it simple by allowing for paperless loan applications. You just need to meet the following criteria to be eligible for a personal loan.

Table 1: Eligibility Criteria to apply for an instant personal loan from Qbera

Why is it easy to be eligible for a Personal loan from Qbera?

Qbera offers loans that are starkly different from loans offered by traditional lenders like banks and other financial institutions. Our ideal customer is not the one with high monthly income or high credit score. As mentioned in Table 1 we provide collateral-free loans to salaried individuals earning as low as Rs. 20,000 a month and a credit score of as low as 625. We cover more than 7 lakh companies to be able to include a large segment of professionals who get rejected from other lenders if their employer is not listed. Take a look at how we differ from other lenders in the online marketplace sector. 

Table 2: Difference between risk assessment of Qbera and Traditional lenders

Follow these simple steps to apply for a loan from Qbera

1. Choose a purpose: The popular purposes for which people apply for a personal loan include travel, closing a credit card debt, home renovation, medical emergency etc. 

2. Know your eligible loan amount: Use our online EMI calculator to find out how much you can borrow based on your monthly income and any other EMIs if you are paying at present. Our EMIs start at Rs. 2700.

3. Fill the online application form: Provide your personal details such as name, personal email-Id, employment and residential details. (Make sure you fill the correct details in this form)

4. Give your bank & employment details: Fill your net-banking details to verify transaction history and your official e-mail Id to verify your employment. 

5. Get a loan offer: Based on our scoring algorithm, we will get back to you in few hours with a loan offer that fits your budget.