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Eligibility for Unsecured Loans

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Eligibility Criteria for Unsecured Loans

Unsecured Loans: Definition - What are unsecured loans?

Unsecured loans are a form of credit that do not require collateral or security. These loans are mostly available based on an individual’s income, credit profile and related parameters. Unsecured loans have become extremely popular, even perhaps going on to replace secured loans in the overall popularity quotient. 

Use Qbera’s online EMI Calculator and know your eligible loan amount

Eligibility Criteria for unsecured loans

If you’re looking for an unsecured loan in India, you might be wondering what the eligibility for an unsecured loan might be. Well, considering that there are multiple lenders in the personal loan landscape, the eligibility for unsecured loans is different for different lenders. There are traditional lending institutions and new-gen lenders like Fintech companies that have less stringent eligibility criteria for unsecured loans that they offer. Let’s take a look. 

Table 1: Eligibility for Unsecured Loans from Top Banks

The below table shows the eligibility for unsecured personal loans offered by traditional lenders:

Eligibility Parameter Minimum Eligibility Criteria

Credit Score

750 and above

Income

Rs. 30,000 – Rs. 35,000 per month or above

Employer status

Employer/Company has to be listed

Tenures available

12 months to 60 months

Work experience

Minimum of 2 years of work experience


Table 2: Eligibility for unsecured loans from Qbera

Eligibility Parameter Minimum Eligibility Criteria

Credit Score

600 and above

Income

Rs. 20,000 per month or above

Employer status

Employer/Company need not be listed

Tenures available

6 months to 60 months

Work experience

Minimum of 1 year of work experience

City of Residence

  • Delhi/NCR

  • Bangalore

  • Pune

  • Chennai

  • Mumbai

  • Hyderabad

  • Ahmedabad

  • Jaipur

  • Gurgaon


Facts about eligibility for unsecured loans from Qbera

Unsecured Loans for Low Credit Scores

Qbera offers unsecured personal loans to individuals with low credit scores – salaried individuals who have a minimum credit score of 600. 

Unsecured personal loans for low-income persons

The minimum income to become eligible for an unsecured personal loan from Qbera is Rs. 20,000 per month, much unlike the requirements of traditional lending institutions that require individuals to have a minimum income of Rs. 30,000 per month (Rs. 35,000 per month in some cases). 

Unsecured loans for employees of unlisted companies

Qbera offers personal loans (unsecured loans) to employees of unlisted companies as well. Top banks will reject applications where employees are not employed in listed companies. 

Instances of defaults

While Qbera definitely does consider credit histories of applicants while approving loan applications, instances of defaults are something that won’t work 

Documents for unsecured loans

Here are the documents that you have to submit for an unsecured loan from Qbera:

  • PAN Card

  • Aadhaar Card

  • Cheque Leaves (4 nos. – salary account)

  • Income documents – last 3 months’ salary slips

  • Bank statements for the last 6 months

  • Photographs (Passport sized)


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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%)
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  • 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)
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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 10.99% to 35.99%. Loan lengths range from 12 to 60 months. Administration fee ranges from 1% to 5%.

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