Need an emergency cash loan to tide over a crisis? You can choose instant online personal loans from Qbera. Immediate requirement for money calls for immediate action and funds. Banks and other financial institutes may not be handy at such a time with their set of rules and procedures. Fintech’ s, on the other hand, are much more effective in such situations.
You can opt for either personal loans or payday loans for immediate cash loans.
Payday loans are extremely easy to get, but, they have to be repaid in a truly short duration of time and they also have an exceedingly high interest rate. It's quite easy to fall into the trap of cyclic debt after taking a payday loan. A personal loan is a better alternative as do not require one to pledge any collateral and has longer repayment tenure. Also, if you choose Qbera there is minimal paperwork and manageable interest rate as well.
Key features and criteria for a Qbera Emergency Cash Loan
Emergency cash loans are extended to salaried individuals. A personal loan does not require any collateral or guarantor and it is understood that the applicant will be repaying the amount from his/her salary. The applicant must have a minimum take home salary of Rs 20,000 and a relaxed income to debt ratio.
A personal loan from Qbera can be repaid within a tenure of 6 months to 60 months. A long tenure ensures that the monthly EMI is manageable and easy to handle by the applicant. To avail maximum benefits of the long repayment tenure, the age group of 23-55 years is preferred.
The interest rate charged is strictly regulated and it typically starts at 11.99% with the maximum at 35%. However, this can be negotiated if you have a good CIBIL score. The credit score is a premium criterion that judges the credibility of an individual. The higher the score, more likely you are to negotiate a better interest rate.
To apply for an emergency cash loan, the applicant has to fill up the loan application online as well as a few parameters that are used to approve or reject the application. Once the internal qualifying norms are met and the application is approved, the applicant can submit supporting documents like bank statements and pay slips online using secure banking credentials. The minimal paper-works include submission of documents like Aadhar card, PAN card, Salary slips and income statements, bank statements, photographs and post-dated cheques from the salary account.
Documents for Emergency Cash Loan
- Aadhaar Card
- PAN Card
- Proof of address
- Salary and income documents
- Photographs
Eligibility Parameters for an Emergency Cash Loan
- You must be a salaried individual-
- You must have a min net salary of Rs.20 000/-
- You must be above 23 years of age and less than 55 years
- Minimum CIBIL score of 575 and no defaults in the last 24 months
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Interest Rate & Other Charges
Interest Rate
|
11.99% to 35.99%
|
Processing Fee
|
1% to 5% of total loan amount
|
Loan Amount
|
₹1,00,000 to ₹15,00,000
|
Loan Tenure
|
12 to 60 months
|
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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