Fast Consumer Loans
Fast Consumer Loans
Fast, Quick and Instant are the mantras of today’s digital world. Be it fast food or fast consumer loans, the trend favors the swift and quick versions. Nowadays, instant consumer loans are given to salaried customers and the average time taken for processing and disbursal is just 24-48 hours! If you’re wondering what consumer loans are, they are a type of personal loans and vary mostly in terms of their tenure and turnaround times. Just like personal loans, consumer loans also fall into the category of unsecured loans. In the changing economic front, Fintech companies such as Qbera have started providing fast personal loans to the salaried.
Instant consumer loans for the salaried
Earlier, applicants didn’t have access to super-quick and digital access to credit. Nowadays, however, they have access to fast online loans. Thanks to the digitized procedure in checking for personal information and credentials, the process is fast and hassle-free with minimal documentation. The digital technology has completely revolutionized the loan granting process with super-fast online loan disbursal. The average turnaround time for loan disbursal by companies such as Qbera is as less as 24-48 hours, provided the documents are in order. The access to fast online loans has changed the outlook of salaried individuals in viewing personal loans as the ideal solution for quick and easy access to credit.
The online loan process
The term online suggests that the majority of the application process can be completed online. The application form is filled online, credentials are checked online, bank statements and supporting documents are submitted online through secure channels and post verification according to internal standards of institutions like Qbera, the loan is disbursed straight to the applicant’s bank account. In recent times, fast consumer loans have changed the way salaried individuals view borrowing, and have elevated personal loans as a source of finance in case of emergencies. For emergency cash requirements like in case of sudden hospitalization or home renovation, consumer cash loans are offering customers the facility of fast cash that can be repaid from their salaries over a fixed time period.
Documents Needed and Eligibility Criterion
The upside of personal loans by Fintech companies is that even if you have a low CIBIL score, you still have a chance; provided you meet their internal standards and have proper documents. Qbera processes loans for individuals with a CIBIL score of 600 and above. If your net take home salary is Rs. 20, 000/-per month, and your age falls in the 23-55 years category, you have a chance to avail a consumer loan from Qbera.
The mandatory documents are:
- Aadhaar Card
- PAN Card
- Proof of address
- Salary and income documents
- Cheques of your salary account
It is to be noted that all Fintech companies have their own internal standards of processing, and loans are granted based on successfully meeting those criteria.
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"
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