To get an instant loan, it is imperative to have a clear knowledge about how loans are granted and the document requirements as well. Instant loans are personal loans that are granted to an applicant without any collaterals.
These instant loans are truly digital, with the provision of completing the entire process online with minimal documentation.
Apply for an instant loan through these very simple steps
- Every initiative starts with an idea and a thought. So, the first part is undoubtedly the assessment of the requirement. Assess your requirements minutely and decide at an amount that will be enough to meet the need. Qbera offers loans ranging from Rs.50,000 to Rs.25,00,000 and so is able to cater to your every need.
- Having arrived at an amount needed, the next question is the interest rate applicable and the tenure in which it will be repaid. Use an EMI calculation tool to calculate the monthly EMIs and check if it can be managed. Qbera personal loans interest rate starts at 11.99% and the loan tenure ranges from 6 months to 60 months.
- After approval, the internal verification process starts. This includes submission of some documents like bank statements and salary slips. The good part is that you can submit them online.
Documents required for an instant loan from Qbera
- Aadhar card
- PAN card
- Salary Slips
- Address proof
- Photographs
- Cheque leaves
After successfully completing the internal verification, you can expect the amount in your bank account within 24-48 hours. Qbera is continually making personal loans a quick, easy and online solution to monetary shortfalls.
With Qbera, you need not visit any branch offices, fill up forms or provide unlimited copies of your documents. It has simplified and fast-tracked the process to get instant loans.
Before you apply, check for the financial institution’s eligibility criteria. Different banks and Fintechs have different criteria regarding job, tenure, age etc. Carefully look at these before applying. Qbera looks for the following criteria:
- Salaried individual
- Min take-home salary of Rs 20,000
- Age group of 23-55 years
- CIBIL score of 575 and above
- No payment defaults in the last 2 years
Once the groundwork is done, you can log on to the website www.qbera.com and apply for an instant personal loan. A few personal, financial and employment information needs to be provided after which the loan approval is known within 2 mins.
View a complete list of our FAQs at our
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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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