How can I get a personal loan in India
How can I get a personal loan in India
Getting a personal loan is extremely easy these days - you can get one within 24-48 hours if you approach the right lender. Banks, Fintech lenders and P2P lending platforms are the most popular places for loans these days. Qbera is a popular Fintech company that offers instant personal loans to salaried individuals with a minimum net monthly income of Rs. 20,000.
Getting a Personal Loan in India
With extensive advertisement, a commoner knows that a personal loan is an ideal solution for financial emergencies. But, still the question of “How can I get a personal loan?” does arise. The answer is quite simple, you can approach financial institutions such as banks, NBFCs and Fintechs with your requirements. There are however information’s that you need to know about the working and criteria.
Steps to get a personal loan in India
Firstly, we need to know the constituents of a personal loan. These loans are unsecured loans offered by financial institutions, wherein you do not have to pledge any collateral. This also causes it to have a higher interest rate in comparison to secured loans.
The modern advancements have revolutionized the application process. Where earlier you had to make multiple visits to bank and physically submit the documents along with the application, modern technology has enabled one to do the same from the comfort of your home. This has been made possible by Fintechs such as Qbera.
The digital application of a personal loan is quite simple-
- Log on to www.qbera.com and fill out the online application form which is quite simple with a handful of personal and employment information
- Submit your bank statements using your netbanking credentials or e-mail your bank statements to Qbera. Make sure that the bank statements reflect your salary credit.
- Note: submitting your bank statements through your netbanking credentials is a secure process that takes place on highly-secure web channels.
- Get a customized loan quote from Qbera in about 4 hours.
- Note: The verification process will be done online. But there a few documents that have to be in physical form and so, a representative from Qbera will come and collect it from you.
- Once you've submitted your documents and get an approval post verifications, you can expect to receive your loan amount within the next 24 hours.
The documents that have to be submitted physically include-
- PAN card
- Aadhar card
- Permanent Address Proof (in case the permanent address is different from the address on Aadhaar card)
- 4 Cheques from your Salary Account
The advancement in information technology has made it possible to sanction loans in a matter of hours as compared to banks where it takes 5-10 working days. And simplified the process of getting a personal loan.
Interest Rate & Other Charges
||11.99% 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
- Current Address Proof
"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"