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
• Photographs

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.