How to apply for a loan

Personal loans, also known as cash loans and unsecured loans, are in vogue now. Since there is no restriction on the end usage of the amount it is also known as multi-purpose loan. And well we all do have a thousand ways to use the amount that comes into the account- don’t we? Although instant personal loans are like quick money, it doesn’t mean that one can throw caution to wind and use the money recklessly. Such immediate cash loans fall in the high-risk category as there are is no collateral pledged and so does carry a higher rate of interest and also defaulters are severely penalized in their credit scores as well. Let's see how to apply for a loan - it is of course, extremely simple. 

These multi-purpose loans can be used in any way that you think fit. Be it funding your dream wedding, remodeling, renovating or upgrading your home, consolidating your credit card debts or paying your hospital bills or funding your education, to simply financing your long-awaited exotic vacation, the choice is yours. So they why wait? You can go ahead and apply for a personal loan.

With traditional banking methods, the next obvious question is well- How to apply for a loan? How much time will it take and what all documents are required. Banks traditionally have many checks and conditions, so it will take about a week or so. But in this world of Instant everything’s, Fintech companies like Qbera have come up with quick personal loans. These loans are offered online and promise quick disbursals.

How to apply for a loan? 

It’s quite simple- take out your mobile phone, laptop or your desktop, and search for Qbera.com. Fill in the details and get information on your loan eligibility within minutes. The documentation and validations are all done online with minimum paperwork. After the completion of all checks, the amount is deposited directly into your bank account in 24-48 hours.

So what is the eligibility and document required?

The eligibility for a private loan are-

•             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

And the documents that needs to be given are:

• Aadhaar Card
• PAN Card
• Proof of address
• Salary and income documents
• Photographs

Please do take note that the CIBIL scores plays an important role in determining the loan eligibility and the interest rate that you are offered. Which means that, with Qbera, even if the CIBIL score is marginally less, you still can get a personal loan. The rate of interest, however will differ. The company also offers you the benefit of long repayment tenure, from 6 months- 60 months. Accordingly you can choose a personal loan with an affordable rate of interest and tenure so that your monthly budget doesn’t go out of order.