How to apply for a loan
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
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.
- 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%)
- You must be a Salaried Employee
- Age: 23-55 years old
- Net Monthly Income must be more than Rs. 20,000.
- No defaults in the last 24 months.
- You must be residing in Delhi/NCR, Bangalore, Pune, Chennai, Mumbai or Hyderabad.
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"
Following a Supreme Court Order dated 13th March, 2018, Insurance regulator IRDAI extended the deadline for linking the 12-digit unique identity number with various insurance policies.
A day after SBI hiked deposit rates across maturities, the largest lender of India also raised MCLR by up to 25 basis points. MCLR is now at 8.15 percent which was earlier at 7.95 percent. This signals a possible increase in the EMIs of all types of loans – starting from personal loans to home, auto and other loans. ICICI Bank and Punjab National Bank (PNB) also hiked their MCLR by 15 bps. PNB home loans will now be at 8.6% and for women it will be 8.55%.