How to get an instant loan online?
You can get an instant loan online by approaching a Fintech or a P2P lender. Banks do not offer instant loans as such - their application process takes at least 7-8 working days. If you're looking for urgent funds, by approaching a Fintech lender, you can get your loan amount within 24-48 hours. Qbera uses an advanced risk-assessment algorithm that assesses risk in real-time and generates approval based on your overall credit health.
Steps to apply for an instant loan online from Qbera
Applying for an instant loan online from Qbera can be completed in 5 extremely easy steps. Let's take a look:
- Visit the Qbera website - https://www.qbera.com/ and click on the option to "Apply". Choose the relevant option if you are salaried or self-employed. While Qbera considers applications from self-employed individuals, salaried individuals are currently preferred.
- Once you click on the "Apply" option for salaried individuals, you will be directed to the application form page, where you'll have to fill out your personal and professional details. Once your KYC details are verified, Qbera's proprietary risk-assessment algorithm obtains your credit report from the Bureau within seconds and assesses your credit profile. Parameters like your credit score and repayment history are evaluated, following which you will receive instant loan approval.
- You will then have to upload your documents - e-KYC and professional documents. Your banks statements for the last 3 months need to be uploaded too - this is done through a secure channel by logging in with your internet banking credentials.
- An executive from Qbera will come to visit you to collect physical copies of your documents. Note that the process involves minimal documentation - showing original copies of your KYC documents and submitting photocopies (attested) of the same are all that is needed.
- Once your documents are digitally verified, you will receive a customized loan offer within a few hours. You can also check the maximum loan amount you are eligible for by using the online EMI calculator. Just adjust the sliders accordingly and know how much you can borrow from Qbera.
- After you've accepted the final loan offer, the loan amount will reach your registered bank account within 24 hours!
Getting an instant loan - know if you are eligible
In order to get an instant loan from Qbera, you are expected to meet Qbera's basic eligibility criteria. Let's take a look at the eligibility parameters that every applicant will have to meet in order to qualify for an instant loan from Qbera:
- You should be at least 23 years old, and not older than 55 years.
- You should have a minimum credit score of 600 and a minimum net monthly income of Rs. 20,000.
- You should have no instances of EMI bounces over the last 3 months at least.
- No instances of defaults should be present in your credit profile over the last 12 months.
View a complete list of our FAQs at our
help center
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%)
About Qbera
Partner with Qbera
Press
Reviews
Call Back Request
