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:

1. 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. 
2. 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. 
3. 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. 
4. 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. 
5. 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. 
6. 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.