Know how to get a loan online with these simple steps

Banks, NBFC s and Fintechs are the answer to the question - How to get a loan online! The modern world is all about technology. The technological advancements have ensured that any situation can be handled from the comfort of our home. Personal loans have joined the list too. Banks earlier required your presence in the bank with all documents. But now, the situation has changed immensely with the advent of Fintechs like Qbera. The entire process of applying for a loan, document submission, and verification can be done online.

How to get a loan online - Follow these easy steps to get yours in 24 hours

1. Visit the website www.qbera.com and click on the “Apply Now” option available on the site, or the “Apply” option for salaried individuals.
2. Fill out your personal and professional details in the application form, after you’ve picked your loan amount and the purpose of your loan.
3. Documents to be submitted include your income, residence and identity documents. The bank statements can be uploaded online using your netbanking credentials.
4. Using the proprietary Credit Scoring Algorithm Qbera determines the loan eligibility in real-time. The advanced algorithm uses information about you, to determine your future potential and help get the best rate instantly.
5. A customized loan offer is made by Qbera after reviewing the credit profile.
6. An executive visits you to collect hard copies of documents such as Aadhar card and PAN card.
7. Once you accept the loan offer which will quote a sanctioned loan amount, the amount is disbursed to the bank account in 24-48 hours.

Many a time, an applicant who is staying in shared accommodation or who has a low income is rejected. This can be attributed to the fact that personal loans are unsecured loans and there is no collateral attached. Banks therefore critically examine loan applications and the eligibility criteria are extremely strict. So, in such situations, the applicants keep looking to get a loan online. Fintechs in comparison are quite lenient and applicants do not necessarily have to meet stringent eligibility parameters in order to qualify.

Eligibility to apply for a personal loan online

• Qbera allows application for online personal loans if you have a minimum credit score of 600.
• The minimum monthly income to be eligible is Rs. 20,000.
• The minimum loan amount offered is Rs. 50,000 and the maximum loan amount is Rs. 25 Lakhs.
• Qbera offers easy personal loans to employees of over 7 Lakh companies in India. This drastically increases the approval probability.
• The minimum age to apply is 23 years. The maximum age is 55 years.
• As a Qbera customer, you can choose a loan tenure ranging from 6 months to 60 months.

These loans are very versatile, they can be used to finance anything from marriage, home renovation to debt consolidation and so are the ideal option when faced with fiscal deficits.