A Personal loan is the perfect answer for any kind of financial emergency. Even if there is no emergency, if you have a financial deficit which cannot be managed by your monthly paycheck alone, you can opt for a personal loan. With Qbera, you can get a personal loan instantly, with minimal paperwork.
The process of how to get a personal loan is quite simple. When you apply, however, make sure you're aware of all fees and charges that are involved. Personal loans usually come with tenures ranging from 6 months to 60 months - you can choose a tenure of your choice by factoring in your monthly repayments and other monthly budget aspects.
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Do a thorough groundwork in regard to the amount needed: Taking a loan, just because you can, is not the ideal way. You need to assess the requirement and also how to repay the amount taken. To opt for a personal loan- you also need to study the institutions offering the same and check for one that best fits your requirements.
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Check for deals with various organizations like banks, NBFCs and the new entrants Fintechs: While earlier the organization to provide a loan was the bank or a private lender, the playfield has diversified now with the arrival of Fintechs. Banks early were wary to give out collateral-free loans and so secured loans were preferred. But with Fintechs like Qbera in the market, banks too have competitive personal loans to offer. Fintechs have however turned the table with advances risk calculation algorithms and instant disbursals.
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Analyze the application procedure: After zeroing in on the best organization for your need, check out their application procedure. Banks do require the physical documents and your presence at the branch. If you are short of time, always opt for Fintechs like Qbera as their application is completely digitized. The application form, document submission and its verification followed by loan approval and disbursal, all of these can be done online.
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Apply for the loan: The last step in how to get a personal loan is to actually apply for the same. With Qbera, just log in to their website from the comfort of your home and click on the “apply now” button. There is a series of fields that need to be filled. Once that is done you can know your eligibility within a matter of minutes. This is followed by document submission and verification of the same. There are some physical documents to be submitted and they can be handed over to the executive from Qbera.
Advantages of a personal loan-
- Do not require collaterals
- Easy to apply
- Quick approvals
- Minimal documentation
- Multipurpose
Documents required for a personal loan
- Aadhaar Card
- PAN Card
- Cheque leaves from your salary account
- Photographs
- Bank statements and salary slips for the last 3 months
Eligibility criteria for a personal loan from Qbera
- Salaried individual
- A minimum net salary of Rs.20,000/- monthly
- Age between 23 and 55 years
- A minimum CIBIL score of 575
- No payment defaults in the last 24 months
View a complete list of our FAQs at our
help center
Interest Rate & Other Charges
Interest Rate
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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%)
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