Although we plan and organise each of our financial commitments, there often arises situations that throw us off balance and forces one to think- I need money urgently what can I do? Well, instant personal loans have made their presence felt in the market as an easy source of quick cash. They have become the go-to solution when in urgent need of money.
I need money urgently what can I do? Try fast cash loans in India
Well, the most loved feature of personal loan is that it eliminates the need for an individual to depend on family members or any kind of asset to rescue them in case of monetary shortfalls. These instant personal
loans are given by banks and other financial institution with the person’s credit history and salary as the main criteria. Well, there are other conditions as well as the applicant should be in the 23-55 years age group and should have a minimum take-home salary of Rs. 20 000.
The CIBIL score determines the creditworthiness of an individual. Being unsecured loans, the financial institution takes the risk of giving out the amount and so the look for an ideal credit score- usually 750 and above. Having a good credit score also benefits the borrower by giving him the power to negotiate his interest rate. However, do not fret if your score is below 750. Fintech companies like Qbera also consider scores as less as 575.
Another loved feature of an online personal loan from Qbera is that the amount is completely flexible. You can use this amount to do whatever you wish. Go ahead pay off that emergency medical bill or complete the home renovation and repairs without tension. You can use it to finance your wedding or pay for your education. The amount can also be used to consolidate all your debts under one personal loan. This multifaceted property of instant personal loan is a lifesaver so think instant personal loans instead of “I need money urgently what can I do”.
So just keep the following documents handy and you can actually see the amount instantly in your bank account-
- Aadhaar Card
- PAN Card
- Proof of address
- Salary and income documents
- Photographs
Qbera offers unsecured personal loans with quick disbursal. The key feature is following approval and other document verifications, the loan amount is deposited straight to the borrower bank account with complete flexibility to use the amount as per his wish.
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%)
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