Immediate Consumer Loan

The IT sector has seen an exponential growth over a brief period of time and has encouraged many IT professionals to shift to IT prominent cities. A new city and culture usually translate to an absence of the safety net in the form of parent and immediate relatives. Employees usually live from paycheck to paycheck and immediate unplanned expenses that need to be addressed can be extremely hard to manage. This is where immediate consumer loans step in and make lives better. Well!! who doesn’t appreciate a little bit of financial assistance to make life easier?

Getting Immediate Consumer Loans in India

Whenever a person borrows money from a lender, it is considered a consumer loan. Both secured and unsecured loans are types of consumer loans. Personal loans are the best possible solution for unplanned and immediate financial requirements. A personal loan is not secured against an asset and so if the borrower defaults, the lenders do not have any way of recovering the lost amount. This is the reason personal loans have a higher interest rate when compared to home or vehicle loan.

Things to note while getting an immediate consumer loan 

Here are things you can consider while applying for an immediate personal loan from Qbera:

Can the requirement be handled without a loan? Genuine need like hospitalization or unseen emergency home repairs would need a loan, but you can refrain from opting a personal loan with an idea to reinvest.

Can the monthly EMIs be managed? Defaulting on a loan is not considered good and is reflected in your credit profile for a prolonged period of time. Choose a personal loan only if you are sure that you will be able to manage the monthly payouts.

Is your loan being sanctioned at the best possible interest rate? The interest rate applicable on a loan decided the total amount that is paid out to the lender at the end of the loan period. So, make sure to negotiate on your offer and choose the lesser interest rate one. Qbera offers personal loans with interest rates starting at 10.99%.

Carefully consider your loan document for various charges and penalties. There is always a processing charge that is applicable as well as penalties for late payments and defaults. Do go through all the charges and carefully understand its scope before taking a loan.

Advantages of immediate loans from Qbera

• Complete digital experience
• Economic interest rate 
• A long repayment tenure
• Collateral- free
• Multipurpose - can be used for almost anything
• Considers low- income groups
• Considers applications with a low CIBIL score
• Considers applicants in shared accommodations
• Minimal documentation requirements

Now, after careful consideration, look at the eligibility criteria of different institutions as they vary and choose one that is best suited for your need.

Eligibility for consumer loans from Qbera

• You must be a salaried individual
• You must have a min net salary of Rs.18 000/-
• You must be above 23 years of age and less than 55 years
• A minimum CIBIL score of 600 and no defaults in the last 24 months

Documents required for immediate cash loans from Qbera

• Aadhaar Card

• PAN Card

• Proof of address 

• Salary certificate

• Photographs

• Cheque leaves