Personal Loans made simple!
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
Proof of address
Interest Rate & Other Charges
||11.99% to 35.99%
|| 1% to 5% of total loan amount
||₹1,00,000 to ₹15,00,000
||12 to 60 months
- 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%)
- Age: 21-57 years old
- Net Monthly Income must be more than Rs. 18,000.
- No defaults in the last 24 months.
Documents Required after Digital Approval
- Aadhaar Card
- PAN Card
- 4 Cheques from your Salary Account
- Current Address Proof
- Permanent Address Proof (in case the permanent address is different from the address on Aadhaar card)
"I am really happy that I got a loan from Qbera. My application has been rejected by lenders in the past without giving any explanation for rejection. Qbera approved my loan with minimum documents. Thanks a lot once again."
I did not want to make many enquiries as many requests can lower the CIBIL score. I contacted Qbera on a Monday and by evening itself they had an offer for me. They kept me informed through every step of the process and were also flexible with regards to my commitments. In the end, the loan was disbursed within two days of documents submission. Thank you Qbera for simplifying the process and helping me find a loan. " Show more...
"It was a nice experience with Qbera. I have never seen such an easy process for getting a loan, especially when you need it the most. Thank you Qbera for your support."
"I had a hassle-free experience with Qbera. It was a very easy application procedure and in a short span of 3 days I got my loan credited to my account. Thank you so much for the support Team Qbera"
"It was very easy to get a loan from Qbera. I just applied on their website and got a confirmed offer immediately. The amount was transferred soon after. Will give it 5 out of 5"
"It's good and quick response from the Qbera team to get the loan. They are very good at the communicating the things properly and appropriately"