Qbera is your answer to immediate loan requirements in India. Traditionally Indians are known to save amounts before they spend, however, in modern times it has become difficult to save money and the gap between income and expenditure is on the rise. The economic policies and inflation in the economy have further widened this gap with income not able to fully sustain all household expenses thereby making saving highly difficult. The lending industry has stepped in this arena with registered and legal Fintech institutions offering personal finance to salaried and self-employed individuals to meet their monetary requirements with an immediate loan in India.
Difference between Qbera and traditional banks – Immediate Personal Loans Online
Qbera
|
Traditional Banks
|
CIBIL score of 600
|
Minimum CIBIL score of 750
|
Minimum net monthly income of Rs. 18,000
|
Minimum net salary of Rs 30, 000 and more
|
No defaults in the last 12 months
|
No defaults in last 12 months
|
Late payments a few times are allowed
|
Late payments attract heavy penalty
|
Paperless loans
|
Paperwork involved
|
Advantages of Immediate Loans in India from Qbera
- Instant approvals: Online verification of personal and employment data is carried on and loan eligibility and approvals are instantly communicated.
- Economical interest rate: Although personal loan interest rates tends to be on the higher side, Qbera personal loan come with economic rates.
- Long repayment tenure: For EMIs to be manageable, a longer loan tenure is preferred. The 5-year repayment tenure does give that flexibility to those opting for an immediate loan in India from Qbera.
- Flexible usage: You can use this versatile personal loan to consolidate your debts, pay for higher education, to pay medical bills or to fund marriage expenses or vacation.
- Minimal Documentation: Most of the required documents are submitted online, but, there are a few documents that have to be submitted in hard copy. An executive from qbera is assigned to collect the same. These documents are PAN card, Aadhar card, cheque leaves, and photographs. Note that all these documents are mandatory to process your application for an immediate personal loan.
Things to keep in mind while applying for an Immediate Loan in India
Personal loans are easy access to money and so there is a tendency to get carried away and apply for a loan amount that is higher than your requirement. So, the first question to ponder is – if you really require the loan? And if yes, how much is required?
Eligibility criteria for an immediate cash loan is different in banks and fintech companies. So, do a thorough study about the eligibility before applying for a loan.
Before applying to a financial institution check your credit score. There are no penalties levied when you access your credit score, however, when lender does it- there are point deductions. So, before applying check the score to see if you have the accepted level. If not, undertake remedial measures before applying.
Check the interest-rate offered to you and the rates prevalent in the market. A lower interest rate means less total payout at the end of the loan term. So, shop and negotiate for a better interest rate.
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%)
About Qbera
Partner with Qbera
Press
Reviews
Call Back Request
