An Instant Online Unsecured Loan is a personal loan that comes with flexible tenures ranging from 6 months to 60 months. When you apply for an instant loan, you will receive instant approval, your documents are verified on the very same day, and you will receive your loan amount within 24 hours post final verification. If you are a salaried individual with a minimum net monthly income of Rs. 20,000, you are eligible for one with Qbera.
Instant Online Personal Loans from Qbera
When faced with financial shortfalls, one of the best possible sources of funds is to take a personal loan.
Quite a few lenders in the market offer feasible options ideally suited to your requirements. Other than less interest rate and long tenure few other factors such as the turnaround time and customer care services provided makes the loan process either a good or a traumatic experience.
Banks, NBFCs and Fintech companies in the lending market offer Instant online unsecured loans giving customers the power to choose a loan that perfectly fits his needs. Also, these Fintechs like Qbera promise a complete digital experience, the application process is online and involves minimal paperwork. The supporting documents like pay slips and bank statements are also submitted online through secured net banking gateways. The process is extremely simple- just take your laptop or on your desktop, search for Qbera.com, fill in the personal and employment details and the information about your loan eligibility and offer will be communicated in 2 mins. The documentation and validations are all done online with minimum paperwork. After the completion of all checks, the amount is deposited directly into your bank account in 24-48 hours.
These instant personal loans can be availed by any salaried individual between the age of 23-55. A net take-home salary of Rs.20 000 is preferred. The CIBIL score is another important criterion. Being instant online unsecured loans there are no assets pledged and so categorized in the high-risk loan category. Banks, therefore, prefer a credit score of 750 and above while processing the loan application. Qbera, however, does process applications with a score of 600, and also considers the social and economic standing of the individual. It is advisable to maintain a high CIBIL rating as this ensures better interest rates. A periodical checking of your score is prudent as any discrepancies that might bring down your score can be easily identified and rectified.
Qbera also considers applicants who work with uncategorized companies. All financial institutions have a vast database of employees employed by different prominent companies. Most banks reject the application if the applicant’s company is not present in their database. Qbera, however, offers instant online unsecured loans to employees of more than 7 lakh companies, thereby enabling more individuals to get access to financial services. Applicants staying in shared accommodations and guest houses are also considered for a Qbera loan.
Documents required for instant online unsecured loans
- Aadhaar Card
- PAN Card
- Bank statements for the last 3 months
- Salary slips for the last 3 months
- Proof of address document
- Cheque Leaves from your salary account
- Photographs (passport sized)
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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