Qbera offers mobile loans - loans that can be applied for through your mobile, with minimal paperwork and super-quick disbursal times. Personal loans from Qbera come with a turnaround time of just 48 hours. Once you apply for your loan, you will receive instant loan approval, following which your loan amount will be disbursed to your bank account within 24 hours!
Important factors that are considered while evaluating your mobile loan application
Your credit history
Your credit history is one of the most important parameters that determine the approval of your loan application. A good credit history would ideally comprise of consistent repayments over time. As such, the credit history has the most dominant impact on your credit score and has a weightage of 35% on your score. Instances of defaults have a significant impact on your score while defaults have a more severe impact.
Your credit score
In order to qualify for a personal loan from Qbera, you should have a credit score of at least 600. As such, lenders have their own credit score criterion that applicants have to meet in order for them to qualify. Most private banks require individuals to have a credit score of at least 700 in order to qualify for a mobile loan from Qbera. Note that late payments and defaults have a severe impact on your credit score.
Your income
Another important aspect that influences your mobile loan application is your income. Your approved loan amount as such is majorly determined by your income and current monthly liabilities (on existing loans or credit cards). You can use Qbera's online EMI calculator to know the amount you're eligible for by adjusting the sliders (one for your monthly income and the other for your total monthly repayment amounts).
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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