Mobile Phone Loan
Mobile Phone Loan
Mobile Phone Loans are extremely popular in India these days, thanks to the emergency of lending startups that have made the process extremely simple and easy. If you're looking for a mobile phone loan, it is essential to have a good credit score and a good credit history. Let's learn more about mobile phone loans and how you can get one from Qbera.
Getting a mobile phone loan in India
If you’re a potential borrower, you’d have time and again come across a spate of articles that talk about the importance of having a good credit score. Well, for starters, your credit score forms the basis of your overall creditworthiness. While credit scores are certainly important for secured loans, they have a larger weightage in influencing unsecured loan applications. As unsecured loans such as personal loans do not require any collateral, the credit score as an assessment parameter becomes all the more important for lending institutions to classify creditworthy individuals and provide them with credit.
The lending market today isn’t just confined to private and state-run banks – the market has expanded significantly, opening its boundaries to include new-age lenders such as Fintech and P2P lenders as well. As a matter of fact, these very players that have risen in popularity in present times, have enabled a larger section of working-class professionals to get easy access to credit.
When we talk personal loans, we don’t quite have to lay … emphasis on a parameter that defines the competition in the market – the interest rate. The first thing that concerns most borrowers intending to opt for personal finance is the interest rate on the credit instrument they’re borrowing. Different lenders offer credit at different interest rates. As such, when we talk interest rates, personal loans have become more popular than credit cards in recent times, with an increasing number of individuals availing personal loans to clear their outstanding credit card dues – this is primarily because the interest rate on personal loans hovers around the 12%- 15% p.a. mark, while the interest on credit cards stands at a massive 35%-40% p.a. on an average.
Coming back to exploring the relevance between good credit scores and interest rates, first of all, it is important to note lending institutions have their own eligibility criterion as far as credit scores are concerned. Meaning, you will only be offered a personal loan if your credit score falls within a range specified by the lender. Only then does interest-rate range on your loan application becomes important.
How do you get a mobile phone loan from Qbera?
Applying for a loan from Qbera is an extremely simple process that takes under 5 minutes. Let’s look at the steps:
- Visit the Qbera website and click on the option for salaried individuals.
- Fill out your personal and professional details online – in the online application form.
- Once you enter your details, you’ll receive instant approval – this depends on your credit profile.
- Submit your supporting documents online. This includes KYC documents, income documents and your bank statements (you can submit your bank statements by singing-in with your netbanking credentials through a highly secure web platform).
- You will then receive a personalised offer from Qbera depending on your income, credit profile and repayment capacity.
- In select cases, an executive will come visit you to collect your physical documents.
- Once you receive final approval post verification of your documents, you will receive the loan amount within 24-48 hours.
- 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.
- You must be residing in Delhi/NCR, Bangalore, Pune, Chennai, Mumbai, Hyderabad, Jaipur, Ahmedabad or Kolkata.
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"