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.