Eligibility for Online Personal Loans

Eligibility for Online Personal Loans

Eligibility for online personal loans is a criterion defined by online lenders. The eligibility is often declared upfront (displayed online) to make the task of an eligibility check much easier. Anyone who is looking for online personal loans can now even check whether he/she is eligible for a personal loan. 

Read about Qbera's instant loans

Qbera – a Bangalore based Fintech company, is one such online lender that provides instant personal loans to salaried individuals. The application process at Qbera.com is completely digital, which also features online verification of your documents. It also allows you to check your eligibility for online personal loans within a few seconds. 

Find out if you match the eligibility criteria for online personal loans with Qbera

The eligibility criteria for online personal loans differ from lender to lender. Traditional lenders like banks and NBFCs follow strict guidelines while approving a loan, which mostly takes more than a week to finally get disbursed. 

However, the process of application with online lenders like Qbera can be finished easily and quickly when compared to banks. An online personal loan is approved based on various factors such as age, income, credit history, employment etc. Qbera has very basic criteria, ideal for a middle-class salaried individual, who gets rejected by conventional institutions on the basis of low income, a low credit score, or because he/she works in an unlisted firm/company. Check our eligibility criteria mentioned below:

Check how Qbera’s online EMI calculator will also help you find your eligibility for online personal loans

The EMI calculator featured by Qbera not only calculates your EMI, but also gives you suggestions on your loan amount and loan tenure. It will only ask for two things – your net monthly income and current EMIs, if you are paying any. 

When you feed these values, Qbera will suggest the loan amount you can be eligible for the tentative repayment period depending on your repayment capacity. This is another way of quickly checking your eligibility for online personal loans with Qbera. As you can see in the table above, our eligibility criteria for instant personal loans is much basic compared to traditional lenders. 

Banks and NBFCs usually consider a high credit score of 750 or more to approve a loan. Even the salary benchmark that they look for is more than Rs. 35,000 a month. This makes it quite a difficult task for a middle-class individual earning a moderate income and who is new to the world of credit, to get a loan.  

The right thing is to apply for a quick cash loan now with Qbera. Our personal loans get disbursed within 24-48 hours. Our constant efforts to reduce the TAT has enabled us to disburse the loan within a day as well. 

Follow these easy steps to apply for a quick online loan from Qbera.com

1. Login to Qbera.com and click on the “Personal Loan Calculator”. Adjust the 2 sliders of “net monthly income” and “current EMIs” to get a customized EMI.

2. When you get your EMI, check your eligibility for online personal loan, based on the loan amount and loan tenure suggested by the EMI calculator. Luckily, our EMI calculator also works as an eligibility calculator for online personal loans. to give you an idea of how much you’re eligible for.

3. On the same page, when you scroll back to the top, click on the “apply now” tab. You will be directed to the online application form. Fill in your personal and professional details. 

4. Upload the bank statements and necessary documents. These documents will be digitally verified, with the help of which we will be able to provide quick online approval.

5. After the digital approval, our customer representative will be at your doorstep to collect the documents. 

6. Once you finally get approved, we will offer a loan amount. You are open to accept or reject that offer.

7. Once you accept that offer, the loan amount will be transferred to your bank account within a day.