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:
Eligibility Criteria
|
Description
|
|---|
|
Employment status
|
Salaried employees working with a private limited company or a public company/organization
|
|
Income
|
Minimum
|
|
Age
|
23 to 55 years
|
|
Credit score
|
600
|
|
Credit history
|
Must not have any defaults in the past 24 months.
|
|
Residence
|
Pune, Bangalore, Chennai, Mumbai, Hyderabad, Ahmedabad, Jaipur, Delhi-NCR
|
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
-
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.
-
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.
-
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.
-
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.
-
After the digital approval, our customer representative will be at your doorstep to collect the documents.
-
Once you finally get approved, we will offer a loan amount. You are open to accept or reject that offer.
-
Once you accept that offer, the loan amount will be transferred to your bank account within a day.
1. What is the interest rate charged on a personal loan from Qbera?
A. Our interest rates start at 11.99%. Also, we do consider factors such as age, income, credit history to find out the best rate for you that can fall anywhere between 11.99% and 24%.
2. Do I need to submit any legal asset or property to get a loan?
A. All instant loans at Qbera are unsecured, which means you don’t have to submit any collaterals.
3. In how much time can I pay back the loan amount?
A. Qbera allows you to choose from a flexible loan length of 6 to 60 months.
4. What is the prepayment fee for a personal loan?
A. You can prepay a loan after completing first 12 months and the charges applicable are 5% of principal outstanding and GST.
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%)
About Qbera
Partner with Qbera
Press
Reviews
Call Back Request
