Apply for a Personal Loan
How to Apply for a Personal Loan Online?
Personal loan can be a boon for your instant financial needs. It is used for purposes like renovating a home, for a wedding, to refinance a credit card etc. However, in this fast-moving digital world, people do not like to waste time in visiting banks or any other financial institutions. Fintech companies, unlike banks and NBFCs, now provide the application of personal loan online.
Step-by-step process for personal loan application online
Once you logon to Qbera.com, click on “Apply Now”. And then follow the below mentioned steps:
Step: 1 - Provide Loan Details
Provide the loan amount (ranging from Rs. 25,000 to Rs. 10 lacs) that you need to borrow. Use our online EMI Calculator to determine an accurate EMI. We offer EMIs starting at as low as Rs. 2700 a month.
Qbera provides a personal loan for multiple reasons. Choose from the options given in next step. Most of the people apply for personal loans to meet their following needs:
- Vehicle Purchase
- Medical emergency
- Transfer existing loan
- Home Improvement
Step: 2 - Fill Your Personal Information
The second step includes a form wherein you have to fill out your personal information such as name, personal email-ID, employment and residential details. (Do not forget to review this step before you click on ‘Next’)
Step: 3 – Provide your Bank & Employment details
Bank: You will be asked to provide your net banking details to verify your transaction history with a particular bank. In case you are not able to provide this, you have to upload 3 months PDF Bank statements.
Employment: To verify your employment, provide your official e-mail ID. In case you are not able to provide this, you will be asked to provide Form 26AS.
(Privacy: Qbera does not share your personal information beyond the purpose of assessing your loan. It uses 128 bit SSL encryption to keep your data secure.)
Step: 4 Loan Offer
Based on our credit scoring algorithm, we will use all your personal and professional details to provide you with the best offer.
We offer best in market interest rates ranging from 11.99% to 24%. The loan tenure ranges from 12 to 60 months. We charge a minimal administration fee that ranges from 2% to 4%.
1. What is the tenure of a personal loan from Qbera?
The loan tenure at Qbera is a flexible one and it ranges from 1 to 5 years (12 to 60 months).
2. What is an EMI?
It is the fixed amount that a borrower pays to the lender on a particular date every month. An EMI includes the principal and interest charged on a loan.
3. What is the minimum and maximum loan amount that I can get from Qbera?
The loan amount ranges between Rs. 25,000 to Rs. 10 Lacs.
4. What is unique about Qbera?
Our technology and lending partnership allow us to offer a world-class experience to our borrowers:
- Paperless application
- Instant lending decision
- Digital verification of income, employment and residence
- Disbursement of loan within 24-48 hours
Our CIBIL score cut-off is 625 and we can give loans to employees of more than 9 lac companies in India. Now you don’t have to get rejected by banks just because they have not analyzed and categorized your employer.
5. What should be my age to apply for a loan with Qbera?
You must be at least 23 years old to apply for a loan.
6. What should be my minimum salary to get a loan?
Your net monthly income must be Rs. 20,000 or more.
7. What should be my CIBIL score cut-off for a personal loan?
Our CIBIL score cut-off is 625 (V2 score).
8. What is the rate of interest charged on a personal loan?
Rate of interest depends on a borrower’s income, CIBIL score, employer, age etc. Qbera collects information from your application form and various other data sources to create a personalized loan offer for you. Our interest rates start at 11.99%.
9. What is the eligibility criteria to get a loan from Qbera?
To get a loan from Qbera, a borrower should meet the following eligibility criteria:
- Must be a salaried employee.
- Age must be between 23-55 years.
- Net monthly income must be Rs. 20,000 or more.
- No defaults in the last 24 months.
- You must be residing in Delhi/NCR, Bangalore, Pune, Chennai, Mumbai or Hyderabad.
10. How do I apply for a loan online?
To apply for a loan online, click here. For queries, please Whatsapp us on +91 89719 28484.
11. What are the documents required to get a loan from Qbera?
The following documents would be required after your loan is digitally approved:
- Aadhar 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 Aadhar card)
- Passport size photo
12. What is the processing fee charged on a personal loan by Qbera?
The processing fee ranges between 2% - 4%.
13. How can I repay my loan?
Qbera provides easy repayment of its smart loans through automatic debit of EMIs via NACH mandate.
14. Why was my loan application rejected at Qbera?
Although we have one of the best approval rates in the industry, we may have to reject some applications if they do not meet our basic qualification criteria. You can re-apply after 3 months in case you think that your credit profile has improved.
15. Can I re-apply for a loan?
Qbera requires you to wait for at least 3 months before re-applying for a personal loan.
16. How much time does Qbera take to process a loan application?
It will not take more than 10 minutes to fill up your online application form. Our technology allows us to disburse the approved loan amount within 24-48 hours.
17. Is part/prepayment allowed on my personal loan?
We do not allow part-payments. However, you can prepay your loan after completing 1 year of repayment. (Foreclosure charges: 5% + GST applicable).
18. Do I need to submit any collateral to get a personal loan from Qbera?
All personal loans offered by Qbera are unsecured. Hence, you need not submit any assets or property to secure a loan.
Interest Rate & Other Charges
||11.99% to 35.99%
|| 1% to 5% of total loan amount
||₹1,00,000 to ₹15,00,000
||12 to 60 months
- 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.
Documents Required after Digital Approval
- Aadhaar Card
- PAN Card
- Current Address Proof
"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"
State-run lenders will soon be under the Finance Ministry’s supervision regarding their measures taken to prevent bad loan frauds. The banks were directed to tackle bad loans by coordinating large ticket loans and by improving various aspects pertaining to stressed assets.
The Reserve Bank of India barred the trading of Bitcons and other crypto currencies, disallowing banks and financial institutions from dealing with them.
The Indian Government recently conveyed to State-run banks that they’ll have to seek external funding options after the current bailout package provided by the government is exhausted.
Kotak Mahindra Bank, a prominent private sector lender in India, recently launched its Artificial Intelligence programmed voice bot that goes by the name Keya.
Hit mighty hard by the Nirav Modi scam, Punjab National Bank promised to pay Rs. 6,500 crore to seven banks against the fraud LoUs (Letters of Undertaking) and FLCs (Foreign Letters of Credit). Out of these, around 350 LoUs and FLCs are maturing on March 31.
With the Reserve Bank of India changing loan restructuring guidelines, profitability of Public Sector Banks (PSBs) is expected to be hit in the current quarter ending March 31. The RBI withdrew debt restructuring tools to align them with the Insolvency and Bankruptcy Code.
The government reported a fall in GST collections for the second straight month of 2018, with collections declining to 85,174 crore.
Following a Supreme Court Order dated 13th March, 2018, Insurance regulator IRDAI extended the deadline for linking the 12-digit unique identity number with various insurance policies.
A day after SBI hiked deposit rates across maturities, the largest lender of India also raised MCLR by up to 25 basis points. MCLR is now at 8.15 percent which was earlier at 7.95 percent. This signals a possible increase in the EMIs of all types of loans – starting from personal loans to home, auto and other loans. ICICI Bank and Punjab National Bank (PNB) also hiked their MCLR by 15 bps. PNB home loans will now be at 8.6% and for women it will be 8.55%.
A loan can get you and your loved ones the comfort of a car and security of a home, and many other things. But your real responsibility begins only after taking the loan.