Personal Loan Instant Approval

What are instant approvals on personal loans?

An instant approval on a personal loan is essentially a tick-mark or approval of an applicant’s credit profile, indicating that the applicant qualifies for a personal loan from the lender. The term “instant” in instant approval indicates that the applicant will receive information on his/her eligibility almost instantly. The “instant approval” is generated automatically, after information on the applicant’s credit profile is obtained from the bureau. In the present day, most lenders offer “personal loan instant approval” to applicants applying for personal finance with them.  

Personal-loan instant approval from Qbera

 Qbera offers personal loan instant approval to applicants based on their credit outlook. Note that not all applicants get approved – if the applicant’s credit profile isn’t in sync with Qbera’s internal credit norms, the applicant will get an immediate “rejection” message. The “instant approval” feature has significantly increased the speed in processing loan applications. Also, applicants who face rejection will be notified instantly, allowing them to explore their options with other lenders.  

How do instant approvals from Qbera work?

Say you are an applicant planning to apply for a personal loan from Qbera. Once you visit the site and fill out your personal and professional details, Qbera obtains information on your credit profile from the bureau through your PAN and Aadhaar number.

The information is obtained almost instantly, and the same is passed on to you – if you are eligible, you will be asked to go ahead and complete the rest of your application (which involves submission of documents – documents can be uploaded online).

Note that instant approval on a personal loan does not mean the amount will be disbursed immediately to your bank account. It only means that your credit profile qualifies for a loan with Qbera. The approved loan amount will depend on several parameters including your credit score, your repayment history, your monthly income and your monthly repayment liabilities.

What information is obtained from the credit bureau?

Lenders essentially obtain information on your credit score and repayment history. A final decision is made based on these two essential parameters. If your credit score is eligible for a loan with Qbera, you will receive instant approval.

Once your documents are verified and all other aspects of your profile meet Qbera’s internal criteria, you will receive a customised loan offer, following which the amount will be disbursed to your bank account within 24-48 hours.