Instant Approval Loan
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.
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
- 4 Cheques from your Salary Account
- Current Address Proof
- Permanent Address Proof (in case the permanent address is different from the address on Aadhaar card)
"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"
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%.