Private Cash Loan

Private cash loans are personal loans that have a fixed rate of interest and flexible repayment tenure. These are unsecured loans that can be availed by an individual without pledging any kind of collateral. They also come armed with an economical rate of interest and long repayment tenure. Qbera offers its customers cash loans with a host of features that can help them tide over any kind of financial shortfalls.

A typical private cash loan in India can offer financial support starting from Rs 50,000 to Rs 25,00,000 depending on the eligibility. The loan tenure ranges from 6 months to 60 months and the interest rate starts from 11.99%. However, the offered interest rate will depend on several factors including an individual's credit score, repayment history, age, income, employer etc. In order to get the best interest rate, it is advisable to have a good credit score, not too many instances of late payments, and no defaults.

It is advisable to check for the eligibility criteria before applying for a loan. Eligibility conditions differ from organization to organization. If you go ahead and apply without checking, there is a high chance of your application being rejected which will further have a negative effect on the CIBIL score. CIBIL is a premium institute that collects data from different financial institutes and assigns a credit score to individuals based on their credit history. This score is highly important and is one of the decisive factors when it comes to granting loans. So, better the score, higher are your chances of getting a loan and at a lesser interest rate.

Eligibility for private cash loans in India

• You must be a salaried individual
• You must have a min net salary of Rs.20 000/-
• You must be above 23 years of age and less than 55 years
• You must have a minimum CIBIL score of 600 and no instances of defaults should be present in your credit profile over the last 12 months. 

A private cash loan in India from a Fintech company like Qbera is preferred. These Fintechs do not completely rely on your credit score. Yes, it is important but the advanced risk calculation algorithms ensure that the risk is better assessed using social and economic behavior of the individual as well. It is also ideal for people who do not have any credit history.

Qbera, for example, gives loans to individuals with a minimum CIBIL score of 600. They also do give loans to individuals staying in hostels and as paying guests. These are areas where traditional banks usually do not give cash loans.

The process of loan application is completely digitized. The application, documentation, verification all are done online. However, there are some documents that have to be physically collected. These include:

• Aadhaar Card
• PAN Card
• Proof of address
• Salary and income documents
• Photographs

Looking for a private cash loan in India? Choose Qbera for your instant credit needs!