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