Are you on the lookout for a private loan at the best interest rate? Banks, NBFCs and new-age lenders like Fintech companies offer private personal loans online – you no longer need to visit a bank branch and fill out a physical application form in order to apply for a private loan. The entire process has been moved online for a simple reason – applying for a private loan online is way simpler, less time consuming, and involves lesser paperwork.
How to apply for a private loan online?
If you wish to apply for a private loan online, it will ideally depend on the type of lender you approach – you can either approach a bank that you have an account with, or look for a Fintech lender that offers private loans online at accommodating interest rates. Nowadays, most lenders have upgraded their private loans online approval system to provide you with instant online approval when you apply for a private loan online.
Traditional lenders offering private loans online have a more elaborate process that involves physical documentation and extra verification checks. Fintech lenders on the other hand work differently. While they also offer private loans online, the process is quick – way faster than processes adopted by traditional lending institutions. Moreover, choosing a Fintech player would mean that the entire private loan online process can be completed digitally – even verification checks are performed digitally to avoid process delays.
If you’re choosing a bank to apply for a private loan online, you can do it by either visiting the bank’s website or by logging in to your bank’s internet banking portal. The process is the same with Fintechs – all you have to do is visit the website and initiate your application process.
How to apply for a private personal loan online with Qbera?
- Applying for a private loan online with Qbera can be done in just a few steps. Here’s how you can go ahead and apply for private loans online with Qbera:
- Login to the Qbera website and click on the appropriate option to apply for a private loan online.
- Choose the purpose of your loan and your loan amount. You can use the Qbera advanced EMI calculator that specifies your loan eligibility depending on your current monthly liabilities (EMIs on any existing loans) and your income. You can then choose a loan amount and know the EMI for the loan amount.
- Fill out your private and professional details in the relevant fields, and upload your bank statements through a secure web platform by entering your netbanking credentials.
- Note that you will receive instant approval for your loan if your application meets the minimum eligibility parameters.
- Once your application details and documents are digitally verified, you will be provided a customized loan offer, which you can accept.
- After accepting the offer, you will receive the loan amount within 24 hours.
Benefits of applying for a private loan online with Qbera
Private loans online for low credit scores
Even if your credit score is low, don’t be deterred. Qbera has a loan for individuals with a low credit score of 600. However, you shouldn’t have loan defaults in the last 24 months.
Private loans online for low income persons
Qbera offers private loans for individuals with a minimum monthly salary of Rs. 20,000. Most traditional lenders offering private loans require individuals to have a minimum income of Rs. 30,000 or Rs. 35,000.
Private loans for employees of unlisted companies
Even if your organization or company is not listed, Qbera will provide you with a private loan. If you approach a traditional lender, you will face outright rejection if your employer is not listed on the lender’s database (lenders do a credit assessment of your employer based on various parameters and accordingly list them on their database).
Digital application process
The application process can be completed online within a few steps. Verification of application details and documents are also carried out digitally. The entire private loan online application process can be completed within a 24-hour window.
Choice of loan tenure
When you apply for a private loan with Qbera, you can choose a tenure of your choice. Tenure range from 6 months to 60 months.
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"