For Quick online personal loans, choose Qbera if you want to receive instant approval and get your loan amount within 24 hours!.
Quick Online Loans are new age instant personal loans that are easy to apply and receive. The entire process which includes application submission, determining eligibility, document submission and collection, verification and finally acceptance of loan proposal and disbursement of the amount, is completely online. Being fully digital, it is possible for you to complete the entire process in a matter of hours. In Fact, the amount can be disbursed to you within 24 hours after you receive and accept the customized loan offer.
This aspect of quick online personal loans has made it an ideal option when faced with emergency monetary situations. Banks do take their time, however, with Qbera you can receive the money immediately.
Quick Online Personal Loans in India - Difference between Qbera and traditional banks
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Qbera
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Traditional Banks
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CIBIL score of 600
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Minimum CIBIL score of 750
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Minimum net monthly income of Rs. 18,000
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Minimum net salary of Rs 30, 000 and more
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No defaults in the last 12 months
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No defaults in last 12 months
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Late payments a few times are allowed
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Late payments attract heavy penalty
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Paperless loans
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Paperwork involved
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Features of a quick online personal loan in India from Qbera
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Digital loan: These are completely online loans with minimal documentation. The process can be completed online and with the latest in technology.
- Economical ROI: The rate of interest offered is one of the best in the industry and a low interest rate means lower repayments over the course of the loan tenure.
- Flexible repayment tenure: The ability to choose a repayment tenure that best suits your need is essential in maintaining an ideal monthly household budget. Repayment tenures start from 12 months and stretch up to 60 months.
- Multifunctional loan: These loans can be put to a vast number of uses. No limitation imposed by the lender and so can be used to renovate your home, pay bills, consolidate debts or go on a vacation.
How to choose an ideal loan tenure?
For a quick online personal loan, a loan tenure ranging from 12 months to 60 months is applicable. The point to consider, however, is if you can afford to pay a higher EMI or a lower one. A long repayment tenure means the EMI will be less and there will be more money at one’s disposal each month. A short tenure on the other hand means that EMIs will be high and so a bit of financial strain each month.
However, in regard to total interest paid out to the lending institution- a longer tenure means more payments whereas a short tenure means lesser pay outs.
So, an ideal loan tenure will be one in which you can make timely monthly payments without a strain on household budget and over a short period of time. So carefully consider the answers to following three questions while deciding on a loan tenure.
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What is the monthly budget for your income?
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Consider your existing liability- all existing liabilities
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Are there any future financial prospects?
It is to be noted that a monthly payout of more than 50% of your income is not considered wise. And do take care to divert any bonus or financial gain towards repaying debt at the earliest.
View a complete list of our FAQs at our
help center
Interest Rate & Other Charges
Interest Rate
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11.99% to 35.99%
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Processing Fee
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1% to 5% of total loan amount
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Loan Amount
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₹1,00,000 to ₹15,00,000
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Loan Tenure
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12 to 60 months
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Step 1: Online Application Form
Get approved instantly
Fill out our online application form by answering a few questions about yourself, your employment, your education, expenses and needs. This process would take no longer than 10 minutes.
Step 2: Connect bank account
Submit your bank statements
Connect securely to your bank via netbanking and submit bank statements as part of the easy loan application form. Alternatively, you can upload bank generated pdf bank statements.
Step 3: Loan term
Choose your Loan Term
Using our proprietary Credit Scoring Algorithm we determine your loan eligibility in real-time. Our algorithm uses the information about you, to determine your future potential and help you get the best rate instantly.
Example: A
loan offer of
₹2 lac, for a
tenure of
3 years at an
interest Rate of
16.6% (on a reducing principal) and a
processing fee of
2.5%.
Translates to:
- 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%)
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