With Quick Personal Loans from Qbera, you don't have to wait several days to get your loan disbursed! With an advanced risk-evaluation algorithm, you will receive instant loan approval if your credit profile meets Qbera's extremely lenient eligibility parameters. If you are a salaried individual and draw a minimum net monthly income of Rs. 18,000, you can get a quick loan from Qbera at an affordable rate of interest.
Your credit score's influence on your quick personal loan application
Your credit score as such has a significant bearing on your loan application. In order to be eligible for a personal loan from Qbera, you need to have a minimum credit score of 600. Qbera also offers loans to individuals with no credit history - so if you've never availed a credit product earlier and you are at least 23 years old, you can be eligible for a quick personal loan from Qbera.
Most private banks offering personal loans to salaried and self-employed individuals have a minimum credit score criterion of 700 in order for them to be eligible. Some very popular banks that offer the best interest rates in the market have a credit score threshold of 750+ too. In order to improve your approval chances, you must make sure that your credit health is good, and you have no instances of defaults in your credit profile as such.
Eligibility for quick personal loans - Qbera vs Private Banks
You can see below the eligibility table that compares the parameters adopted by Qbera and private banks.
Qbera
|
Traditional Lenders
|
|---|
A minimum score of 600
|
A minimum score of 700; a minimum of 750 in some cases
|
Minimum net monthly income of Rs. 18,000
|
A minimum income of Rs. 30,000
|
No defaults in the last 12 months
|
No defaults in the last 12 months
|
Late payments a few times are allowed
|
Late payments will most likely lead to rejections
|
Predominantly paperless
|
Involves paperwork
|
View a complete list of our FAQs at our
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Interest Rate & Other Charges
Interest Rate
|
11.99% to 35.99%
|
Processing Fee
|
1% to 5% of total loan amount
|
Loan Amount
|
₹1,00,000 to ₹15,00,000
|
Loan Tenure
|
12 to 60 months
|
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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