Looking for quick private loans? Choose Qbera if you want the amount to reach your bank account within 24 hours. Private loans also known as personal loans are the ideal option when faced with any king of monetary shortfalls. Cash shortage while renovating your house or during wedding arrangements can be easily managed with a quick private loan. Your savings or assets of any kind do not have to be pledged as the loan is given against your salary. The employed applicant is made responsible to repay the loan taken from his salary on a monthly basis.
Private Loans are an excellent option while planning an exotic vacation or extensive home repairs and renovations. In order to be eligible for a private loan from Qbera, you must be at least 23 years old, have a minimum net monthly income of Rs. 18,000 and a minimum credit score of 600.
Quick Private Loan - 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 Quick Private Loans from Qbera
- Quick turnaround time: The turnaround period of 24-48 hours after document verification is unparalleled and made possible using the best in technology.
- Low-income groups considered: Applications from individuals in the low-income group are considered. This particular group faces a lot of rejection and are not preferred by traditional banks for loans.
- Shared accommodation: those staying in shared accommodation find it difficult to get a loan simply because they do not have permanent residence in the city. Such individuals are considered by Qbera basing the application on job stability and other social and economic criteria.
- Low CIBIL considered: There are a variety of valid reasons such as time gap in communication between the financial institution and CIBIL agency that may result in a low score. This is why Qbera considers marginally low scores for a loan.
- Highly flexible loans: These quick private loans are extremely flexible and can be used in a variety of ways. It can be used to Fund a marriage, education or pay medical bills. The scope is so varied that you can look at home renovation, debt consolidation or even a fun-filled vacation.
Application process for quick private loans in India from Qbera
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Select the financial institution that is best suited for your requirements.
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Check the eligibility criteria applicable to this particular institute like Qbera
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Analyze the application procedure for steps and requirements
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Check the documentation requirements and make sure to meet minimum eligibility
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Apply for the loan within minutes and get your loan amount on the very same day.
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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