Looking for Quick personal loan that doesn't require any collateral? Fintechs and P2P lenders are your best bet for a quick loan. While facing an urgent situation, the funds have to be arranged at the earliest. Banks and other financial institutions have stringent criteria and stack loads of paperwork that makes it near impossible to make funds available at the earliest. Fintechs like Qbera offer quick personal loans that true to their name are processed and at your disposal within 24-48 hours of successful documentation. Fintechs use advanced technology and combine it with finance to give customers a superior experience. In order to be eligible for an unsecured loan from Qbera, you must have a minimum net monthly income of Rs. 18,000 and a minimum credit score of 600.
Quick Unsecured Personal Loans - Difference between Qbera and traditional banks:
Qbera
|
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 unsecured personal loan from Qbera:
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Instant approvals: The digital process involves online document submission and instant approvals after verification. Qbera promises the amount in your bank account within 24-48 hours of successful verification.
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Economical interest rate and long repayment tenure: With an interest rate that starts at 10.99% and a long repayment tenure that spans up to 5 years, a quick unsecured personal loan is quite economical.
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Low- income group: Those who fall in the low-income category face a lot of trouble in securing a loan. Qbera caters to this group and you can apply for a loan if you have a minimum take home salary of Rs.18,000.
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Loans for employees of unlisted companies: Those working with companies that are not listed in banks' databases face difficulty in securing a loan. Qbera does have a vast database of more than 7 lakh companies and considers applicants working with unlisted companies too.
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Loan for individuals in shared accommodations: Those who choose to stay as paying guests or are in a shared accommodation with friends in the city find that most banks reject their loan applications. The stability of a person staying in a shared accommodation is a point that is considered. Fintechs like Qbera offer respite for such individuals seeking quick unsecured personal loans in the city.
How to apply for an unsecured loan from Qbera:
- Firstly, log on to www.qbera.com and fill out the personal and employment information on the online application form. This is quite straightforward and easy to do.
- Login using your secured banking credentials to submit your bank statements. You can also e-mail your bank statements to Qbera. However, make sure that the salary amount is clearly mentioned.
- After document verification, a customized loan quote is emailed from Qbera. Some documents like PAN card and photographs have to be submitted and for that, an executive is assigned.
After the documents are submitted and internal verification is successfully concluded, the loan amount is transferred your registered bank account within 24-48 hours.
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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