Unsecured Online Personal Loans

An unsecured online personal loan is one of the best sources of instant money. These are life savers when faced with a myriad of needs. Planning for marriage expenses, enrolling in a certificate course that will take your qualification to the next level, home renovation - all these and more can be managed with an online personal loan. Inflation conditions in the economy have made it impossible to set aside an emergency fund and these unsecured loans can be used to pay for emergency hospitalization or medical bills or for any kind of monetary need. Yes! Go ahead and plan that exotic vacation you’ve always dreamt of.

Banks, NBFCs and Fintechs caters to personal loan requirements. Typically, banks have a massive amount of paper-works and waiting periods. Fintechs, on the other hand, promises instant online loans that reach your account within a day or two. For example, Qbera assures that the amount will be credited to your bank account within 24 hours of successful document verification. One of the best-loved characteristics of a Qbera loan is the absolute absence of physically visiting the branch to submit documentation. With the click of a few keys on your laptop, you can enter your personal and employment information, submit the required documents and get the amount required.

Here is the list of eligibility criteria-

• The applicant should be salaried
• The applicant must have a minimum net salary of Rs 18, 000
• The applicant must be above 23 years and less than 55 years of age
• A minimum CIBIL score of 575 with no defaults in the past 24 months.

Although Qbera does not exclusively rely on CIBIL score like banks, the other few criteria are strictly followed. It also has access to a huge database of more than 7 lakh employers across India that increases the loan approval probability drastically. With quick lending decisions and manageable interest rate starting from 11.99% and long repayment tenure of up to 5 years makes Qbera personal loans an ideal choice.

The entire process is done online but there are a few documents that have to be submitted. An executive from Qbera, visits and collects the same. The documents required are:

• Aadhar card
• PAN card
• Salary Slips
• Address proof
• Photographs
• Cheque leaves 

The advantages of choosing Qbera are:

The process is completely digitized with all areas being managed online including document verifications and approvals. Qbera promises the amount in your bank account within 24-48 hours of successful verification.

Armed with an economical interest rate of 10.99% and a long repayment tenure that spans up to 5 years, an unsecured online personal loan is soft on monthly budgets.

Persons in low-income category usually find it difficult to secure 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.

Banks prefer a CIBIL score of 750 and above and may reject your application if your score is less. But with Qbera a marginally low score of 600 is also considered as Fintechs do not rely solely on the CIBIL ratings.

Many individuals who stay as paying guests or in shared accommodation with friends in the city face loan rejections. Banks do not consider such individuals and Fintechs are the only group catering to the personal loan needs of such individuals.