What are paperless unsecured loans?
Paperless unsecured loans are a form of credit that doesn’t require physical paperwork, neither do they require any form of collateral. Paperless unsecured loans, or unsecured paperless loans, have become extremely popular in the market today, with the number of lenders offering these type of loans increasing almost exponentially. The best thing about these type of personal loans is that they are easily available, have minimal turnaround times and allow a wide class of individuals to qualify for them.
Unsecured Paperless loans from Qbera
Qbera offers unsecured paperless loans to salaried individuals who meet Qbera’s basic eligibility criteria (we’ll look at the eligibility parameters a little later). Qbera is a managed financial marketplace that offers instant personal loans, mostly to the underserved section of working professionals, who mostly find themselves becoming ineligible for personal loans owing to their employer’s status (not being listed in the bank’s database).
Note that traditional lenders require a company to be listed in order for employees of the company to qualify for personal loans. While such is the case, note that traditional lenders do not offer paperless personal loans or even instant loans for that matter – their application process involves extensive paperwork.
What’s different with paperless personal loans offered by Qbera?
Let’s look at some points that make Qbera stand out amongst lenders in the personal loans space.
- Easy eligibility – minimum income of Rs. 20,000 and a minimum credit score of 625.
- Minimal turnaround time – Applicants can expect to receive the loan in less than 72 hours after applying for it.
- Paperless unsecured loans for employees of unlisted companies – Even employees of unlisted companies are eligible for paperless instant loans from Qbera.
- Loans for individuals living in shared accommodations – Even if the applicant is residing in a shared accommodation (like a paying guest accommodation), they are eligible for a paperless loan.
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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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