Apply for unsecured loans from Qbera at the best interest rates! Personal loans from Qbera require no collateral. Instant approval if your income is more than Rs. 18,000 and your credit score is greater than 600!
The financial capital of India is home to a plethora of companies and a variety of professionals. The inflation in the economy has made credit the go-to solution for any kind of monetary requirement. Instant unsecured loan in Mumbai can be the answer to many kinds of financial needs. These loans are unsecured which means that one does not have to pledge any kind of asset.
Any salaried individual with a minimum take-home salary of Rs 18000 and with a CIBIL score of not less than 600 can apply for an unsecured loan in Mumbai from Qbera.
Unsecured Loans in India - Difference between Qbera and traditional Lenders
Particulars
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Qbera
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Traditional Lenders
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Processing fee
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1% -5%
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2.25% of principal + GST
|
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Interest rate
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Starting at 10.99%
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Starting at 11.99%
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Credit Score required
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600 and above
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750 and above
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Loan amount
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Up to Rs 25 00 000
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Up to Rs 15 00 000
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Minimum age required
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23 years
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21 years
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Pre-closure Charges
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5% + GST
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5% + GST after a lock-in period
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Features of unsecured loans in Mumbai from Qbera
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Unparalleled digital experience as the entire process is completely digitized and can be completed online.
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Quick disbursal time of 24-48 hours after document verification
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Competitive interest rate starting at 10.99% is one of the best in the industry.
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Long repayment tenure that spans up to 5 years ensures manageable monthly payouts.
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Individuals in the low-income group can apply.
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Individuals staying in shared accommodation are considered for same day loans.
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The highly flexible loan can be used as per the needs of the applicant in a variety of scenarios.
Different ways to use an unsecured loan in Mumbai
Medical bills: A personal loan can be availed to manage high medical bills which might have been resultant of an emergency hospitalization. An Unsecured loan in Mumbai from Qbera does not require you to pledge any asset to avail the loan and so brings down the stress levels as well.
Marriage bills: Being once in a lifetime even, there is huge importance as well as expectations associated with the wedding. Often this planning for this perfect life event translates to huge bills. This can be easily managed with an instant personal loan.
Educational certification: There is no substitute for hard work and if you find that hard work alone is not helping you reach higher in your career consider upgrading your educational qualification. These higher-level courses are expensive but can be smartly managed with a personal loan from Qbera at an economical interest rate and longer repayment tenure.
Consolidate debts: the changes in living costs and inflation has tempted many to reach out to the ever-easy credit cards to finance it. However, this has led many into the vicious web of cyclic debts and more so if you have many credit cards. By consolidating all such debts under a single personal loan, you can escape this vicious circle.
Plan exotic vacation: to destress and rejuvenate oneself vacation are advised, however, the rise in travel costs and related expenses might leave you even more stressed. You can opt for an unsecured loan in Mumbai from Qbera and enjoy stress-free holidays.
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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