When in need of a loan, it can be quite disheartening to have to run around town in search of a lender who is willing to make an offer to you. However, with the emergency of several online lending start-ups, this often-harrowing process has certainly become a lot easier for prospective borrowers. One such online lending startup that has been making waves in Qbera, a Bangalore-based company which has been set up with the aim of digitally providing salaried and employed individuals with hassle-free, secure and quick access to instant personal loans in times of need.
Speaking of loans, the company not only provides loans to salaried individuals, but also to self-employed individuals. Let’s find out more about the instant loan product offered by Qbera, its eligibility criteria, and how you can apply for this loan.
The Qbera personal loan interest rate ranges from 11.99% to 24%. The terms of the loan offered to each borrower will vary depending on various parameters such as their repayment ability, work experience, age, current employment, repayment history, and their credit score.
Given below is the eligibility criteria to be followed in order to be eligible for an instant cash loan from Qbera.
Given below is the list of documents required to apply for the Qbera personal loan.
Head over to the Qbera site and fill in the instant cash loan application form available there. The form will require you to provide some information about yourself such as your personal details, employment details, education-related details, your needs, and expense-related details. This entire process takes less than 10 mins to complete.
Next, you will need to furnish your bank account statements as a part of the loan application process. You can do so by connecting to your bank account, or can even upload the PDF account statements that are periodically prepared by the bank and sent to you.
After you have provided all the necessary information, Qbera will assess your loan eligibility with the help of their Credit Scoring Algorithm. This algorithm evaluates, in real-time, a borrower’s future financial capacity using the information provided by the borrower in the loan application, in order to ofer them the best rate.
Yes, you can re-apply for the loan if your application has been rejected the first time, which may happen if you haven’t met the required eligibility criteria. You can re-apply for the loan after an interval of 3 months.
Qbera has a pre-set criteria when it comes to loan eligibility. In order to be eligible for a Qbera Instant Cash Loan, the borrower will have a better chance at getting approved for a loan of they have not had any default cases in the last 24 months. However, if there has been a default(s) in the past 2 years, Qbera will assess all other parameters based on internal standards before approving the loan.
Borrowers can take this loan for a minimum term of 12 months, and a maximum term of 60 months. Loan tenure must be decided carefully after assessing one’s repayment ability, income, and the loan amount taken.
Yes, you can easily apply for this loan by visiting the Qbera website and navigating to the section of Instant Cash Loans.
Yes, as per Qbera’s loan eligibility criteria, applicants will be required to have a minimum credit score of 600.