A personal loan refers to money that is borrowed from a financial institution, for personal (not professional or business) use. In opposition to larger and long-term loans, personal loans are taken into relatively short to medium terms. Generally personal loans are used to pay for one-time or short term expenses where a borrower (the person who is getting the loan) doesnt normally require disclosing the specific reason for the loan. This type of loan is used by many to resolve their current financial needs. A personal loan is taken for tenure of one to five years. Also these require lowest formalities and no collateral or security.
It is a type of unsecured loan which can be availed on the basis of various criteria. Level of income, employment history, credit score and scope for repayment are those specific criteria. Considering these criteria and lender, the APR (Annual Percentage Rate) of personal loan can be anywhere between 14% to 24%.
In every individuals life there comes a moment where you urgently need a specific amount of money which cant be covered by your savings. The amount can be needed for any personal reason like home or vehicle repair, to pay unexpected medical bills, for wedding, travel, credit card outstanding balance transfer etc. Here the option of getting this desired amount via personal loan comes extremely handy.
Qbera offers you personal loan with easy EMI option, attractive interest rate and quick approval. They offer loan for your various personal needs. Flexible tenure, no collateral and simple documentation makes it one of the most popular personal loans in India.
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There are many reasons behind the popularity of taking personal loan from Qbera. Go for personal loans by choosing any one or all from below:
The main reason behind the popularity of Qbera personal loan is untroublesome availability. The Qbera personal loan can be acquired within 24 to 72 hours of loan application and submission of required documents.
Unlike the other long term or larger loans, Qbera personal loans require very little documentation. Thus these loans are approved quickly without any hassle.
As many financial institutions offer personal loans and Qbera require minimum documentation, they are approved quickly. When it comes to online personal loan approval, they are approved quickly where as the paper approval takes not more than one to two working days. The mechanism of approving personal loan is very easy, efficient and hassle free.
When it comes to financial debts, we strongly recommend clearing off a high-interest debt by taking a low-interest debt. If you happen to have multiple debts, you can combine them under one umbrella. By opting for a personal loan, you can pay off your multiple debts and be answerable to only one, which is a more hassle-free solution! Also you can clear your credit card bills by choosing Qbera personal loan for a balance transfer. This will allow you to enjoy lower interest rates.
The fund from Qbera personal loan can be used for any purpose. Be it a wedding or medical expenses; renovation or personal bulk shopping, you can use these funds as they suit you. They can mainly be used to overcome any financial adversaries. Borrower can apply and access the loan amount without disclosing the purpose of the same.
To get approval on a Qbera personal loan, you do not need to offer any collateral or guarantee. Qbera approves personal loan on the basis of borrowers income details and financial history. As you do not require offering your fixed assets as mortgage or collateral, you can access the loan easily.
Based on various criteria like level of income, employment history, credit score and scope for repayment, the borrower can get a Qbera personal loan ranging anywhere between Rs. 50,000 to Rs. 7,50,000.
To payback your personal loan, Qbera offers you a tenure ranging from 1 year (12 months) to 2 years (48 months). Thus it is easy for the borrower to pay back the loan with easy EMI policies. Though this depends on the amount of loan, it is always a better option from other types of loans.
Depending on eligibility criteria, the borrowed sum, payback tenure, the interest rate varies on personal loan. Qbera offers 14% to 24% interest rate for salaried applicants and self-employed applicants. Also the administrative fee ranges from 2% to 4%.
Qbera offers personal loans to customers who fulfill their designed eligibility. The eligibility criteria changes as per the profile of the borrower. But there are some commonalities which you have to follow or acquire to get a Qbera personal loan. Qbera gives personal loans by dividing their customers profession and their income history. You can refer the following table for a gross understanding of Qberas eligibility criteria
|Age||23 years to 55 years|
|Minimum Loan Amount Approved||Rs. 50,000|
|Maximum Loan Amount Approved||Rs. 50,000|
|Loan Tenure||12-48 months|
|Work Experience||1 year of work experience at current employer with 3 years in total|
*The eligibility criteria differ from bank to bank. The above details are generic, not specific.
Applying for Qbera personal loan on Ruloans involves few easy steps: