Private Finance in Bangalore Against Cheque
Private Finance in Bangalore Against Cheque
With the development of Bangalore as the IT capital of India, there is a steady inflow of migrant to this city from all parts of the country. There are many challenges in shifting from one city to another and the young household that undertake this like to live life on their own terms. Finance may become a source of concern, however, private finance in Bangalore against cheque has been a lifesaver. It is not advisable to opt for traditional private lenders as they do charge high-interest rates and fees. Cheques are negotiable instruments connected to financial institutions and dishonoring them can call for penalty and imprisonment as well. So, it is advisable to select a lender after much thought.
While traditional lenders take much time and private lenders not advisable, Fintech’s like Qbera is the ideal solution for private finance in Bangalore against cheque with less documentation and fast disbursals. Any salaried or self-employed individual can avail these personal loans. One of the notable features of an instant personal loan is that no collateral is required, other than a post-dated cheque. The obligation of repaying the loan lies with the salaried individual and he/she has to work and manage their monthly incomes to accommodate the repayments first.
Eligibility for private finance in Bangalore from Qbera
- You should be a salaried individual
- A minimum monthly net salary of Rs.20,000/-
- Age between 23 years and 55 years
- A Minimum CIBIL score of 575
- No defaults in the last 24 months
Also, let’s look at the advantage of choosing a Fintech-
- The complete process - from applying for the personal loan, document verification and amount disbursal can be completed within 24-48 hours. So, they are extremely fast.
- The emphasis is on digital application. The applicant can complete the entire process including submission of necessary documents online. There is minimal paperwork involved. These documents include Aadhar card, PAN card, income and salary documents along with photographs and cheques.
- It is difficult for a person in the low-income category to access loans in case of a need. There are stringent policies followed by banks that make it almost impossible. However, fintech’s like Qbera does consider individuals with a minimum take home salary of Rs.20 000.
- CIBIL score determines the creditworthiness of individuals. As these loans are unsecured, there is much importance placed on the credits scores and most banks prefer a score of 750 and above. This makes it difficult for individuals with a lower score, but, Fintech’s do consider a marginally less score of 575 as well.
Interest Rate & Other Charges
||11.99% to 35.99%
|| 1% to 5% of total loan amount
||₹1,00,000 to ₹15,00,000
||12 to 60 months
- 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%)
- Age: 21-57 years old
- Net Monthly Income must be more than Rs. 18,000.
- No defaults in the last 24 months.
Documents Required after Digital Approval
- Aadhaar Card
- PAN Card
- 4 Cheques from your Salary Account
- Current Address Proof
- Permanent Address Proof (in case the permanent address is different from the address on Aadhaar card)
"I am really happy that I got a loan from Qbera. My application has been rejected by lenders in the past without giving any explanation for rejection. Qbera approved my loan with minimum documents. Thanks a lot once again."
I did not want to make many enquiries as many requests can lower the CIBIL score. I contacted Qbera on a Monday and by evening itself they had an offer for me. They kept me informed through every step of the process and were also flexible with regards to my commitments. In the end, the loan was disbursed within two days of documents submission. Thank you Qbera for simplifying the process and helping me find a loan. " Show more...
"It was a nice experience with Qbera. I have never seen such an easy process for getting a loan, especially when you need it the most. Thank you Qbera for your support."
"I had a hassle-free experience with Qbera. It was a very easy application procedure and in a short span of 3 days I got my loan credited to my account. Thank you so much for the support Team Qbera"
"It was very easy to get a loan from Qbera. I just applied on their website and got a confirmed offer immediately. The amount was transferred soon after. Will give it 5 out of 5"
"It's good and quick response from the Qbera team to get the loan. They are very good at the communicating the things properly and appropriately"