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.