Chennai is known as the second largest exporter of IT and BPO services in India. With Tidel park in Chennai being one of the largest IT parks in Asia, there are many software companies with offices here and who employ many employees not just from Tamil Nadu but from all corners of the country. Not just IT professionals, there are people from all walks of life who has made this city their home. With living in a new city and in different cultural environments comes a lot of insecurities and challenges. With enough financial backing, taking care of such challenges become doable if not easy. Youngsters today pride themselves in being independent and do not prefer to depend on their parents for financial help. Cash loans in Chennai are helping such independent individuals find their footing in new environments. Are you looking for a cash loan in Chennai? Well, Qbera definitely has one for you!
The first question is how to avail the benefits of this instant loan in Chennai and what all formalities and hidden clauses have to be taken into consideration. Almost all banks, NBFC s and Fintech companies now offer personal loans to individuals. Yes, cash loans are similar to personal loans and are unsecured loans. One of the basic advantages of opting for this kind of loan is that no collateral needs to be pledged. None of your assets are under the scanner so, it becomes easier to opt for this kind of loan. With the requirement of an asset and a guarantor eliminated, the youth feels the responsibility of taking out the loan purely on the basis of their salary, which further fuels them towards being independent.
Another factor is that there is no capping on the end use of these instant personal loans. The amount can be used to finance a long dreamt vacation for self or family or to plan for that wedding that you have always dreamt of. The amount can be used to renovate your home, upgrade your appliances or even to buy a second hand car or bike in the new city. You can also go ahead and fund your further education with this instant cash loan. You don’t even have to depend on your parents in case of emergency hospitalization as well, the funds can be directed to pay your medical bills as well. The true essence of being independent is when all aspects of your life are managed and funded by you. The presence of a cash loan in Chennai is facilitating just that.
These loans are truly instant, the whole process of checking for eligibility takes a couple of minutes and after documents submission and other internal verifications, your loan is directly disbursed to your account in as less as 24 hours. With a decent CIBIL score, you can also negotiate on the interest rate being charged. Even if your CIBIL score is marginally less – say 575 instead of the 750 that most banks ask for, you can always approach Fintech companies like Qbera who does consider your application.
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Interest Rate & Other Charges
Interest Rate
|
11.99% to 35.99%
|
Processing Fee
|
1% to 5% of total loan amount
|
Loan Amount
|
₹1,00,000 to ₹15,00,000
|
Loan Tenure
|
12 to 60 months
|
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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