Personal loans are unsecured loans that are extended to the salaried. Whenever there is a shortfall in funds or an emergency requires you to arrange for a considerable sum of money, look for personal loans. Personal loans do not require one to pledge any asset and that is a huge relief. Most salaried who live in cities live from paycheck to paycheck and the mere thought of pledging a hard-earned asset is enough to cause a heartbreak. There are financial companies who offer loan against cheque in Chennai for salaried individuals. Banks, NBFCs as well as Fintech companies offer such loans.
Banks usually have stringent criteria which render them ineffective in case of emergency. Look for fintech companies in such scenarios. Qbera, a Fintech promises to transfer the funds to your bank account within 24 hours of receiving the final approval. These loans are offered to the salaried with a minimum take-home salary of Rs. 20 000. So, if you are above 23 years of age, you can apply for a loan against cheque in Chennai for salaried individuals with an attractive rate of interest starting from 11.99%. There is also the advantage of long repayment tenure - from 6 months to 60 months. This facility can be extensively used by the salaried to ensure an optimal EMI payout each month.
The advantages are listed below
Instant approval
Qbera provides information about status of application in as less as 2 min. Just logon to www.qbera.com and fill in the tabs.
Loans for low CIBIL score
Most banks do not consider applicants with a less CIBL score. 750 and above is the idea credit score. However, Qbera does consider applicants with a score of above 575.
Loans for employees of unlisted companies
Many banks reject application simply because the employer is not listed in their particular database. This is not a reason for rejection with Fintech companies.
Loans for individuals in shared accommodation
You are not considered for personal loan from banks, if you reside with friends in a shared accommodation or stay in a PG. Companies like Qbera does consider such applicants.
Minimal documentation
The process is completely digital, and you can submit bank statement and other documents online via secured gateway. However, there is a requirement to collect some documents
Those documents are:
- Aadhaar Card
- PAN Card
- Bank statements for the last 3 months
- Salary slips for the last 3 months
- Proof of address document
- Cheque Leaves from your salary account
- Photographs (passport sized)
View a complete list of our FAQs at our
help center
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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