Loan Against Cheque in Mumbai

Mumbai is known for its fast paced and active lifestyle. Everything here gets done in a jiffy, yes even finance. Instant loan against cheque in Mumbai is a lifesaver in the metropolitan lifestyle. Traditionally, it is quite difficult to get a loan while in urgent need of it. Banks and other financial institutions take a week or more to process the application, making them redundant during an emergency. It is not always possible to arrange for a big amount from within the family and friends as well. There are private financers who gives out personal loan against cheque, however, the interest rate can be exorbitant. So personal loan from Fintech companies are the best possible solution for an emergency situation.

Fintech companies promise instant turnaround time and faster loan processing so that the urgent needs can be managed easily. They offer personal loan against cheque in Mumbai and other major cities. Personal loans are not secured by any kind of asset other than a cheque - which will surely make one wonder- how does a cheque secure it? Well, it doesn’t. But, it is much easier to recover money in case of non-repayment while in possession of a cheque. If the cheque has been presented in the bank and dishonored, the borrower can be bought before the court and it is easier to get a repayment.

New age Fintech companies like Qbera use advanced algorithms and risk calculation tools to determine if a person is credible before giving loan against cheque. CIBIL score alone is not the factor, other social and economic aspects are considered. The eligibility factors are:

• Salaried individual
• Net take home salary of Min Rs. 20,000/-
• Age bracket of 23-55 years
• CIBIL score of 575 and above
• No payment defaults in last 24 months.

If you fit the eligibility, just log on the website and apply for a cash loan in Mumbai. The USP of fintech companies like Qbera is the turnaround period - which is as less as 24-48 hours provided the documentation is in order. An added advantage is that more than 7 lac companies share their employee database with Qbera. So, the loan approval probability is quite high. What are the documents needed?

• Aadhar card
• PAN Card
• Proof of address
• Salary and income documents
• Photographs

A personal loan which is secured by a cheque is a truly flexible loan. There are no hard and fast rules regarding the end-use of the amount. It can be used to fund a marriage or education. It can be used to undertake urgent repairs or renovations in your home. The amount can also be used to pay for emergency medical bills or simply to consolidate various existing debts. It is being used to plan exotic vacations as well. Armed with an ideal CIBIL score and proper documents- you can manage any monetary shortfalls in 24-48 hours.