Loan Against Cheque
Loan Against Cheque
Personal loans are the go-to solution for all your financial worries, more so, if the requirement is urgent. Banks, NBFCs, and private money lenders all give out personal loans. There are also private money lenders who give loan against cheque. These loans are usually given out to small businesses as working capital. There are also private money lenders who give a personal loan to individuals against cheque. However, there are chances of high interest rates and fees.
In case of urgent need, individuals turn to private lenders as they instantly hand over cash. With the advent of Fintech companies like Qbera the turnaround period is as less as 24 hours making them a better option than private lenders. It is therefore advisable to rely on a Fintech company rather than private money lenders. Loan against cheque are secured by the cheque, wherein if the repayment is not done, the lender will submit the cheque to the bank. Dishonoring of the cheque is a criminal offense and attracts punishments and so they are used as a safeguard while handing out personal loans.
So, as discussed above, Fintech companies have a quick turnaround period provided your documents and information handed out is absolutely correct. Qbera, for example, promises the loan amount in your bank account within 24-48 hours of document verification and acceptance. Online personal loans are unsecured loans and so fall in the high-risk category. It comes as no surprise that banks and other financial institutes only considers application where the CIBIL score is 750 or more. But are you at a loss here just because your CIBIL score is marginally low? Well no, Fintech companies use advanced risk calculation algorithms that use the applicant’s socio-economic standings as well. They, therefore, consider marginally low credit scores also.
There are other criteria also that is considered.
- The applicant must be salaried. Personal loans do not require any collateral or guarantor. It is considered that the applicant will be repaying the amount from his/her salary.
- The second consideration is that the applicant must have a minimum take home salary of Rs 20,000 and a comfortable income to debt ratio.
- The third consideration is the age of the applicant. To avail maximum benefit of the long repayment tenure provided by Fintech companies, the age group of 23-55 years is preferred.
- The documents that need to be presented include Aadhar card, PAN card, Salary slips and income statements, bank statements, photographs and post-dated cheques from the salary account.
- The interest rate charged by a fintech company is regulated. Most personal loans offered has an interest rate that starts at 11.99% and the maximum is 35%. However, this can be negotiated if you have a good CIBIL score.
Personal loans are flexible and one of the best ways to take care of monetary shortfalls. It can be used to fund your 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.
- 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.
- You must be residing in Delhi/NCR, Bangalore, Pune, Chennai, Mumbai, Hyderabad, Jaipur, Ahmedabad or Kolkata.
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"
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