Qbera Open Nav

Personal Loan against Post Dated Cheque

Get Personal Loans Online
Get my loan offer!
It only takes 2 minutes
Loan amounts range from Rs.50,000 to Rs.25,00,000. APR ranges from 10.99% to 35.99%. Loan lengths range from 12 to 60 months. Administration fee ranges from 1% to 5%.

Personal Loan against Post Dated Cheque

What are personal loans? with advertisements, it is understood that a Personal loan is an excellent option in case of a monetary crisis. Unlike home or vehicle loan, instant personal loans can be used to meet any financial need. There is no collateral that is pledged with a personal loan, the borrower is expected to pay back the amount from his salary. However, being in the high-risk category, many financial institutions insist on giving personal loan against post-dated cheques.

This brings to question as to why in this era of ECS, do cheques continue to hold prominence. Well, the fact is that it is much easier to recover money in case of non-repayment. If the cheque has been presented in the bank and has been dishonored by the borrower, he can be bought before the court and it is easier to get the amount.

Does this mean that taking a personal loan is not advisable? Of course not, being unsecured loans, personal loans do not require the borrower to pledge any kind of asset as collateral. It does not even require the borrower to have a guarantor for sanctioning of the loan. The credibility of the borrower and the advanced risk calculations algorithms are the reliable factors here and so they do insist on giving personal loan again post-dated cheques.

Instant online personal loans from Fintech companies like Qbera are a quick and uncomplicated way to get money in case of emergencies. They are multi-dimensional, which simply put means that there is no end use specified. You can use the money to pay for an emergency medical procedure or plan a vacation. You can do a multitude of things with it- pay for your marriage or education, consolidate the debts or use it to upgrade and renovate your home.

There are some criteria that need to be met –

You must be a salaried individual

your employment status and the stability at the job is considered as there are no assets attached, the lender expects you to repay the loan from your salary.

You must have a min net salary of Rs.20 000/-

Qbera considers applications of individuals with a take home salary of Rs 20 000 and above.

You must be above 23 years of age and less than 55 years

The age of the borrowers becomes a key factor as it is better to give a loan to a younger person, who can avail a long tenure, rather than an older individual who does not have many years left.

Minimum CIBIL score of 575 and no defaults in the last 24 months

Being unsecured, credibility is particularly important and CIBIL score provides that to the lender. Most banks consider a score of 750 and above. Fintech companies do consider marginally less score as they also do risk assessment based on other socio-economic factors. But a score of 575 and higher with no case of payment defaults in the last 2 years is a requirement.

And the documents that need to be given are:

  • Aadhaar Card
  • PAN Card
  • Proof of address
  • Salary and income documents
  • Photographs
View a complete list of our FAQs at our help center
Getting a Qbera Smart Loan is Simple
Fill out our online application form
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.
Connect your Bank Account
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.
Select your loan term
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.
You’re done! Get the money in your Bank Account as early as tomorrow.
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:
  1. 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
  2. EMI of ₹7091 per month
  3. Total payable amount in 3 years = 36 times ₹7091 = ₹2,55,276
  4. 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%)
Repaying a Qbera Smart Loan is just as Simple
Repay your loan with automatic EMI payments.
  • 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.
  • 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)
Pradeep

Pradeep

"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."

Shekhar

Shekhar

"I would like to thank Qbera for speedy loan processing. I was having a tough time in deciding which bank would actually take my request for a loan as the loan was supposed to be for credit card payoff. I was forced to use my credit card for an unforeseen expense which I could not avoid and was finding it tough to pay back due to the high interest cost on credit cards. 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...

Syed

Syed

"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."

Anish

Anish

"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"

Arun

Arun

"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"

Bhaskar

Bhaskar

"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"

Are you ready to get your Qbera Smart Loan?
Select your employment type to proceed.
Self-Employed
Salaried

QBERA

We are a Bangalore-based company offering digital, quick, hassle-free personal loans to people when they need them.

Loan amounts range from Rs.50,000 to Rs.25,00,000. APR ranges from 10.99% to 35.99%. Loan lengths range from 12 to 60 months. Administration fee ranges from 1% to 5%.

* Subject to Risk Profile

Need Help?
Contact our support team via WhatsApp by clicking below:
whatsapp

E-mail: contact@qbera.com
Phone: 1800 4198 121
Whatsapp:+91 89719 28484
Address:
1st Floor, Wolfpack Workspaces,
#39, 8th Main Road,
Vasanth Nagar.
Bangalore 560 052

© 2018 Qbera | All Rights Reserved