With the development of the Hi-tech city of Hyderabad, there is a steady inflow of migrant to this city from all parts of the country. There are many challenges in shifting from one city to another and the young household that undertake this like to live life on their own terms. Finance may become a source of concern, however, private finance in Hyderabad on cheque basis has been a lifesaver. It is not advisable to opt for traditional private lenders as they do charge high-interest rates and may also charge an exorbitant fee as well. Cheques are negotiable instruments connected to financial institutions and dishonoring them can call for penalty and imprisonment as well. So, it is advisable to select a lender after much consideration.
Banks, NBFC and Fintech companies are in the market providing easy Private Finance in Hyderabad
on cheque basis to young and old alike to finance their monetary deficits. Any salaried or self-employed individual can avail of these personal loans. One of the notable features of these loans is that no collateral is required, other than a post-dated cheque. The obligation of repaying the online private loan lies with the salaried individual and he/she has to work and manage their monthly incomes to accommodate the repayments first.
What are the advantages of choosing modern Fintech over traditional lenders?
- The process is extremely fast. The complete process - from applying for the personal loan, document verification and amount disbursal can be completed within 24-48 hours.
- The new-age Fintech’s advocate digital application. The applicant can complete the entire process including submission of necessary documents online. There is minimal paperwork involved.
- It is exceedingly difficult for a person in the low-income category to access loans in case of a need. There are stringent policies followed by banks that make it almost impossible. However, Fintech’s like Qbera does consider individuals with a minimum take-home salary of Rs.20 000.
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CIBIL score determines the creditworthiness of individuals. As these loans are unsecured, there is much importance placed on the credits scores and most banks prefer a score of 750 and above. This makes it difficult for individuals with a lower score, but, Fintech’s do consider a marginally less score of 575 as well.
So, we can safely say that if you are looking for private finance in Hyderabad on cheque basis, Fintech company is one of the excellent options.
And the documents that need to be given are:
- Aadhaar Card
- PAN Card
- Proof of address
- Salary Slips
- Bank statements and cheques
- Photographs
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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