Private Finance in Hyderabad on Cheque Basis

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.
• 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