If you come across advertisements that offer you a private loan against cheque, be very careful, as these are definitely private money lenders who can take you for a ride with high-interest rates. It is a no-brainer that you should always look to banks or NBFCs to get an unsecured personal loan as they offer better interest rates and are regulated by company rules and procedures that aim at protecting not just them but even the borrower against eventualities.
Getting a Private Loan Against Cheque in India
Online personal loans are the best solution for monetary shortfalls. Although while comparing personal loan with home loans or vehicle loan, the rate of interest is quite steep. However, it is to be expected as there are no collaterals attached to it. Online Personal loans are high-risk loans that do not require any collateral to be pledged. Fintech companies like Qbera use advanced algorithms and risk calculations methods to determine the eligibility in as less as 2 min.
If you are a salaried individual with a minimum take-home salary of Rs 20,000 per month, you can avail a personal loan with interest rates ranging from 11.99% to 35%. Banks usually accept unsecured personal loan applications that have a CIBIL score greater than 750 but Qbera also considers a score of 575. This is again thanks to their advanced risk calculation algorithms using various socio-economic factors. The age group preferred is 23-55 years of age. This group is better equipped to make use of the long repayment tenure that is offered. The online personal loans tenure ranges from 6 months to 60 months.
There is also minimal documentation requirements. Since most of the process is online, the application and bank statements can be submitted online using secured net banking, few physical documents like PAN card and Aadhar card are also collected. Post-dated cheque from your salary account also has to be presented. With the monthly EMIs being deducted directly from the account why is the cheque still a part of the process?
The obtention of the cheque is done as it’s easier for the financial company to recover the amount in case of non-payment. A private loan against cheque is not something that financial institutes do.
Personal loans are multi-dimensional and one of the best ways to take care of fiscal shortfalls. Be it funding your marriage or education or the need to undertake urgent repairs or renovations in your home, you can use the amount as you require. The amount can also be used to pay for emergency medical bills or simply to consolidate various existing debts.
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%)
About Qbera
Partner with Qbera
Press
Reviews
Call Back Request
