Private Money Lenders Against Cheque
Private Money Lenders Against Cheque
The silicon-valley of India has sprung up instantaneously with a lot of IT centers and business-hubs. Along with the industry, there has been the growth of housing and infrastructure as well. Mushrooming new households often face cash-crunch facilitating the demand for instant money. Private money lenders who give loan against cheque in Bangalore can be seen as an ideal option for them. However, the high interest rates and short repayment tenure can wreak havoc for them in the long run.
The requirement for lump sum amounts to pay a home deposit or to renovate/decorate the home. An unexpected medical emergency or even a planned exotic holiday can be managed by a personal loan. Personal loans are always better than opting for private money lenders. Personal loans are unsecured loans that are given against cheque. So, it saves you the guilt trip from having pledged an asset. Private money lenders give loan against cheque in Bangalore as dishonoring of the cheque is a criminal offense that attracts punishments and so they are used as a safeguard while handing out personal loans. The sheer amount of paperwork at banks and NBFCs are enough to deter a personal loan applicant. Fintech’s such as Qbera are operating in this realm and promises its customers a quick turn-around period. The disbursal period is 24-48 hours once the application is approved and the documents are in order.
Advantages of Private Loan against Cheque
- Instant approval
- Qbera provides information about the status of the application in as less as 2 min. Just login to www.qbera.com and fill in the tabs.
- Loans for CIBIL scores starting from 600.
- Most banks do not consider applicants with a less CIBL score. 750 and above is the idea credit score. However, Qbera does consider applicants with a score of above 575.
- Loans for employees of unlisted companies
- Many banks reject application simply because the employer is not listed in their particular database. This is not a reason for rejection with Fintech companies.
- Loans for individuals in shared accommodation
- You are not considered for personal loan from banks, if you reside with friends in a shared accommodation or stay in a PG. Companies like Qbera does consider such applicants.
- Minimal documentation
- The process is completely digital, and you can submit bank statement and other documents online via secured gateway. The documents being Aadhar card, Pan card, Income statements and pay-slips, address proof, photograph and cheques from salary account.
The main eligibility criteria are:
- Salaried individual
- Net take home salary of Min Rs. 20,000/-
- Age bracket of 23-55 years
- CIBIL score of 575 and above
- No payment defaults in last 24 months.
- 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"