Unsecured loan against cheques is a super quick way to arrange for funds in case of an emergency. Unplanned financial shortfalls are difficult to manage as in todays world we live from paycheck to paycheck. When you temporarily use the money of an external entity to manage your requirements, it is called as a loan. The external entity like banks, NBFCs or private lenders receives an interest over the money that they have given out. The borrowers can use the money to tide over the shortfall, thereby, making it a profitable situation for both the lender and the borrower.
Thanks to the many rules and stringent paperwork followed by banks, many do not prefer to approach them in case of need. They instead opt for private money lenders who might give them the money against asset or cheque. A point to note is that cheque are negotiable instruments connected to financial institutes. Dishonoring a cheque is a criminal offense that attracts punishment. So, if you are looking for an unsecured loan against cheque, it is preferable to approach a fintech company. The lending market is seeing a rise in lending startups that have built a distinct reputation for disbursing fast loans, with the provision of allowing applicants to complete the entire loan application process online.
Let us have a look at the key features of Fintech.
Digital experience: The complete process of applying for an unsecured loan including the submission of necessary documents is done online. Giving the user a total digital feel.
Quick disbursal:
The entire process - from application submission for the personal loan, document verification and amount disbursal are completed within 24-48 hours.
Low income groups:
The low-income groups typically face more issues in getting an application through. Banks and NBFCs so not consider low income groups. Fintech’s advanced algorithms, however, do take their socio-economic preferences and calculates their willingness to pay. There is a high probability of loan approval by a fintech for a low-income applicant.
Low CIBIL score:
Unsecured loans are not secured by collaterals and so, there is much dependency on the CIBIL score of the applicant. Banks do not process applications where the score is less than 750. Fintech’s, on the other hand, do consider applicants with a score of 575 and more.
Following are the main criteria that Qbera looks for-
- You must be a salaried individual
- You must have a min net salary of Rs.20 000/-
- You must be above 23 years of age and less than 55 years
- A minimum CIBIL score of 575 and no defaults in the last 24 months
Documents needed
- 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)
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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