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Unsecured Loan Against Cheque

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Loan amounts range from Rs.50,000 to Rs.25,00,000. APR ranges from 10.99% to 35.99%. Loan lengths range from 12 to 60 months. Administration fee ranges from 1% to 5%.

Unsecured Loan Against Cheque

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
Getting a Qbera Smart Loan is Simple
Fill out our online application form
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.
Connect your Bank Account
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.
Select your loan term
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.
You’re done! Get the money in your Bank Account as early as tomorrow.
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:
  1. 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
  2. EMI of ₹7091 per month
  3. Total payable amount in 3 years = 36 times ₹7091 = ₹2,55,276
  4. 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%)
Repaying a Qbera Smart Loan is just as Simple
Repay your loan with automatic EMI payments.
  • 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.
  • 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)
Pradeep

Pradeep

"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."

Shekhar

Shekhar

"I would like to thank Qbera for speedy loan processing. I was having a tough time in deciding which bank would actually take my request for a loan as the loan was supposed to be for credit card payoff. I was forced to use my credit card for an unforeseen expense which I could not avoid and was finding it tough to pay back due to the high interest cost on credit cards. 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...

Syed

Syed

"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."

Anish

Anish

"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"

Arun

Arun

"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"

Bhaskar

Bhaskar

"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"

Are you ready to get your Qbera Smart Loan?
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QBERA

We are a Bangalore-based company offering digital, quick, hassle-free personal loans to people when they need them.

Loan amounts range from Rs.50,000 to Rs.25,00,000. APR ranges from 10.99% to 35.99%. Loan lengths range from 12 to 60 months. Administration fee ranges from 1% to 5%.

* Subject to Risk Profile

Need Help?
Contact our support team via WhatsApp by clicking below:
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E-mail: contact@qbera.com
Phone: 1800 4198 121
Whatsapp:+91 89719 28484
Address:
2nd Floor, Featherlite Vista Building,
MV Jayaram Road,
1st Main, Vasanth Nagar.
Bangalore 560 052

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