Personal Loan Against Post-dated Cheques


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What Are Personal Loans? With advertisements it is understood that Personal loan is an excellent option in case of a monetary crisis. Unlike home or vehicle loan, instant personal loans can be used to meet any financial need. There is no collateral that is pledged with personal loan, the borrower is expected to pay back the amount from his salary. However, being in the high-risk category, many financial institutions insists on giving personal loan against post-dated cheques. This brings to question as to why in this era of ECS, do cheques continue to hold prominence. Well, the fact is that it is much easier to recover money in case of non-repayment.

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If the cheque has been presented in the bank and has been dishonored by the borrower, he can be bought before the court and it is easier to get the amount. Does this mean that taking a personal loan is not advisable? Of course not, being unsecured loans, personal loans do not require the borrower to pledge any kind of asset as collateral. It does not even require the borrower to have a guarantor for sanctioning of loan. The credibility of the borrower and the advanced risk calculations algorithms are the reliable factors here and so they do insist on giving personal loan again post-dated cheques. Instant online personal loans from fintech companies like Qbera are quick and uncomplicated way to get money in case of emergencies. They are multi -dimensional, which simply put means that there is no end use specified. You can use the money to pay for an emergency medical procedure or plan a vacation. You can do a multitude of things with it- pay for your marriage or education, consolidate the debts or use it to upgrade and renovate your home. There are some criteria that needs to be met – You must be a salaried individual your employment status and the stability at job is considered as there are no assets attached, the lender expects you to repay the loan from your salary.

You must have a min net salary of Rs.20 000/- Qbera considers applications of individuals with a take home salary of Rs 20 000 and above. You must be above 23 years of age and less than 55 years The age of the borrowers becomes a key factor as it is better to give a loan to a younger person, who can avail a long tenure, rather than an older individual who does not have many years left. Minimum CIBIL score of 575 and no defaults in the last 24 months Being unsecured, credibility is particularly important and CIBIL score provides that to the lender. Most banks consider a score of 750 and above. Fintech companies do consider marginally less score as they also do risk assessment based on other socio-economic factors. But a score of 575 and higher with no case of payment defaults in the last 2 years is a requirement. And the documents that needs to be given are:

  1. Aadhaar Card
  2. PAN Card
  3. Proof of address
  4. Salary and income documents
  5. Photographs
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