Cheque based finance in chennai

Cheque based finance in Chennai

 Cheque based finance in Chennai has recently become the best choice for new entrepreneurs and businessmen. Most of the businessman in need of funds prefer to apply for cheque based finance. Private finance lenders offer cheque service to applicants who can be trusted, and would be able to pay back the amount lent to them. Chennai is booming now in the field of finance and marketing. Thousands of people are in locating to Chennai because of the requirement of workforce, there are plenty of jobs in the field of finance now. Not long ago it was just the banks that offer loans and it was difficult for entrepreneurs and startups. The procedure to get a loan sanctioned has always been tough went it is through banks. Finance lenders have brought in a revolutionary change in the way the world of finance works by introducing cheques for the facility.

 In Chennai, finance companies work differently than it works in other cities. Here the finance companies have a platform of P2P, where you will be asked for every single document that any bank would ask you before they could lend you money. It is never a hundred percent guaranteed that the loan amount will be sanctioned through cheque based finance, however, there are more chances of getting a loan through private finance lenders. The approval process is way faster here, and you get an option to pay lesser interest while getting approved for a huge amount of loan.

 In the case of private finance, companies can raise funds within 24 hours as well. There are certain documents required so that your cheque based finance is approved specially in Chennai. The following are the requirements:

  • Bank statements from the past 6 months
  • Details of income tax since the last 2 years
  • PD(post dated) cheques
  • OD sanction letter

 In Chennai, companies that offer cheque basis finance tend to discourage higher rate of interest and short payment requirement. The following are the minimum requirements and certain eligibility criteria that are taken into consideration at the time of approval of loans by companies offering cheque basis finance:

  • The individual or the business must have a base level of minimum 5 lacs
  • The turnover of the business has to be a minimum of 10 lacs, however for exceptional cases the turnover would not matter.
  • The location of the client does not matter as long as the client is in India. i.e the client does not have to be located in Chennai.
  • The client should have proper Income Tax clearance or have filed income tax return.
  • The client must have an open and running Current Account.
  • If the client have applied for huge funds in the form of cheques from the finance company , OD would be required.
  • In case the client wants to have long repayment of the finance scheduled, property or assets could be shown as collateral.

 In Chennai there are several finance companies ready to sanction huge loans as far as you make the basic criteria. Banks and private finance lenders have introduced a pre-closure charge, which is around 4 to 5%. You also require a proper proof of address, if any liabilities you will have to show them, income and Income Tax details, your work experience and the reputation of your company, your assets and property. For your finance cheque to be approved in Chennai you might also be asked to show your passbook bank statement and balance sheet for the year. To get your cheque approved, there are certain documents that you will have to sign, these are notarized documents, and you will also have to issue post-dated cheques directly to the finance Companies.

Private Finance On Cheque Basis

 Chennai is one of the fastest growing cities in India. Thousands of people relocate to Chennai every day because of its increasing demand of workforce in several sectors of jobs. Private finance companies understand the importance of loan for your business and help you get it in a faster and easier way. The more the investment, the more the capital required, eventually leading to more loans and sanctions by banks. Not every business is approved for the total amount of loan required for investing, as it could be blocking the huge assets of the banks and costing the applicant a high rate of interest which the applicant might find difficult to payback. Private finance not only used for funding public works so that the government doesn’t have to release funds for it, but is also widely used by the private sector businesses.

 In the case of private finance, in Chennai you will find several individual money lenders ready to lend you the capital you need, to start or run your already existing business. The city is growing tremendously in the world of finance, private finance on cheque and money market. The private finance lenders work on a P2P platform, they look at you financial situation and gauge if you will be able to pay them back or not. Banks have several paper works and rules to fulfill. Many times, your loan request could be declined by finance companies, but private finance can also help you with the finance if you fulfill some basic criteria to get a loan granted. The private finance company procedures are almost the same as banks, however, there will at least approx. 50% more chance to get your loan sanctioned with private finance money lenders in Chennai.

 There is a pre-closure charge of approximately 4 to 5% that the banks and private finance companies in Chennai charge you. You will notice that you will not be demanded of any sort of fees for starting the application process. Specially in cases of immediate requirement of finance, private finance companies will give you first priority as your requirement is immediate. This is something you will not notice happening at banks. Talking about the procedure you will be asked to prove certain identity and financial information. You will be required to present a proof of address, liabilities, position of work, work experience, income, tax returns, your savings, statements, your assets, and your financial situation.

 Talking about private finance on cheque basis, it extremely popular and much quicker in Chennai. There is no fees that you need to pay in the beginning to these private finance lenders. There is a lot of competition as hundreds of private finance companies have started their business in Chennai. Your credit history will matter a lot for the private finance companies to decide on the amount of loan you could be loaned by a bank or NBFC. The rate of interest is usually decided on the credit scores and history of your employment. In Chennai, banks and private finance lenders will also introduce to something known as a pre-closure charge that banks, which could be around 4 – 5%. This is negotiable according to the amount of your loan with the private companies.

 The procedure of private finance on cheque basis would begin with a thorough check on you. You will have to show proof of address, income, liabilities (if any), job situation, work experience, if the organization or firm you work for is reputed or not, and whether you can submit a collateral. In Chennai, you might even find private finance lenders asking you for your balance sheets, passbooks and bank statements. The reason why they offer you a loan is so that it is returned back to them in a short period of time with interest.

You will have to agree to the interest and sign proper notarized documents and issue PDCs directly to the private finance lenders. One of the best factors in working with private finance lenders is the quickness of the loan getting approved and provided to you. In case you need help with finding the right merchant, there are several middleman you can consult to get in touch with them. You will get complete assistance from these companies from beginning to the time you get the loan.

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