What Is Cheque Based Finance?

What Is Cheque Based Finance?

 Cheque based finance also known as cheque based private loan is the best option for repayment purposes, buying property or bank guarantee at the time in which you need a loan the most. Cheque based finance is very popular in Chennai. You are approved of the certain loan limit that you are required to repay within a particular period of time. Most of the cheque based finance are long term, as there is no collateral to be submitted, in most cases no upfront fees or pre-closure fees, the financial institutions that provide the load earn their income through the interest they charge on the loan amount.

 It is ideal to go with the long repayment option for the applicant as well, because this gives more time to the business to pay back and at the same time the businessmen can invest their money on the business instead of paying back the loan. The loan amount will be tied to the personal credit history of the applicant incase the business doesn’t have a credit history of its own.

 The business should be earning profit and neither the business nor the owner of the business can be bankrupt. One of the benefits of applying for a cheque based finance in Chennai is that you do not have to be in Chennai, you can be anywhere in India to apply, but you must be a citizen of India and fulfill the requirements for the application.

 These are the documents that you would be requested to provide at the time of application and requirements to be met during the process of cheque based finance in Chennai:

  • Your bank statements from the last 6 months.
  • Post-dated cheques and OD sanction letter.
  • If your company is not new, you will need to show Income Tax details for the last 2 years.
  • Your company cannot be insolvent or you cannot be bankrupt.
  • If your business is big your turnover will be expected to be from 5 to 10 lacs. This is the minimum.
  • You will have to be located in India, you cannot apply for this loan if you’re not an Indian.
  • Your business needs to have a current account and an IT should be filed in the name of the business.

If the funds requested is huge, OD will be required and if the repayments scheduled are long, property would work as an asset.

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

 The quality of life in Chennai is highly safe and modern. This metropolitan city has many companies and industries. Out of them, SMG Fincorp offers fair interest rates for Cheque based finance and is one of the trust worthy private companies in Chennai for the past 15 years.

 With SMG Fincorp it is very easy to raise funds within 24 to 48 hours, without any having to pay any upfront fees. In cases when your business needs immediate funding, the funds are arranged and organize to fulfill your needs. The repayments can be flexible and short in case you make a request for it. The interest rate charge if reasonable and affordable.

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People Says

SMG offers you a wide range of top banks to compare and apply with. The response rate is really fast plus the best part is that you dont have to pay any upfront fees.

Udayam Rice Mills

Taking your business to online platform has become mandatory these days. However getting the funds for that isnt that simple. Fortunately, SMG saw the potential in the business and supported us to do it.

Shivam Supermarket

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