Cheque-based finance also known as the cheque-based private loan is the best option for repayment purposes, buying property, or bank guarantees at the time in which you need a loan the most. Cheque-based finance is very popular in Chennai. You’re approved of the certain loan limit that you’re required to repay within a particular period of time. Most of the cheque-based private finance is long-term, as there is no collateral to be submitted, and in most cases, no upfront fees or pre-closure fees, the financial institutions that offer the loan earn their income through an 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 in the business instead of paying back the loan. The loan amount will be tied to the personal credit history of the applicant in case the business doesn’t have a credit history of its own.
The business must be earning profit and neither the business nor the owner of the business could be bankrupt. One of the benefits of applying for cheque-based private finance in Coimbatore is that you do not have to be in Coimbatore, you can be anywhere in India to apply, but you should be a citizen of India and fulfill the requirements for the application.
These are the documents that you will be requested to offer at the time of application and the requirements to be met during the process of Cheque-based private finance in Erode:
Statements from the last six months of your bank account
- 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 are high, OD would be required and if the repayments scheduled are long, the property will work as an asset.
- Bank statements from the past 6 months
- Details of income tax since the last 3 years
- PD(postdated) Cheques
- OD sanction letter
The quality of life in Coimbatore is highly safe and modern. This metropolitan city has more companies and industries. Out of them, RG Enterprises offers fair interest rates for Cheque based finance and is one of the trustworthy private companies in Erode for the past 15 years.
With RG Enterprises it’s very easy to raise funds within 24-48 hours, without having to pay any upfront fees. In some cases when your business needs immediate funding, the funds are arranged and organized to fulfill your needs ASAP. The repayments could be flexible and short in case you make a request for it. The interest rate charge is affordable and reasonable.