It has now become extremely easy to get immediate private finance in Chennai. Unlike Banks, private Finance Companies do not have a very long procedure of scrutinizing information and the applicant’s details to sanction a loan. Chennai is gradually becoming the most popular location for people to find finance related jobs, as the growth of the city in terms of business is thriving. The more the growth of business the more the demand of workforce. One of the most important reasons why the business is thriving in Chennai is the private finance system.
There is a P2P platform on which private finance lenders work, this is one of the reasons the money is made available immediately to applicants. People prefer to go ahead in getting private finance over getting loans from banks because they have a higher rate of interest and they demand documents that applicants usually find it difficult to make available. Apart from this banks also take longer time to sanction loans and many times, loan requests are declined. On the other hand when the applicants apply for a loan with private finance companies in Chennai, the chances of the loan getting approved is 50% more. Also the applicant doesn't have to be located in Chennai for the processing.
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.
In certain cases certain private finance companies in Chennai will also demand to see your balance sheet, bank statements since the past 6 months and your passbooks. This is mainly done if you need immediate finance also providing this information can actually help you get a much lower interest rate, if your credit history for your credit scores have always been good, because that is shows that you will definitely pay back the loan amount to the company. The requirements are listed below:
Once you have presented all the documents and details required by the finance company so that they could process and approve your immediate requirement of finance. You will also be required to sign legal documents. These would be notarized. You would also be asked to present post-dated cheques to the company directly. As mentioned earlier there are 50% more chances in getting your loan approved, you can rest assured that if your papers and documents are all accurate you will definitely receive immediate finance when you need in Chennai. The most important thing that you need to take care of is your credit history, if you have a bad credit history private finance Companies will be reluctant in offering you the loan. So, make sure you have checked your CIBIL scores.