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What Is Cheque Based Finance?

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  • 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:

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

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