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Amritsar
ajnala
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Instant loan in ajnala

Ajnala is a small town of great historical importance in the Amritsar district in the Indian state of Punjab. It is situated in western Punjab and shares a border with Pakistan. It has great historical importance because the town has the well ‘Shaheedan da khu’ in which bodies of 282 sepoys from the 26th Native Infantry were dumped after being executed without trial by the then deputy commissioner of the district, Frederick Henry Cooper. The old Tehsil, Ajnala is also part of the list of state-protected monuments in Punjab. The town is well established with numerous hospitals, schools, colleges, theatres, banks, etc. The residents have the opportunity to apply for an instant loan in Ajnala if they face any financial emergencies.

Features of an instant loan

Instant loans are one of the simplest and most popular loans in India. Out of all loans offered by Indian lenders, instant loans are the most feature-rich and easy loan you can avail. Some of the prominent features of an instant loan are:

Flexibility- The first feature that makes an instant loan unique is its flexibility. You may use the loan amount for any purpose you want to. 

Loan approval- The second feature is the speed at which instant loan approvals occur. Usually, an instant loan gets approved within an hour of the loan application. 

Ease of loan application- The third feature is that you can apply for an instant loan online or offline. The entire process, from application to approval, is transparent, quick, and painless and is hassle-free when it comes to gold repayment. 

Minimal documentation-Last but not the least, instant loans are so popular due to the minimum documentation required to apply for an instant loan. You need to upload no more than five to six documents to submit your loan application.

Difference between instant loans and personal loans

While both instant loans and personal loans help serve the same purpose there are a few factors that set them apart. For starters, all personal loans are unsecured loans by nature which implies that it does not require any collateral to be pledged to avail a loan amount. Owing to this when you get a personal loan, you are required to submit relatively more documentation to confirm the borrower's financial health. An important factor when it comes to personal loans is a healthy credit score which is an important determinant as far as personal loan eligibility is concerned. Additionally, when it comes to personal loans, the maximum one can avail is INR 20 Lakhs. However, when it comes to instant loans, it can be classified as either secured or unsecured loans. In the case of a secured instant loan, the documentation required is extremely minimal as borrowers are anyway required to pledge an asset whose market value needs to be about 30% more than the loan amount. The upper cap when it comes to a secured instant loan is contingent on the collateral pledged. For example: If you pledge an asset worth 1 Lakh, you can avail a loan of 75 Lakhs maximum.

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Frequently asked questions

What is the minimal age requirement for an instant loan?

You can avail an instant loan and live life on your own terms! All you'll need is the app on your smartphone, the necessary documentation needless to say the right kind of eligibility. These eligibility criteria are usually subject to change from one lender to another. Typically, to avail a collateral-free instant loan, one needs to be minimum 21 years old. But in the case of a collateral-based loan that involves a security pledge, the minimum age requirement to meet the eligibility criteria is 18. In support of your age proof, you can either submit your birth certificate or the admit card from your secondary school examinations. It is noteworthy that meeting the minimum age requirement is only one of the eligibility criteria. To ensure that your loan application gets approved in the first attempt itself, you will have to ensure that you meet all the eligibility criteria involved.

Is there a prepayment penalty for instant loan repayment?

Repaying loan EMIs should always be on your high-priority list if you are a borrower. And sometimes, you might think about using the extra funds in your hand to preclose the loan. Preclosure can be of three types - bullet payment, partial prepayment, and full prepayment. Bullet payment is when you pay the interest and principal as a lump sum at the end of the tenure. If you choose the bullet payment option, the lender will not charge any prepayment penalty. Partial prepayment is when you pay a little more than your EMI. The charges depend on the lender and ranges between 0% and 2%. If you decide to close the loan before the end of its term, you may choose the full prepayment option. Generally, the lender charges between 0% and 3% for full prepayment of an instant loan.

How to apply for an instant loan online

To avail an instant loan online, you must have a smartphone or a computer with an internet connection. All you should do is to visit the lender's website or download the app from PlayStore and place a loan request. Alternatively, you may call the lender's customer care number. The loan application to loan disbursal process takes around 60 minutes. As soon as you request for a loan, a relationship manager would call you and seek appointment. After this, a company-approved loan officer would visit your place of residence or office and verify documents like Aadhar card, PAN Card, and other things. The Appraiser would also check your financial records to ascertain your repayment capability. Depending on your financial status, the officer would inform the loan amount you are eligible to receive. If you agree to the amount and the interest rate, the officer will process the loan. Generally, the amount gets transferred to your account within five minutes of loan approval.

Can I get an instant loan using Aadhar card?

When you apply for an unsecured loan, you are asked to submit documents that prove your identity, your address, and your income statement. If you are applying for a secured loan, you are only required to submit your identity proof and your address proof. You are asked to submit your income statement in the first scenario because the lender likes to be assured that you have a stable income every month that will permit you to pay your EMIs and take care of your personal needs every month. If the only document that is available to you is your Addhaar Card, then you can opt for a secured loan. A secured loan is even better since it requires neither your credit score nor your income score. Your Aadhaar Card is the most conclusive proof of your citizenship and can act as both your identity and address proofs. It is hence possible to get an instant loan with only your Aadhaar Card.

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