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Instant loan in anjuna

Located on the coast of the Arabian Sea, Anjuna is a quaint coastal village in North Goa. It is also a census town and a tourist hotspot. The village of Anjuna is famous for its beach and its trance parties. Fringed with palm trees and dotted with black rocks, Anjuna Beach draws all kinds of holiday makers, including those looking for pocket-friendly accommodation options in Goa. The flea market of Anjuna is equally enticing for the visitors. All kinds of commodities are sold and bought at this market, including jewellery, clothes, electronic devices, and knick-knacks. Many sellers resort to instant loan in Anjuna to procure the things that they sell at this market. Among the other major attractions of Anjuna are the St. Michael's Church and the Chapora Fort.

Difference between instant loans and personal loans

Difference between instant loans and personal loans

While both instant loans and personal loans serve the same purpose, that is to provide you with cash, there are some differences between the two.

Difference

Personal Loan

Instant Loan

Nature

A personal loan is an unsecured loan.

An instant loan can be either secured or unsecured.

Collateral
Requirement

You do not need to submit any collateral guarantee to avail the loan.

If you opt for a secured loan you will have to pledge collateral, which isn’t the case if you apply for an unsecured loan.

Documents Requirement

Due to its unsecured nature, lenders require various documents that prove the stability of your income and keep the loan amount low.

You only need to submit certain basic documents such as identity proof in case of a secured loan. Documentation requirement is low as you will anyway be pledging collateral. In case of an unsecured loan you will have to submit documents such as income statements, payslips. address proof, etc

Maximum Limit

The limit of an unsecured personal loan or an unsecured instant loan is typically up to INR 20 lakh.

In the case of a secured loan, the limit depends on the collateral pledged. If you apply for a secured instant loan, the lender would sanction up to 75% of the collateral’s market value. Hence, if you deposit collateral whose market value is INR 1 crore, you may get a loan of up to INR 75 lakh. In case of an unsecured instant loan, the limit is INR 5 lakhs.

Features of an instant loan

Thanks to the flexibility and the simplicity associated with an instant loan, it is the most popular and demanded source of funds in India. An instant loan offers many exclusive features that makes it a favorite among the borrowers in Goa. Listed below are some of the most attractive features of an instant loan:

Flexibility - The funds that are obtained through an instant loan can be put to any use, as long as it is not for speculative or illegal purposes.

Loan approval - Usually within an hour from the loan application, the loan amount will get disbursed into your account, just as the name suggests.

Loan application - An instant loan can be placed online as well as offline. The borrower can use the app, the website, or can also call the customer service desk to make a request for the loan. The procedure, from the loan application to the transfer of the amount remains smooth, transparent, and quick.

Minimal paperwork - One of the reasons why instant loans are so popular is that they hardly require any paperwork at all. Not more than five documents are to be uploaded under any circumstance.

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Frequently asked questions

Will an instant loan help pay off credit card debt?

When it is about choosing the right financial instrument for getting cash instantly, people often choose credit cards, without realising that the penalty for non-payment can often be detrimental for their financial profile. Credit card debt often causes irreparable damage to the credit rating of a borrower, thereby reducing the chances to apply for a new loan. However, by availing an instant cash loan online, you can settle off your existing card debts and start your financial journey afresh. By settling off your credit card debts, you can partially offset the damage caused to your credit score. And, as the instant loan interest rates are usually lower than credit cards, you may save a substantial amount by paying off your card dues with an instant loan.

Can I get an instant loan without a PAN card?

An instant loan is a flexible financial instrument that you may use to spend on anything you like. Unlike many other loans, the documents required to apply for an instant loan are much more straightforward. Generally, when you apply for an instant cash loan, the lender wants you to submit essential documents like identity proof, address proof, age proof, income statement, and other necessary documents. PAN Card works as an identity proof and is considered an essential document. However, you can still apply for an instant loan without a PAN Card. You have to fill, sign, and submit Form 60, along with Aadhaar Card, and all other documents to apply for the instant loan.

How to avoid high interest rates offered by instant loans?

An instant loan often charges a high loan interest rate to offer the convenience and flexibility that comes with it. However, there are ways in which you can reduce loan interest rates. And the ways are not too difficult. The first thing you should do is to increase your credit score and aim for a credit score near 900. The best way you can increase your credit score is by repaying your EMIs on time. The second thing you can do is to apply with someone who has a stable source of income. If both the applicants have high net monthly income, then the loan interest rate can drop substantially. If none of the above methods applies to you, then the best thing you can do is to apply for a secured loan, like a gold loan. The interest rates of secured loans can be as low as 0.89% per month.

How to apply for an instant loan online

With the help of a smartphone or a computer and an internet connection, you can avail the service of an instant online loan. You can also seek their service through their customer care service. The entire transaction, from the placing of the application to the disbursal of the amount wouldn’t take more than an hour. After downloading the app from Play Store or by visiting the web portal of the lender, you can place a request for a loan. Within a few minutes from placing the application, a company representative will get in touch with you to seek an appointment. The company official will shortly arrive at the desired location to check the authenticity of your collateral as well as verify your documents. The loan will be approved after the loan amount and the interest rate has been agreed by both the parties, depending on your financial status. The transaction will be complete once the loan amount has been transferred to your account, which wouldn’t take more than five minutes from approval.

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