Ashok Nagar is a small locality in Kakinada which comes under the few well-developed areas of the small city. This town thrives on tourism, business and education. A very popular Gandhi Park is a 0.4 mile (1,000-step) route located near Ashok Nagar, Kakinada, India. Other renowned places to visit in Ashok Nagar are Chanderi Fort and Museum, Badal Mahal Gate, Treasury Colony Park, Kati Ghati Gateway and the Koshak Mahal. It has beautiful parks like the Jawahar Park and the Gandhi Nagar Park. A well-known play school -Lollys Global Play School in Ashoknagar was renamed as Buzz Bees and Government Polytechnic for Women, Kakinada are one of the best educational institutes in nearby places.
There are two types of instant loans -
A collateral-based instant loan
This type of loan is secured against a collateral property of the borrower. There are many benefits to a secured loan, such as minimal paperwork, lower interest rates, and high-value loans. Usually, the borrower is only required to present their identity and address proofs.
A collateral-free loan
This type of loan is unsecured. The borrower doesn’t have to pledge his property with the lender for obtaining the funds. However, the borrower will be expected to have a high credit score and a stable source of income, usually above INR 21,000 per month. The lenders like to make sure that the debt to income ratio is appropriate for the loan so that the borrower can make the repayments on time. The borrower will also have to submit documents that prove their financial health, such as a salary slip or an income statement, their credit score, and sometimes even a guarantor.
For these reasons, a collateral-based loan is more popular among the lenders.
The flexibility in the end-use of an instant loan makes it one of the most popular loans in India. Denizens often avail instant loans in Bhubaneswar for various reasons. The first reason why people avail an instant loan is to address sudden financial emergencies. Sometimes, in case of hospitalisation, the bill amount may exceed the available cash. An instant loan provides urgent money, which one can use on anything related to health. Another reason why people apply for an instant loan is to set up a business. In some cases, using the instant loan amount for business may also enable you to apply for tax rebates. Many borrowers also avail an instant loan to sponsor a vacation or a tour. The fourth reason why people apply for an instant cash loan is to spend it on sponsoring a big event like a marriage.
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An instant loan is the simplest of all loans which lending institutions in India offer. The tenure of an instant loan depends on your financial profile and preferences. Generally, the lowest term which you may avail is one month, and the maximum tenure can be five years. Before deciding the loan tenure, you should calculate the EMI. A longer tenure might reduce your EMIs. But by opting for a long-term loan, you will have to pay more towards interest component. Instead, if you choose a short-term loan, the loan interest rate will be much lesser. Lenders often give special interest rate rebates when you choose a shorter tenure. Availing a short-term loan also gives you the opportunity to close your loan early, which can enhance your credit score.
An instant loan, being one of the best options when it comes to an instant loan, offers many benefits and flexibility. One of the only drawbacks that they have is a high loan interest rate. But there are many ways in which the high loan interest can be tackled smartly. The loan interest rate is determined by the loan amount as well as by your financial health. It is your credit score and your income that comprise of your financial health. As long as you have a high credit score, as high as 900, your loan interest rate can be lower. Having a stable income is also significant. It assures the lenders of your loan repayment ability with other hardships. When you apply for an instant loan with a co-applicant, who also has a stable income, the loan interest rate can be reduced considerably. A collateral-based loan also provides instant cash loans against cheaper interest rates every month. This also can be an option since the interest rates for a secured loan can be as low as 0.89% per month.
As a borrower, you need to pay keen attention to your repayment pattern as this can make or break your credit score. At any point during your loan tenure, if you have surplus funds you might feel tempted to pre-close your loan. Prepayment can be of 3 types. They are:
1) Bullet Payment: When both the principal and the interest are paid as one lump sum at the end of the loan tenure it is known as a bullet payment. In case of a bullet payment, you will not be charged any penalty.
2) Partial Payment- Partial payment is when you pay a little more than the stipulated EMI amount. In this case, you will be charged a penalty ranging from 0% to 2%
3)Full Prepayment- If you opt to close the entire loan before the end of its term, it is known as full prepayment. You will be charged between 0% and 3% as penalty in this case.
The interest rate of an instant loan depends mainly on your credit profile and income status. Generally, lenders carefully evaluate your financial documents and determine your financial capability before finalising the loan interest rates. Sometimes, the loan amount also plays a significant role in deciding the loan interest rates. For example, when you apply for a loan amount of INR 5 lakh or more, the loan interest rates may start from 0.89% every month and may go up to 1.39%. If the amount is between INR 2 lakh and 5 lakh, the interest rate may start from 0.99% per month to 1.59%. If the amount is less than INR 2 lakh, the loan interest rates may start from 1.29% and may go up to 1.65%.
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