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Instant loan in autonagar

Auto Nagar is an upscale residential locality in Visakhapatanam District. The area comes under the Yemmiganur assembly constituency and Kadapa parliamentary constituency. The nearest railway stations are Gopalapatnam and Duvvada. The locality is situated beside National Highway 16 or Chennai Kolkata Highway. The Visakhapatnam International Airport at Viman Nagar is only 8km away from Auto Nagar. The prominent temples in the locality are Sri Ganapathi Alayam, Ganesh Temple, Sri Siddhi Vinayaka Temple, and Sri Venkateswara And Vinayaka Swami Vari Temple. People often visit Auto Nagar for its many its reputed healthcare facilities, such as BHPV Hospital, BHEL Hospital, and New Life Diagnostics Centre, and apply for instant loans in Autonagar to pay medical bills.

Difference between instant loans and personal loans

Although both personal and instant loans provide the lender with emergency funds, certain features make them different from each other. These pertain to their nature, their requirements, and their loan amounts. 

Nature: While a personal loan is always unsecured, an instant cash loan can be either secured or unsecured.

Collateral requirement: Personal loans are always collateral-free while instant loans can be collateral-free as well as collateral-based.

Required documents: Personal loans require more paperwork to prove the financial health of the borrower. In the case of secured instant loans, the paperwork is minimal, consisting only of the borrower’s identity and address proof. However, when obtaining an unsecured instant loan, the borrower is required to submit documents to prove their financial health, such as their credit score and income statement.

Upper limit: Up to INR 20 lakh can be procured using a personal loan. When it comes to a secured instant loan, there is no upper limit in the loan amount that can be availed. The lender can receive up to 75% of the market value of the pledged collateral as the loan amount. On the other hand, not more than INR 5 lakh can be obtained as the loan using an unsecured instant loan.

Eligibility to apply for an instant loan and documents required

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. 

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Frequently asked questions

Is instant loan the easiest loan to get?

Instant cash loans are advantageous in more ways than one. They are flexible, easy, quick, and cheap! Data suggests that borrowers stand to gain up to INR 12,000 on the interest component by availing an instant loan. The savings made by availing an instant loan is subject to change contingent on the discounts provided by the lender. All you'll need to do to avail an instant cash loan online is download the lender's app from PlayStore, fill out the loan application, submit the required documents, and voila! The amount will be transferred to your account within an hour since submission of the loan application. As far as the documents are concerned PAN Card, Aadhar card, income proof, bank account statement and a few other documents need to be submitted. Again, this requirement is also subject to change depending on the type of loan you are availing.

Is it safe to take an instant loan online?

It is one hundred percent safe to take an instant loan online. The Reserve Bank of India authorises almost all lenders offering lending services in India under Section 45 IA of the Reserve Bank of India Act, 1934. You should always check the lender's Certificate of Registration and its validity before keying in your details online. Regarding the security of your personal and bank details, many reputed online lenders use 256-bit encryption and international-standard threat mitigation technologies, like the SSL technology, to make your data completely safe and secure. Hence, you can stay fully assured about the safety of your financial data. An instant cash loan online is one of the best ways to fulfil your aspirations without bearing the additional pain of making the rounds of the lender. Starting from application to EMI payments, every process is online. Additionally, online lenders offer much lower interest rates than many brick and mortar lenders.

What is the minimum monthly income needed for an instant loan?

To ascertain repayment capacity, lenders usually assess the proportion of the borrower's income to debt. Since this is an important eligibility criterion, the borrower's income must overshadow their debt so that the lender can trust that when the time comes the borrower will easily be able to return the principal amount along with the EMI. Ideally, the borrower is expected to earn around 18,000 - 21,000 per month. Only then is he/she eligible to apply for an instant loan. But in the case of a collateral-based loan, this requirement can be relaxed. All you'll have to do is pledge collateral such as gold and submit salary slips (irrespective of the amount) and appointment letter along with the loan application. In the case of self-employment, you will have to submit your income statement attested by a certified auditor.

How is the repayment date calculated for an instant loan?

When you apply for an instant loan, the lender usually analyses your financial track record and credit score and considers your eligibility for the loan. They also determine the loan interest rates and the loan term, depending on your eligibility. When your eligibility criteria matches the lender's norms, they carry out the necessary document checks and approve the instant loan. Usually, the repayment date is calculated from the date of the instant-loan approval. As an instant loan is generally approved on the same day itself, the EMIs start from one month after the instant-loan approval date. Hence, if you apply for an instant loan on 1st January, the due date for the EMIs would be the 1st day of every month. However, some lenders offer the facility to repay the principal and the accumulated interest as one lump sum during loan repayment at the end of the term..

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