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Instant loan in balnagar

Balnagar or Balanagar is a neighbourhood in Hyderabad that stands about 14 km away from the city centre. The neighbourhood is located in Medchal-Malkajgiri district of Telangana and falls under the administration of Balanagar mandal. Earlier, the neighbourhood was part of Ranga Reddy district before the districts were re-organised. Balnagar enjoys easy connectivity with the nearby areas and Hyderabad due to two major roads, Medchal Road and Mumbai Highway. The neighbourhood is home to several industries, Kukatpally Industrial Estate, and HAL. Many people earn their livelihood by working at these industries and organisations. In terms of civic amenities, the neighbourhood has banks, super specialty hospitals, dispensaries, places of worship, etc. People have access to instant loan in Balnagar in case of any sudden or unplanned fund requirement.

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.

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 Hyderabad. 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

How to avoid high interest rates offered by instant loans?

In order to accommodate the flexibility that comes with instant loans, lenders usually charge a high loan interest rate. But worry not! There are means through which you can bring these loan interest rates down. While 700 is considered an ideal credit score, if you strive for a credit score north of 700 it gives you an upper hand when it comes to loan interest rates. The best way this can be done is by ensuring timely repayment of your EMIs. Additionally, if you apply as a co-applicant along with someone with a steady source of income, the loan interest rate can be reduced to a great extent. If both of these beyond your scope, you can always opt for a collateral-based instant loan. Depending on the loan amount, the interest rate of the loan can dip as low as 0.89% per month!

Can I get an instant loan if I'm a student?

It is one hundred percent possible to get an instant cash loan even if you are a student. Even if you are a student or a professional, an instant cash loan is an option that is available to you for quick funds. It is based on the financial health and repayment capabilities of the borrowers that the lenders lend money. If you cannot present a document to establish your stable income, the loan interest rates can be higher and the loan amount can be less. It is advisable that in that case, you apply with a co-applicant who has a stable income and whose financial stability can be proven in the form of a salary slip or an income statement. As long as that is possible, the loan interest rates can be low and the loan amount be more. You can opt for a collateral-based instant cash loan that requires neither a salary slip or an income statement. The interest rates for a gold loan can be as low as 0.89% every month and you can avail up to 75% of the market value of the pledged gold as loan.

What is the minimal age requirement for an instant loan?

Instant cash loans are one of the most flexible and easiest sources of urgent loans or quick funds. We all are sometimes in need of funds to be able to sprout wings and soar high into the dreams that we have imagined for ourselves. Even though very flexible, there are some criteria that determine if you can avail of the instant loan or not. If it is a collateral-free loan that you are trying to obtain, you have to be at least of the age 21. On the other hand, if you are obtaining funds through a collateral-based loan, such as a gold loan, the minimum age requirement is as low as 18. As proof of your identity as well as your age, you will also have to submit certain documents - such as your birth certificate or the admit card of your secondary school examination. Other than meeting the eligibility criteria regarding your birth, you will also have to meet the other criteria as well, with the necessary documents.

What are the reasons to take an instant loan?

An instant loan is probably the most flexible immediate loan you can avail when you need money. The best feature of an instant cash loan is that you can use it for any purpose, other than speculative activities. Hence, you may use it to construct a house, sponsor an event or a tour, set up a business, pay medical bills, or on anything which is legal and non-risky. An instant cash loan is usually approved in an hour, thus allowing you to take care of sudden emergencies. The interest rate depends on your credit profile and relation with the lender. Some lenders even allow the facility to pay the interest, along with the principal, at the time of maturity. Additionally, by repaying the instant loan EMIs on time, you may enhance your credit score, which may increase your eligibility to apply for a loan in future.

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