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Instant loan in Bangalore

The city of Bangalore had been a British colony since 1830 and continued to remain under British rule until it was transferred to India. The city has a touch of old forts and palaces, along with mostly newer architecture. The smart city of Bangalore will enthral you with its beautiful skyscrapers, advanced technology, and extraordinary experiences. The city also provides the lions share to the state's economy. It is also a startup hub and houses some of the most reputed educational institutions. Bangalore specializes in IT, Aviation, electronics, manufacturing, aerospace, fintech, feature films, pharmaceuticals, logistics, and healthcare products. To expand or set up a business, people mostly choose Instant Loans in Bangalore. Due to its technological advancement, it also has many hi-tech government organizations requiring secrecy. Some of the places worth your time during your visit include Lal Bagh Botanical Garden, Cubbon Park, Bangalore Palace, Tipu Sultan's Summer Palace, Visvesvaraya Industrial and Technological Museum.

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

Instant loans are one of the most popular forms of credit in India. Instant cash loans come equipped with several perks and features that make it the most preferred form of credit or most borrowers. There are several reasons why Instant loans have been a roaring hit. The first and foremost reason would have to be its flexibility. It can be availed within a matter of hours, with or without collateral, with or without a healthy credit score, and can be spent as per the discretion of the borrower. Secondly, the speed at which these loans are approved. It is usually only a matter of an hour before these loans are approved. The third reason would have to be the loan application process which can be done both online as well as offline and is an extremely hassle-free process. Last but not the least, the reason instant loans are most borrowers' go-to choice of credit is because of the minimal documentation that is required. Depending on the type of instant loan the borrower is looking to avail, the documents required will vary but are minimal nevertheless.

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Frequently asked questions

What happens if I miss a payment while paying off my instant loan?

Usually, most lenders send automated reminder messages before the due date for EMI payment of the instant loan. However, there are times when a borrower skips the payment due to various reasons. If unfortunately, a borrower misses the EMI payment, the lender would impose a penalty on the next payment. This would raise the next month's EMI substantially. On subsequent defaults, the lender might hand over the case to a third party loan recovery agent, who might force the borrower in various ways. Additionally, the borrower's credit score takes a hit, making further loan applications difficult. Hence, as a borrower, you must always create a provision for paying off the EMIs and loan repayment even before applying for the loan.

Do you need any collateral to avail an instant loan?

Whether or not you require collateral to avail a loan depends on the type of instant loan that you wish to avail. instant loans can be of two types- Collateral based and non-collateral based. If you apply for the latter which is a form of unsecured loan, you can at max only avail up to 5 lakhs. As these loan amounts are relatively low, the loan interest rates will also be correspondingly high. You will have to submit your credit profile, salary slips, and other such documents for evaluation based on which the loan amount and interest rate will be determined. On the other hand, when you avail collateral-based also know as a secured loan, you are expected to pledge an asset or collateral against your loan. These secured loans equip you with an array of advantages as your loan amount can go up to 75% of the asset value and you will only be charged a relatively low loan interest rate.

What is the process of instant loan application online?

An instant loan is one of the most popular sources of funds available today. This is due to the flexibility associated with the loan as well as the quickness of the transaction. You can easily get an instant cash loan. First, you have to place an application for an instant loan either on the web portal of the lender or by downloading their app. You will then be required to submit a few documents such as your identity proof, address proof, and your income statement. In the case of a collateral-based loan, the lender will show up at your doorstep to check the authenticity of your collateral security as well as your documents. As soon as your documents and your collateral are approved, the lender will give the loan approval and the amount will be transferred to your account. The whole process can be completed in a matter of one hour if the documents and the collateral are in order.

Do banks offer instant loans in India?

Financial institutions are extremely flexible and usually willing to accommodate any shortcomings the borrower might have. The main institutions that disburse these loans are:

1) Commercial banks

2) Non-Banking Financial Companies (NBFCs)

3) Housing Finance Companies (HFC)

Banks are severely governed by the central bank because of which there are several regulations they need to adhere to. This implies that they require the borrower to have a high credit score and submit all the necessary documents. This automatically drives most borrowers towards the more flexible options. That is, HFCs and NBFCs for their urgent fund requirements. instant loans both secured and unsecured usually take up to just 60 minutes from loan application to disbursal. Unsecured loans can entirely be availed online whereas secured loans will require a lender appointed representative to visit you to verify your documents and value your collateral. Post successful approval, the loan amount is disbursed.

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