Bardoli is a municipality and a town under Surat Metropolitan Region in Gujarat. The town is located around 35 km from the city of Surat. It is a historic town where the Bardoli Satyagraha movement was given shape under the leadership of Sardar Vallabhbhai Patel in 1928. Bardoli is also the place where Gujarat’s first sugar factory was set up in 1955-56, called Shree Khedut Sahakari Khand Udyog Mandli Ltd. Today the town has emerged into a major educational hub for the students of South Gujarat who are ready to pursue their education from private universities. The town houses the campuses of four major colleges, out of which one is a private university called Uka Tarsadia University (UTU). The other three are affiliated to Veer Narmad South Gujarat University (VNSGU) and Gujarat Technical University (GTU). Students often apply for instant loans in Bardoli to get admission in these colleges.
An instant loan can be of two types -
Secured instant loans- If you apply for a secured loan, i.e. an instant loan against collateral, you can get a higher loan amount. The eligibility criteria are also relaxed. Usually, it does not matter whether you can show income proof or not. You may also apply for a loan with only two documents - PAN Card and Aadhaar Card.
Unsecured instant loans- If you apply for an unsecured instant loan, the lender would approve the loan based on your income and expenditure ratio, credit score, and the stability of income. To avail an unsecured loan, you have to satisfy the minimum monthly income criteria set by the lender and is usually above INR 21,000 per month. Moreover, you have to submit documents like PAN Card, Aadhaar Card, income proof, age proof, income tax file, bank account statement, and quite often, a guarantor.
Hence, if you want a no-frills loan, it is prudent to apply for a secured instant cash loan online.
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 Surat 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.
Thanks to added advantages such as instant loan approval and non-requirement of collateral that come along with short-term loans, they are becoming increasingly popular. Short-term loans are those loans whose repayment period does not span beyond one or two years. Typically, short-term loans are of four types. As the name suggests, bridge loans are those loans that can be availed whilst waiting for a high-value loan to be approved. Loan overdrafts are extensions of credit that lenders provide over existing credit. Demand loans are those loans that can be availed by pledging savings certificates or insurance policies to avail about 80% of it's market value as loan. The fourth kind are instant gold loans that require you to pledge your gold to avail instant loans at extremely low, transparent interest rates. Though gold loans indeed require collateral to be pledged against the loan, the instant nature of these loans gives it a premium position in the Indian market.
While the PAN Card is considered as a very important document, several lenders do approve instant loans sans the PAN card. A foolproof way of applying for an instant loan without a PAN card and getting it approved is to apply for a secured loan. Secured loans are those loans that are availed by pledging an asset or collateral against the loan. In such a case you are likely to receive up t 75% of the collateral's market value as your loan amount. If you wish to apply for an unsecured loan without a PAN card, you may still do so. However, you will have a higher chance of getting your loan application approved if you have a healthy credit score- 700 being the ideal standard. The lender may also ask for other document proofs in place of your PAN card such as a copy of your income statement to prove the creditworthiness of the borrower.
Equated Monthly Installment, or EMI, is a combination of principal and interest and is calculated by factoring in the loan amount, loan interest rate, and loan term. During the early part of the repayment tenure, you pay more towards the interest, and as the end of the tenure approaches, the interest component comes down, and you start repaying the principal. The loan amortization schedule is a tabular list which shows the break-up of the principal and the interest component. For example, if you are applying for a loan amount of INR 10 lakh for a repayment tenure of 12 months at an interest rate of 10%, your monthly EMI would be INR 87,920. The EMI is linked to the loan term and the interest rate. Hence, if the interest rate increases and the period remain the same, the EMI would increase. Similarly, if the term decreases and the interest rate remains the same, the EMI would increase.
An instant loan is one of the most preferred loans as it provides immense flexibility. It is also the easiest solution for emergency funds. But, if it is an unsecured instant loan that you have opted, you will be charged with a high loan interest rate. On the other hand, secured instant loans have lower interest rates. The maximum amount that can be obtained by an unsecured loan is 5 lakhs. As the loan amount decreases, the loan interest rate also increases. If you are looking for an instant cash loan that has no upper limit, you should try a secured, or a collateral-based instant loan. A collateral-based instant loan not only provides lower interest rates, but they also disburse amounts up to 75% of the market value of the collateral, such as gold, that you have pledged with them. You can enjoy the low loan interest rate as well as the high-value loan amount in case of a collateral-based instant loan. This is because of the security, the liquidity, and the LTV (loan to value) ratio of gold when kept as collateral.
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