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Kolkata
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Instant loan in beleghata

Beleghata in Kolkata Uttar Constituency, under the Kolkata Municipal Corporation, is highly populated with barely enough space to walk on its narrow streets. As the property rates were meagre in this area, it has now become an area of single-storey buildings, housing a substantial middle-class population. In recent times, however, the price of properties has increased exponentially, with many real estate projects in the area. The area also has an excellent healthcare system with the ID & BG Hospital, where patients are now receiving treatment for Covid and other infectious diseases. The area also has many grocery stores and small shops in the locality that have a daily basis business. The middle-class families in the region cannot prepare for unforeseen circumstances. Hence, they rely on instant loans in Beleghata to help them recover from troubled times.

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. 

Features of an instant loan

Instant loans are one of the simplest and most popular loans in India. Out of all loans offered by Indian lenders, instant loans are the most feature-rich and easy loan you can avail. Some of the prominent features of an instant loan are:

Flexibility- The first feature that makes an instant loan unique is its flexibility. You may use the loan amount for any purpose you want to. 

Loan approval- The second feature is the speed at which instant loan approvals occur. Usually, an instant loan gets approved within an hour of the loan application. 

Ease of loan application- The third feature is that you can apply for an instant loan online or offline. The entire process, from application to approval, is transparent, quick, and painless and is hassle-free when it comes to gold repayment. 

Minimal documentation-Last but not the least, instant loans are so popular due to the minimum documentation required to apply for an instant loan. You need to upload no more than five to six documents to submit your loan application.

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Frequently asked questions

What can an instant loan be used for?

instant loans are the most flexible and speedy financial instruments available. One of the major perks of availing an instant loan is that it can be spent as per your discretion. This amount can be spent to meet your household expenses, unexpected medical emergencies, education expenses, or any other cause as per your will provided it doesn't involve speculative activities such s gambling. What's more, this even makes you eligible to receive tax benefits. For example, if you are availing a loan to build a house you are eligible to receive up to 2 Lakhs INR. On the other hand, if the money is being utilized to renovate your home, you will then be eligible to receive up to 1.5 Lakh INR tax benefits. Entrepreneurs or professionals that are self-employed leverage these loans to meet their working capital requirements. You can also invest these funds in buying a vehicle for the family or any electronic items.

What are the benefits of a gold loan over an instant loan?

The two types of instant loans are - loans that are secured with a collateral and loans that are not secured. In the case of a loan that requires a collateral, you have to pledge your property to procur the funds from the lender. A gold loan is an example of a secured loan, where the gold is the collateral. An unsecured personal loan, on the other hand, is unsecured as it does not require a collateral. But a secured loan provides the borrower with many benefits that an unsecured loan doesn't. For one thing, the loan interest rate charged on an unsecured loan is much higher than the interest rate charged on a secured loan. The loan amount that can be obtained against a collateral is also higher than the amount that can be obtained through an unsecured loan. While a collateral-free loan requires the lender to submit their income statement and their credit score, a collateral-based loan do not require those documents. There are also many flexible loan repayment options that are available to a secured loan unlike an unsecured loan.

Can an instant loan request be altered?

Generally, when you apply for an instant cash loan, the lender automatically assumes that you have carefully evaluated your needs and the loan repayment capability before you apply for loan. However, they are also considerate about offering you the facility to alter your loan request. The first thing you may alter after placing the loan request is the loan amount. The second thing you may alter is the loan term. And the third thing you may change is the type of the loan. However, all of these changes need to be done before the loan approval. Generally, no loan alteration request, other than loan term, is entertained post the instant loan approval.

Is it safe to take an instant loan online?

Any official lender/financial institution in India comes under the jurisdiction of the RBI. The RBI exercises adequate caution when it comes to certifying and governing these lenders as per Section 45 IA of the Reserve Bank of India Act, 1934. Availing instant loans online has been made thoroughly safe and secure by this act. If you wish to verify this by yourself, make sure to check the lender's Certificate of Registration and it's validity before submitting your documents and details online. As far as the privacy of your personal and bank details are concerned, several seasoned lenders use 256-bit encryption and threat mitigation technologies that uphold international standards. For example, the SSL technology is used to ensure complete end-end privacy of client data. Since right from loan application all the way to loan repayment all occur online, lenders have ensured that these processes remind encrypted end-end making it your easiest, safest bet when it comes to credit!

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