Bibwewadi is a residential locality situated in the South of Pune. It is only 6 km away from the city centre, 8 km away from the Pune railway junction, and at a distance of 17 km from the Pune airport. Several IT and industry hubs are well connected with Bibwewadi and are placed within a range of 10-15 km from the area. Some of the prominent industries and IT sectors located nearby are Mundhwa Industrial Area, Ramtekdi industrial area, Hadapsar Industrial Estate, Tyni Audyogic Wasahat, Cybercity Magarpatta, Cerebrum IT Park, and SP Infocity. Bibwewadi is a charming and well-civilized locality with all the basic amenities such as hospitals, schools, colleges, markets, and malls available nearby. People residing in this area can afford high-quality living. However, there is always some times of urgency when everybody needs some instant cash. Applying for a instant loan in Bibwewadi is the simplest and the most promising way of getting urgent money.
While both instant loans and personal loans help serve the same purpose there are a few factors that set them apart. For starters, all personal loans are unsecured loans by nature which implies that it does not require any collateral to be pledged to avail a loan amount. Owing to this when you get a personal loan, you are required to submit relatively more documentation to confirm the borrower's financial health. An important factor when it comes to personal loans is a healthy credit score which is an important determinant as far as personal loan eligibility is concerned. Additionally, when it comes to personal loans, the maximum one can avail is INR 20 Lakhs. However, when it comes to instant loans, it can be classified as either secured or unsecured loans. In the case of a secured instant loan, the documentation required is extremely minimal as borrowers are anyway required to pledge an asset whose market value needs to be about 30% more than the loan amount. The upper cap when it comes to a secured instant loan is contingent on the collateral pledged. For example: If you pledge an asset worth 1 Lakh, you can avail a loan of 75 Lakhs maximum.
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 Pune 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.
How many times you may apply for an instant loan depends on your eligibility. When you apply for a collateral-free loan, the lender will check your credit profile and existing loan book. Generally, lenders do not sanction two personal loans at the same time. However, when you apply for a collateral-based loan, like a gold loan, there is no limit to how many times you may avail a loan. Collateral-based loans are usually of two types - instant and credit line. In the instant loan, you get the total loan amount as soon as you deposit the collateral. The interest rate applies to the full sanctioned loan amount. The credit line allows you to deposit the collateral once and take out money whenever you wish to. The interest rate, in this case, applies only to the amount you utilise and not on the whole amount.
Before the instant loan approval and transfer of the loan amount, some financial institutions ask for your credit score as well as your salary slip or an income statement. Some lenders require these since the documents assure the lender about your ability to complete the loan repayment. A high credit score, ranging above or on 650 is the preferred credit score. The salary slip is proof of a steady source of income. Fortunately, some lenders still give loan approval even if you do not have a steady source of income, as long as your credit score is high. If you happen to have neither a steady source of income nor a high credit score, you can always opt for an instant cash loan by providing your property as a collateral. You can also apply for a loan as a co-applicant with another borrower who has a steady source of income.
Generally, an instant loan is used by borrowers to fulfil their immediate financial goals. However, if you are genuinely interested in using the funds for productive activities, then Indian tax laws allow you to claim tax benefits on the principal or interest component of the instant loan. The first tax benefit you can get on an instant loan is if you use it for business purposes. But you can only claim tax benefits on the interest component and not on the principal component. Furthermore, if you use the funds on home improvement, you may claim tax benefits of up to INR 1.5 lakh on the principal component in a financial year. Additionally, if you use the instant loan amount to construct a house or buy a new property, you may claim tax deductions on the interest component of up to INR 2 lakh.
When a person applies for some quick funds with the lender, one of the main things that the lender makes sure is that the borrower is financially stable enough to be able to pay off the EMIs without it burning a hole in their pocket. This is done in two ways. The first and usual method is where the borrower has to submit certain documents to prove their financial stability - which can be an income statement or a salary slip. The other recent mechanism is through net banking verification. These options are given beforehand by the lender and the borrower can pick the one he deems fit. In the net banking method, the lender uses some automated algorithms to check if the salary has been credited to the lender’s salary account on the payday or not.
Your request has been received, our customer relationship manager has been notified and will call you shortly