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Instant loan in biloli

Biloli is a city as well as a Municipal council situated in Nanded district in the province of Maharashtra, India. Prior, Biloli secured the territories of present day Dharmabad and Naigaon but now these two are separated from Biloli. It belongs to Marathwada region under Aurangabad Division. Hanuman Mandir, Datta Mandir, Vitthal Mandir are visited by tourists. Masjid a Nurool Huda and Masjid Kala Patthar are the prominent religious spots situated in Ardhapur town. There is no railroad station close to Biloli in under 10 km. Wanegaon Rail Way Station and Dharmabad Rail Way Station are situated in close proximity to Biloli. A lot of times, individuals look for instant loans in Biloli during any kind of medical emergency or crisis where time can be vital.

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 Nanded. 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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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. 

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Frequently asked questions

How do I take an instant loan without salary slips?

With NPAs on the rise, financial institutions have become wary of sanctioning loans to people who cannot prove the stability of their income. The salary slip assures the lender that the borrower has a stable source of income. However, some lenders may still approve an instant loan even when you do not possess salary slips. To avail such a loan, you may produce alternative documents, such as a proof of earnings, such as the Income Tax Returns, Form 16, bank account statement, or income certificate. A lender may also approve the instant loan against Aadhaar card if your credit score is exceptionally high. Another way to get an instant loan without salary slips is by pledging an asset, like gold or property. You may also apply, as a co-applicant, with a borrower who has a steady income.

Can I change my tenure once I have applied for an instant loan?

Whether or not you can change the loan term after the loan approval depends on the type of loan you have opted for and your lender. There are two types of loans when it comes to instant cash loans - an unsecured instant loan and a secured instant loan. In the case of an a secured loan, since the loan is flexible, it is possible to change the loan term after the loan approval. A secured loan is where the borrower has to pledge an asset in the form of collateral with the lender. In the second type of loan, in an unsecured instant loan, whether or not you can change the loan term depends on the lender. In any case, it is always better to be clear about your financial health and choose the best EMI available to you after careful deliberation.

Is Pan card compulsary to get an instant loan?

A PAN Card is one of the mandatory documents that a borrower has to submit with the lender in order to prove their financial security. It is possible to get an instant loan without a PAN Card. There are better chances of a loan approval if you have provided your PAN Card. It is easier to obtain a secured instant loan than an unsecured instant loan without a PAN Card. This is because, in the case of a secured loan, the lender is assured of the safety of the loan, thanks to the assest that he has procured in the form of collateral. If you are in need of an unsecured instant loan and if you do not have PAN Card, you need to have a high credit score. A high credit score is usually above 700. A high credit score is a mark of your financial health. The lender can also decide to give you an unsecured instant loan without a PAN Card if you have a stable income, which has to be proved with an income statement or with a copy of your bank account statement.

Is taking an instant loan for a low amount a good idea?

An instant cash loan online is one of the most flexible loan instruments that Indian lenders offer. An instant loan can be either secured or unsecured. In case of an unsecured loan, there is a limit to how much loan amount you can avail. However, in the case or a secured loan, the amount can be up to 75% of the value of your pledged asset. When you avail a low-value loan, lenders usually charge a higher loan interest rate, primarily to cover the costs of loan processing. If you apply for a high-value loan, the interest rate might be lower. For example, if you are applying for a gold loan for a loan value of INR 20 lakh, the loan interest rate may be around 0.90% per month. If, however, the loan amount is less than INR 5 lakh, the interest rate may hover around 1.50% every month. Even though the interest rates charged on small amounts may be high, an instant cash loan can still be preferred since it is the best option for a quick funds. You can also try getting an unsecured instant cash loan as loans against collateral, such as gold, as always charged lower interest rates.

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