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Instant loan in bodasakurru

Bodasakurru is a peaceful village situated in the East Godavari district of Andhra Pradesh. It is a part of the Allavaram Mandal. The village stands at a distance of 5 km from Allavaram, which serves as the sub district headquarter. It is about 70 km away from Kakinada, the district headquarter. Amalapuram is the closest town to the village and is located about 6.5 km away. Bodasakurru covers an area of 595 hectares. The village boasts of a literacy rate that was as high as 76% a few years ago. To pursue higher education, many students avail instant loan in Bodasakurru these days.

Eligibility to apply for an instant loan and documents required

Instant loans are typically of two types- Unsecured loans that don't require collateral security and secured loans that require the borrower to pledge collateral security against the loan. Borrowers that get a instant loan get access to various benefits as compared to those that borrow unsecured loans. For instance, borrowers that avail secured loans get to borrow a higher loan amount. Since borrowers are required to pledge an asset whose market value needs to be about 30% more than the loan amount, the eligibility criteria are also relaxed. To avail a secured loan, you'll only need basic documents such as PAN Card and Aadhaar Card. However, this isn't the case with unsecured loans. When you apply for an unsecured loan, your loan approval depends on several factors such as your debt-income ratio, existing credit profile, and income status. Additionally, to be eligible for an unsecured loan, as a borrower, you will need to have a minimum income of INR 21,000 per month. Along with this proof of income, you will also have to submit other documents such as PAN Card, Aadhaar Card, Age proof, Income tax file, Account transaction statement, and sometimes even a guarantor. If you are looking to avail a quick, hassle-free loan, secured loans are the way to go.

Difference between instant loans and personal loans

Difference between instant loans and personal loans

While both instant loans and personal loans serve the same purpose, that is to provide you with cash, there are some differences between the two.

Difference

Personal Loan

Instant Loan

Nature

A personal loan is an unsecured loan.

An instant loan can be either secured or unsecured.

Collateral
Requirement

You do not need to submit any collateral guarantee to avail the loan.

If you opt for a secured loan you will have to pledge collateral, which isn’t the case if you apply for an unsecured loan.

Documents Requirement

Due to its unsecured nature, lenders require various documents that prove the stability of your income and keep the loan amount low.

You only need to submit certain basic documents such as identity proof in case of a secured loan. Documentation requirement is low as you will anyway be pledging collateral. In case of an unsecured loan you will have to submit documents such as income statements, payslips. address proof, etc

Maximum Limit

The limit of an unsecured personal loan or an unsecured instant loan is typically up to INR 20 lakh.

In the case of a secured loan, the limit depends on the collateral pledged. If you apply for a secured instant loan, the lender would sanction up to 75% of the collateral’s market value. Hence, if you deposit collateral whose market value is INR 1 crore, you may get a loan of up to INR 75 lakh. In case of an unsecured instant loan, the limit is INR 5 lakhs.

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Frequently asked questions

What is the minimal age requirement for an instant loan?

You can avail an instant loan and live life on your own terms! All you'll need is the app on your smartphone, the necessary documentation needless to say the right kind of eligibility. These eligibility criteria are usually subject to change from one lender to another. Typically, to avail a collateral-free instant loan, one needs to be minimum 21 years old. But in the case of a collateral-based loan that involves a security pledge, the minimum age requirement to meet the eligibility criteria is 18. In support of your age proof, you can either submit your birth certificate or the admit card from your secondary school examinations. It is noteworthy that meeting the minimum age requirement is only one of the eligibility criteria. To ensure that your loan application gets approved in the first attempt itself, you will have to ensure that you meet all the eligibility criteria involved.

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.

Can I get an instant loan if I'm a student?

As a student, you cannot apply for many loans. However, an instant loan for education is one of the very few loans that anyone may apply for, and it does not matter whether you are a student or a professional. The best part is that you can use the loan amount for any purpose related to your studies or use it for sponsoring everyday expenses. Generally, lenders charge a little higher loan interest rate and reduce the loan amount if you cannot prove any stable source of income, which is needed to repay the EMIs on time. But if you apply with a co-applicant, who can show a steady source of income, your loan interest rates may be low. Alternatively, if you apply for a collateral-based loan, like a gold loan, the interest rates may start from as low as 0.89% per month.

How do I take an instant loan without salary slips?

Due to an increasing number of arrears as far as loan repayment is concerned, lenders prefer to be vigilant while loan applications of those individuals that do not have a continued source of stable income. In such a scenario, salary slips are used to confirm the borrower's source of revenue on account of repayment of the instant loan. However, submitting salary slips is not mandatory. A variety of alternate proof of earnings can be submitted including Form 16, Income Tax Returns, Bank Account Statement, and Income Certificate. In case of an exceptionally high credit score, the borrower is given an exemption and lent an instant loan simply based on the Aadhar card. Alternately, the borrower can apply as a co-applicant along with another borrower with a stable source of income, or pledging collateral such as gold.

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