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Instant loan in bommanahalli

The locality of Bommanhalli is situated at the intersection of Bhagat Singh Main Road and Devarachikkanahali Road, which is close to the Virat Nagara bus stop. There is a considerable Jain population in this area, along with two Jain temples in this region. Bommanhalli has numerous small restaurants that provide anything from vegetation food to ice cream, and the locality even has bars that provide hard drinks that can pack a punch. There are showrooms and small shops that deal in branded materials like fabric and automobile parts. People also spend a lot of time and effort to maintain their bodies at local gyms. Bommanhall also has an area that procures steel for manufacturing industries in the neighbourhood. There are instances when the people in the community may require a instant loan in Bommanhalli to manage their finances effectively.

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

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.

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Frequently asked questions

How long will the application process take?

One of the best perks of an Instant Cash Loan is how quickly it can be availed. All you need to do is place a loan request on the web portal Alternatively, you can also download the lender's app to place your request. Typically, a relationship manager will get in touch with you within few minutes of submitting your application to set up an appointment for document verification following which an approved loan officer will visit your house or workplace at the stipulated time. While the verification for collateral-free loans is carried out online, officers reach the location as stated by the per your convenience within 30 minutes of placing the loan request. Once the documents have been verified, the officer will approve the loan and oversee its subsequent transfer to your account. This entire process end-end will typically take no more than 60 minutes!

Do you need any collateral to avail an instant loan?

You don’t always need collateral to obtain an instant cash loan. There are two types of instant cash loans - a collateral-based instant loan and a collateral-free instant loan. A collateral-based instant loan is secured against an asset of the borrower, such as gold. When an instant cash loan is procured against an asset, the borrower can enjoy some benefits including lower loan interest rates, higher loan amounts, etc. Loan amounts can be disbursed up to 75% of the market value of the asset. When a loan is taken against collateral, the borrower is also not required to submit their credit score or their income statement. In the case of an unsecured instant loan, although the borrower is not required to pledge his asset, he will have to pay a higher loan interest rate. They will also have to present their credit score and income statement or salary slips, depending on which, the loan approval will be done. The loan interest rate will be calculated depending on their financial health. Unlike the case of a collateral-based loan, a collateral-free loan also has an upper limit of 5 lakhs.

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.

Should I take an instant loan to start a small business?

Money is perhaps the most important factor that has to be acquired when you are planning to start a business. One of the best ways to acquire those urgent loans is by taking an instant loan. Instant business loans can be obtained very easily today. You can also depend on an online instant loan service provider to procure the funds. All you need to do is visit the web portal or download the app of the lender where you place an online loan application for an instant loan. As soon as you upload the necessary documents, which serves as your identity proof, address proof and income statement, the amount gets transferred into your account. When you make the loan repayment on time, it increases your credit score and lets you obtain loans at lower loan interest rates in the future. You can also get online instant gold loans that offer lower interest rates on loans as well as flexible options for loan repayment.

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