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Amritsar
butala
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Instant loan in butala

Butala is a village in Tehsil Baba Bakala in district Amritsar in the Indian state of Punjab. It is spread over an area of 644 hectares with a total number of 569 households. Some of the nearby villages to Butala are Tapiala, Sattowal, Pallah, Bedadpur, Gaggar Bhana, and Kammonke. It is also easily connected to other major cities in the state through a railway station within 10 km from the village. There are also numerous public and private bus services available. The village was formerly known as Butan-Wala and was founded by Bal Jatt Zamindars. There are numerous commercial banks in and near the city through which locals can apply for an instant loan in Butala. There are also several Atm available in the village when the locals require some quick cash.

Features of an instant loan

Instant loans are one of the most popular forms of credit in India. Instant cash loans come equipped with several perks and features that make it the most preferred form of credit or most borrowers. There are several reasons why Instant loans have been a roaring hit. The first and foremost reason would have to be its flexibility. It can be availed within a matter of hours, with or without collateral, with or without a healthy credit score, and can be spent as per the discretion of the borrower. Secondly, the speed at which these loans are approved. It is usually only a matter of an hour before these loans are approved. The third reason would have to be the loan application process which can be done both online as well as offline and is an extremely hassle-free process. Last but not the least, the reason instant loans are most borrowers' go-to choice of credit is because of the minimal documentation that is required. Depending on the type of instant loan the borrower is looking to avail, the documents required will vary but are minimal nevertheless.

Eligibility to apply for an instant loan and documents required

An instant loan can be of two types - 

Secured instant loans- If you apply for a secured loan, i.e. an instant loan against collateral, you can get a higher loan amount. The eligibility criteria are also relaxed. Usually, it does not matter whether you can show income proof or not. You may also apply for a loan with only two documents - PAN Card and Aadhaar Card. 

Unsecured instant loans- If you apply for an unsecured instant loan, the lender would approve the loan based on your income and expenditure ratio, credit score, and the stability of income. To avail an unsecured loan, you have to satisfy the minimum monthly income criteria set by the lender and is usually above INR 21,000 per month. Moreover, you have to submit documents like PAN Card, Aadhaar Card, income proof, age proof, income tax file, bank account statement, and quite often, a guarantor.

 Hence, if you want a no-frills loan, it is prudent to apply for a secured instant cash loan online.

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Frequently asked questions

What are the repayment options for an instant loan?

If applying for a loan is easy, repaying the EMIs is easier, especially when you are availing a collateral-based instant loan, like a gold loan. Contrary to a collateral-free personal loan or credit card, lenders charge less interest rate on a collateral-based loan. You can make three types of payments during the loan tenure - interest, closure, and part. The interest payment is what you pay every month as EMI. Closure amount is what you pay to release your collateral and Part-payment is when you pay slightly more than what you are supposed to pay every month. To pay the EMIs, you have to either download the lender's app from PlayStore or visit their web portal. Generally, you may pay by using Internet Banking, Debit Cards, UPI, NEFT, RTGS, or IMPS. On choosing the monthly EMI payment mode, the lender would send you timely reminders about EMI payment.

Can I get an instant loan if I'm retired?

Retired people also need funds the same as everyone else. They may need it for a variety of reasons, including paying their medical bills, to renovate their house, for unprecedented expenses, to buy some amenities, or to finance a trip. Even when retired people are unemployed, they can still obtain instant cash loans. As long as they have a steady pension, they can obtain an unsecured loan. If that is not the case, they can also get quick funds through collateral-based loans, such as an instant gold loan. Obtaining an instant cash loan is a very simple and easy process. You can call the customer care of the desired loan service, request for an instant loan, or place a request via the web portal or the app of the concerned lender. The borrower will have to present a few documents as their identity proof, their address proof, and an income statement before the lender. If all goes smoothly, the loan approval will be done within an hour.

Can I take an instant loan for travel?

A recovery detour to escape the monotony of our everyday lives is found to do a great deal of good to our body as well as our mind. If you are a salaried employee or if you have a consistent source of income, taking a trip can mean that you may have to dip into your savings a little bit. This can cause a domino effect, leaving you with a little less amount of interest from the savings in your bank. One of the best ways to tackle this is to get an instant cash loan. instant loans are very easy to obtain and don't require a collateral. As long as you have a steady source of income and your credit score is 650 or above, getting an instant loan is pretty simple. By submitting a few documents such as your PAN Card, Aadhar Card, etc, you can get a quick loan. But if it happens that your income is not regular, you can always opt for a loan against a collateral, such as a gold loan. This will be best suited for you since the loan repayment options are flexible with no requirement of your credit score.

What are the reasons for an instant loan to get rejected?

An instant loan rarely gets rejected. But, there are times when a lender is bound by industry norms to not approve an instant cash loan due to issues beyond their control. The first reason why an instant loan may get rejected is a low credit score. Generally, any credit score below 700 is considered an unhealthy credit score, and the lender may not approve a loan. Additionally, if the borrower is a frequent job hopper, the lender might not approve the loan. Another reason why the loan application might get rejected is if the borrower had been a regular defaulter in the past. Hence, if you want your loan application to get cleared in the first time, consider increasing your credit score and having a stable debt to income ratio.

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