Instant Loan in Chandigarh

At 260kms north of Delhi lies the Union Territory Chandigarh, the capital of two important Indian states, Punjab and Haryana. Chandigarh is the first extensively planned city in India, the foundation of which was laid by Le Corbusier, a renowned Swiss-French architect. Chandigarh is a combination of modern architectural technology and culture. All its government buildings bear the hallmark of Chandigarh's unique architectural style. The Capitol Complex, which contains the legislative assembly, high court, secretariat, three monuments, the Rock Garden, and a lake, was declared by UNESCO a World Heritage Site. Chandigarh is also the place where nature runs alongside modernity. Around the city, several forests are homes to animals like deer, peacocks, sambars, and many other wild species. Business houses mostly depend on instant loans in Chandigarh to fund their business activities. Major tourist locations in the city include the Rock Garden, Sukhna Lake and the adjoining Garden of Silence, the Rose Garden, the Garden of Palms, Butterfly Park, and the Government museum and art gallery.

We offer the highest per gram rate on our gold loans.

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Instant Gold Loan Calculator in Chandigar

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Features of an instant loan

Instant loans are one of the simplest and most popular loans in India. Out of all loans offered by Indian lenders, instant loans are the most feature-rich and easy loan you can avail. Some of the prominent features of an instant loan are:

Flexibility- The first feature that makes an instant loan unique is its flexibility. You may use the loan amount for any purpose you want to.

Loan approval- The second feature is the speed at which instant loan approvals occur. Usually, an instant loan gets approved within an hour of the loan application.

Ease of loan application- The third feature is that you can apply for an instant loan online or offline. The entire process, from application to approval, is transparent, quick, painless, and is hassle-free when it comes to gold repayment.

Minimal documentation-Last but not least, instant loans are so popular due to the minimum documentation required to apply for an instant loan. You need to upload no more than five to six documents to submit your loan application.

Eligibility to apply for an instant loan and documents required

Instant loans are typical 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 an instant loan get access to various benefits as compared to those that borrow unsecured loans. For instance, borrowers that avail of 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 of 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.

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Frequently asked questions

What should be my credit score for an instant loan eligibility?

Credit scores are the lifeblood of a borrower. It is the most important determinant that decides a lot of the terms of the loan. While the standard credit score is considered to be 700, there are lenders that approve loan applications even if the borrower has a credit score of 10. But in such a case, the lender will have the upper hand in the negotiation and the borrower will have to be in agreement with the terms as dictated by the lender. As a borrower, if you are looking to avail a low-interest rate loan despite a poor credit score, your best choice would be to opt for a secured loan such as a gold loan. The maximum loan amount you can avail in case of a secured instant loan is up to 75% of the value of the asset at market value. In conclusion, your credit score plays a vital role if you are looking to avail of an unsecured loan, but this is not the case when you are looking to avail a secured loan.

Can you get tax benefits on an instant loan?

Owing to how quickly an instant loan can be availed, these funds are usually used to meet urgent fund requirements. However, if you wish to use these funds for planned expenses you may certainly do so and how! If you opt to invest your instant cash loan in the construction of a house or to buy a new property, you are likely to receive tax benefits of up to INR 2 lakhs. Alternately, if the money is only to flip or renovate your house, you will be able to claim tax benefits up to INR 1.5 Lakhs. Last but not the least, if you are availing a loan to set up or expand your business you will be eligible for tax benefits. However, this can only be claimed on the interest component and not on the principal amount.

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, renovating their house, for unprecedented expenses, buying some amenities, or financing 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 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.

Instant loan or Overdraft - Which is the better option?

There are some significant differences between an instant cash loan and an overdraft. An overdraft is a more flexible option when compared to an instant cash loan. It is possible to change the borrowed amount later on and the interest need only be paid on the borrowed amount. Another major benefit of a bank overdraft is that there is no extra charge that will befall the borrower when they make the repayment prematurely. In the case of an instant loan, it is possible to avail of much larger loan amounts than an overdraft. It is your financial health such as your credit score and your income that determines the loan amount that you can obtain. In the case of a collateral-based loan, you can get up to 75% of the market value of the pledged gold. But, there is a limit on the amount when it comes to an overdraft. The interest rates on an overdraft also happen to be higher than the interest charged on an instant cash loan. Both the sources of the funds come with their own share of merits and demerits. It is advised that you pick the best option depending on your need and your financial state.

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