Chennai, originally known as Madras, was a fishing town where the British built their trading hub in South India at St. Fort George factory. It later became their administrative capital for South India till it was handed back to India. Chennai is known for its temples and colonial architecture. Chennai is also a significant manufacturing hub for the automobile and shipping industry. To expand or set up a business, people mostly choose Instant Loans in Chennai.The people in Chennai are very proud of their culture and traditions. Traditionally, the men wear a shirt and a veshti, whereas women wear a saree. The common language in Chennai is either Tamil or English. The most important festival for the people in Chennai is Pongal, and is celebrated throughout the state. The main sites of attraction in Chennai are Kapaleeswar temple, Parthasarathi Temple, St. Fort George, The Armenian Church of the Virgin Mary, Chepuk Palace, Luz Church, San Thomas Basillica, and ST. Mary’s Church.
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.
The flexibility related to instant loan guarantees that it can be put to any use. People in Chennai procure instant loans for a variety of reasons - whether the expenses are planned or unplanned. The funds procured through an instant loan can be used to pay off unprecedented medical bills. It can also be used to finance a tour or a vacation, or to meet other unexpected emergencies. Whether it is for a house renovation that you need funds for, or it is to start a small business or just about anything, instant cash loans do not stand in your way. You can also use them to pay off your credit card debts, to sponsor an event, or to conduct a grand marriage function. The flexibility offered by an instant cash loan makes sure that you can use your funds for whatever need, as long as it is not for speculative or illegal activities. In some cases, it is also possible to apply for tax rebates when you use an instant loan.
Generally, when you apply for an instant cash loan, the lender automatically assumes that you have carefully evaluated your needs and your loan repayment capability before you apply for a loan. However, they are also considerate of offering you the facility to alter your loan request. The first thing you may alter after placing the loan request is the loan amount. The second thing you may alter is the loan term. And the third thing you may change is the type of the loan. However, all of these changes need to be done before the loan approval. Generally, no loan alteration request, other than loan term, is entertained post the instant loan approval.
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.
Generally, to avail an instant cash loan online in India, you have to submit a few mandatory documents like identity, address, age proof, and income documents. However, you may still apply for an instant loan when you do not have any documents. To apply for an instant loan without documents, you must have an exceptionally high credit score. Additionally, you should prove to the lender that you have never missed out on EMI payments. Moreover, your debt to income ratio should be excellent, which means the amount you earn every month is more than enough to take care of your financial liabilities. Other than the things mentioned so far, you should also keep a healthy relationship with the lender. When there is an extraordinary level of trust between the lender and the borrower, loan approval is rarely a problem.
The loan interest rate charged on an instant loan depends on many factors - such as your income as well as your credit score. As long as your credit score is high enough - above 700, you are likely to receive a low interest rate. It is after assessing your financial health as well as your financial documents that the lenders decide on your loan amount and the loan interest rates. It is best to have a high credit score to procure the best deals out of the loan. Loan interest rate is also decided by the loan amount. According to the norms set by the industry, if your loan amount is higher than or at INR 5 lakh, the loan interest rates will fall between 0.89% and 1.39%. When the amount is between INR 2 lakh and 5 lakh, the interest can range from 0.99% to 1.59% per month. If the loan amount is below INR 2 lakh, the interest rates can be somewhere between 1.29% and 1.65%.
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