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Kochi
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Instant loan in cherai

Cherai is the smallest town with the largest beach in Kochi, most of which is seen as a tourist spot and retreat. It is home to the famous Cherai Gowreeshwara temple that has annual festivals making its way to the other attractions like the elephant march etc. On a historical note, the place hosts Portuguese-built structures such as Portuguese Fort, Pallipuram Syro-Malabar Church etc. The present day population is majorly a fishermen community that also indulges in beach tourism activities. For the travelers, Personal instant loan in Cherai is one of the biggest perks. They get to choose some of the most renowned resorts that have taken over Cherai’s sandy shores.

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 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 an unsecured loan, but this is not the case when you are looking to avail a secured loan.

How long is the tenure to repay an instant loan?

An instant loan is the simplest of all loans which lending institutions in India offer. The tenure of an instant loan depends on your financial profile and preferences. Generally, the lowest term which you may avail is one month, and the maximum tenure can be five years. Before deciding the loan tenure, you should calculate the EMI. A longer tenure might reduce your EMIs. But by opting for a long-term loan, you will have to pay more towards interest component. Instead, if you choose a short-term loan, the loan interest rate will be much lesser. Lenders often give special interest rate rebates when you choose a shorter tenure. Availing a short-term loan also gives you the opportunity to close your loan early, which can enhance your credit score.

Can I get an instant loan without a PAN card?

An instant loan is one of the most flexible sources of urgent funds or quick loans. There is great flexibility when it comes to a range of factors such as the purpose of the acquired funds, repayment options, etc. The documents that have to be submitted when you apply for an instant cash loan are proof of your income, address, and your identity. The documents include your Aadhaar Card, PAN Card, income statement, etc. PAN Card is one of the most necessary documents that you have to submit when applying for an instant loan. But fortunately, you can still make the request for an instant loan even if you do not have a PAN Card. All you have to do is fill, sign, and submit Form 60, along with your Aadhaar Card along with the rest of the necessary documents that you need for the instant loan application.

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

When you plan to start a business, money plays the most crucial role. An instant cash loan online is one of the best ways to get urgent funds when you want to establish a business. The best feature of an instant loan is that you can use it to spend on any business purpose you wish to. Applying for and getting an instant loan is as easy as 1-2-3. All you should do is download the lender's app, enter a few basic details, upload the required documents, and receive the loan amount in your account. Applying for an instant loan is better than borrowing money from other sources, as an instant loan boosts up your credit score when you repay on time. A high credit score may make you eligible to receive further loans at low rates of interest.

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