Chickpet is one of the oldest neighbourhood in the city of Bangalore. The place is famous for its wholesale and retail shops. Shops and stalls in Chickpet sell everything, ranging from clothing, books, jewellery, and antiques. Hence, many people look toward opening their shops in the locality. Many people visit the locality to make bulk purchases from its wholesale outlets. However, the shopkeepers in the locality are struggling due to lots of competitors. They always want to be ahead of their competitors to be successful in such markets. For such instances, the requirement of some extra amount of money is always necessary. And without going for lengthy loan options, these people mostly prefer a hassle-free loan that provides urgent cash without much documentation. And, opting for a instant loan in Chickpet is often the best option.
The flexibility related to instant loan guarantees that it can be put to any use. People in Bangalore 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.
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.
For all kinds of emergency funds, an instant cash loan is the best option as it provides urgent loans. Even in the case of home renovations or repairs which can include plumbing works, electrical work or just about anything, as long as it is not illegal. You can use the obtained funds for your requirements - even if that is getting a new air conditioner or a television or any other gadget. The loan application process is very simple, which can be completed either by visiting the web portal of the lender or by downloading their app. The instant-loan approval, which requires the submission of a few documents doesn’t usually take more than an hour. The required documents include your Aadhar Card, PAN Card, etc, among a few others. The loan interest rate is determined by your credit score as well as your income. You can also opt for an instant cash loan against a collateral.
As a borrower, you need to pay keen attention to your repayment pattern as this can make or break your credit score. At any point during your loan tenure, if you have surplus funds you might feel tempted to pre-close your loan. Prepayment can be of 3 types. They are:
1) Bullet Payment: When both the principal and the interest are paid as one lump sum at the end of the loan tenure it is known as a bullet payment. In case of a bullet payment, you will not be charged any penalty.
2) Partial Payment- Partial payment is when you pay a little more than the stipulated EMI amount. In this case, you will be charged a penalty ranging from 0% to 2%
3)Full Prepayment- If you opt to close the entire loan before the end of its term, it is known as full prepayment. You will be charged between 0% and 3% as penalty in this case.
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.
It is generally not possible to get an instant cash loan without certain documents. Some documents, such as your identity proof, income proof and your address proof are necessary when you take an instant cash loan. But it is possible to obtain an instant cash loan if you have an exceptionally high credit score. A high credit score is a mark of your financial health and well as your loan repayment capabilities. It will also require you to have a stable income every month, and have an excellent debt to income ratio. The debt to income ratio means that you should have sufficient income every month to be able to pay off your EMIs as well as meet your financial requirements. As long as you can prove these to your lender, it is possible to get the loan. It also helps if you can build a strong trust between your lender and yourself.
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