Chikkabanavara is home to one of the most massive surviving water bodies in Bangalore, the Chikkabanavara Lake. The area comes under the Dasarahalli assembly constituency and Bangalore North parliamentary constituency. The nearest railway station is Chikka Banavara Junction, and the Kempegowda International Airport is around 37kms away. The key road in the locality is the Hesarghatta Main Road, which connects it to other parts of Bangalore. Bangalore Metropolitan Transport Corporation operates buses to destinations like KR Market, Majestic, Kengeri, KR Puram, Peenya, Jalahalli, and Vijaynagar. The major hospitals in the locality are the Sapthagiri Hospital, N R R Hospital, Sri Maruthi Nilaya, and Chikkabanavara Government Primary Healthcare Center. When people need urgent cash in the locality, they depend on instant loans in Chikkabanavara, as it is the easiest way to get money.
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, and painless and is hassle-free when it comes to gold repayment.
Minimal documentation-Last but not the 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.
There are two types of instant loans -
A collateral-based instant loan
This type of loan is secured against a collateral property of the borrower. There are many benefits to a secured loan, such as minimal paperwork, lower interest rates, and high-value loans. Usually, the borrower is only required to present their identity and address proofs.
A collateral-free loan
This type of loan is unsecured. The borrower doesn’t have to pledge his property with the lender for obtaining the funds. However, the borrower will be expected to have a high credit score and a stable source of income, usually above INR 21,000 per month. The lenders like to make sure that the debt to income ratio is appropriate for the loan so that the borrower can make the repayments on time. The borrower will also have to submit documents that prove their financial health, such as a salary slip or an income statement, their credit score, and sometimes even a guarantor.
For these reasons, a collateral-based loan is more popular among the lenders.
When you take a gold loan from Rupeek, you can be assured that you are getting a higher loan amount for your gold at a low rate of interest. When you pledge your gold with Rupeek, you can get the highest LTV (Loan to Value) and get up to 75% of the market value of the pledged gold as your loan amount. Rupeek also offers the lowest loan interest rates in the market.
Rupeek offers you three different schemes under each loan amount: No Tension Max Value Loan (highest loan interest rate), Max Value Loan, and High Value Loan (lowest loan interest rate).
Usually, most lenders send automated reminder messages before the due date for EMI payment of the instant loan. However, there are times when a borrower skips the payment due to various reasons. If unfortunately, a borrower misses the EMI payment, the lender would impose a penalty on the next payment. This would raise the next month's EMI substantially. On subsequent defaults, the lender might hand over the case to a third party loan recovery agent, who might force the borrower in various ways. Additionally, the borrower's credit score takes a hit, making further loan applications difficult. Hence, as a borrower, you must always create a provision for paying off the EMIs and loan repayment even before applying for the loan.
instant loans are extremely beneficial owing to the speed at which it gets approved and transferred and the range of flexible repayment options available. instant loans can be of two types. When it comes to Collateral-free cash loans, the upper cap of the loan amount is subject to change depending on the borrower's creditworthiness, continuity of income, and income profile. Typically, the upper cap extends up to INR 2 crores if the loan is being availed for business purposes. While the loan interest rate of a collateral-free loan is much higher in contrast to a collateral loan, the lender will charge a lower interest rate and offer up to about 75% of the value of the collateral pledged in case of a collateral loan. The reduced rate of interest in collateral-based loans helps in saving about 65%
Address proof, identity proof, age proof, and income proof are some of the basic documents that need to be submitted while availing any kind of a loan. But worry not! You can still avail an instant loan even if you don't possess the above documents. However, availing a loan without any document verification might require some additional measures on the borrower's part. For instance, the borrower might have to have an extraordinarily high credit score. A squeaky clean track record as far as prior loan repayments are concerned, an extremely healthy debt to income ratio such that your income generously accounts for the EMI payments are some of the factors that guarantee the lender that you will be able to repay the loan on time. Maintaining a healthy relationship with your lender also restores faith in the lender that the institution can disburse a loan to the borrower sans any documents.
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