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Jaipur
Civil Lines
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Instant loan in Civil Lines

Civil lines is a popular locality in Kanpur in Uttar Pradesh. It is a populous area with the Kanpur distric court situated in this area. This region is a residential area with a large number of homes. It provides several amenities to the residents such as shopping complexes, banks, ATMs, schools as well as hospitals. Phool bagh which is a nearby area is popular shopping area for the residents of Kanpur. Heer Palace, the cinema hall also holds emotional value for the localites. The residents of this region enjoy good socio economic status. Instant loan in Civil Lines is quite popular amongst them.

Features of an instant loan

Thanks to the flexibility and the simplicity associated with an instant loan, it is the most popular and demanded source of funds in India. An instant loan offers many exclusive features that makes it a favorite among the borrowers in Jaipur. Listed below are some of the most attractive features of an instant loan:

Flexibility - The funds that are obtained through an instant loan can be put to any use, as long as it is not for speculative or illegal purposes.

Loan approval - Usually within an hour from the loan application, the loan amount will get disbursed into your account, just as the name suggests.

Loan application - An instant loan can be placed online as well as offline. The borrower can use the app, the website, or can also call the customer service desk to make a request for the loan. The procedure, from the loan application to the transfer of the amount remains smooth, transparent, and quick.

Minimal paperwork - One of the reasons why instant loans are so popular is that they hardly require any paperwork at all. Not more than five documents are to be uploaded under any circumstance.

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Eligibility to apply for an instant loan and documents required

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.

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Frequently asked questions

Can I repay my instant loan early?

Most of the lenders in the market allow the closure of the loan before it reaches the end of the loan term. The only difference is that the charges that they levy when providing these facilities may differ. One of the two ways by which you can repay the loan amount prematurely and close the debt is by paying the entire amount before the loan term comes to an end. For the full loan pre-payment, you may be charged anywhere between 0% and 3%. The other way is by part pre-payment and paying the existing EMI together with the extra cash in your hand in a lump sum. You may be charged anywhere between 0% to 1% of the lump sum amount in this case. There are many benefits to clearing your debts early. Your credit score will get a boost and you will be eligible to get high-value loans in the future.

Can you get tax benefits on an instant loan?

Generally, an instant loan is used by borrowers to fulfil their immediate financial goals. However, if you are genuinely interested in using the funds for productive activities, then Indian tax laws allow you to claim tax benefits on the principal or interest component of the instant loan. The first tax benefit you can get on an instant loan is if you use it for business purposes. But you can only claim tax benefits on the interest component and not on the principal component. Furthermore, if you use the funds on home improvement, you may claim tax benefits of up to INR 1.5 lakh on the principal component in a financial year. Additionally, if you use the instant loan amount to construct a house or buy a new property, you may claim tax deductions on the interest component of up to INR 2 lakh.

How is the EMI for an instant loan calculated?

The EMIs or the Equated Monthly Installment that the borrower pays every month comprises of the principal loan amount as well as the interest. The EMI is calculated after consideration of the loan amount, the loan interest rate as well as the loan term. During the early months of loan repayment through EMIs, the amount paid is the interest. It is towards the end of the loan term that the principal amount is repaid. There is a tabular list called the loan amortization that shows the principal amount as well as the loan interest components. If a borrower takes gets a loan amount of INR 10 lakh whose loan term stretches over 12 months and the loan interest rate charged is 10%, the monthly EMI of the borrower would come to INR 87,920. The EMI has a direct relationship with the loan interest rate. If the loan interest rate increases and the loan term remains the same, the EMI will increase. On the other hand, EMI has an indirect relationship with the loan term. If the loan term increases and the loan interest remains the same, the EMI will decrease.




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What's the maximum limit for an instant loan?

Instant loans are flexible and are processed in the blink of an eye. You have the latitude to spend the borrowed amount as per your discretion. The loan amount and upper cap for an instant loan differs from one lender to another. If you wish to avail an unsecured loan, the upper cap for the same is usually INR 5 lakhs. A lower loan amount subsequently comes at a higher loan interest rate. If you are looking to avail a loan of 5 lakhs or more, you can opt for a collateral-based loan such as an instant gold loan. When you apply for a secured loan, the amount you avail can go up to 75% of the collateral. Hence, the upper cap when it comes to a secured loan is subject to change depending on the collateral pledged. This loan amount is decided based on your credit profile, preferred loan term, and repayment capacity.

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