Instant Loan in Coimbatore

The city of Coimbatore, ruled by the Cheras, Cholas, and Pandyas, was highly sought after by both the British and the Mysore empire before Indian independence. Coimbatore has been the epicentre of a huge power struggle and numerous battles in the past. Today, the town boasts of its textiles, jewellery, poultry, wet grinders, cotton, pipes and pipe fittings, and auto component industries. Business houses and individuals mostly rely on instant loans in Coimbatore. Furthermore, the quality of cotton and wet grinders of Coimbatore are so distinct that they received GI tags. Coimbatore is famous for its temples, museums, and scenery. The city also blooms with its never-ending talent enrichment through its MSME culture and entrepreneurship. The city is sprawling with numerous educational institutions and training facilities. The tourist attractions in the city of Coimbatore are Maruthamalai Arulmigu Subramanyam Swami Temple, Gass Forest Museum, DhyanLinga, Singanallur Lake, Siruvani Waterfalls, and Arulmigu Eachari Vinayagar Temple.

We offer the highest per gram rate on our gold loans.

3,545*

Instant Gold Loan Calculator in Coimbatore

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Loan Amount₹ 5,00,000
Tenure6 M
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141.1 gms

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Difference between instant loans and personal loans

While both instant loans and personal loans help serve the same purpose there are a few factors that set them apart. For starters, all personal loans are unsecured loans by nature which implies that it does not require any collateral to be pledged to avail a loan amount. Owing to this when you get a personal loan, you are required to submit relatively more documentation to confirm the borrower's financial health. An important factor when it comes to personal loans is a healthy credit score which is an important determinant as far as personal loan eligibility is concerned. Additionally, when it comes to personal loans, the maximum one can avail is INR 20 Lakhs. However, when it comes to instant loans, it can be classified as either secured or unsecured loans. In the case of a secured instant loan, the documentation required is extremely minimal as borrowers are anyway required to pledge an asset whose market value needs to be about 30% more than the loan amount. The upper cap when it comes to a secured instant loan is contingent on the collateral pledged. For example: If you pledge an asset worth 1 Lakh, you can avail a loan of 75 Lakhs maximum.

Reasons to take an instant loan

The flexibility in the end-use of an instant loan makes it one of the most popular loans in India. Denizens often avail instant loans in Coimbatore for various reasons. The first reason why people avail an instant loan is to address sudden financial emergencies. Sometimes, in case of hospitalisation, the bill amount may exceed the available cash. An instant loan provides urgent money, which one can use on anything related to health. Another reason why people apply for an instant loan is to set up a business. In some cases, using the instant loan amount for business may also enable you to apply for tax rebates. Many borrowers also avail an instant loan to sponsor a vacation or a tour. The fourth reason why people apply for an instant cash loan is to spend it on sponsoring a big event like a marriage.

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Frequently asked questions

Do banks offer instant loans in India?

Financial institutions are extremely flexible and usually willing to accommodate any shortcomings the borrower might have. The main institutions that disburse these loans are:

  1. Commercial banks

  2. Non-Banking Financial Companies (NBFCs)

  3. Housing Finance Companies (HFC)

Banks are severely governed by the central bank because of which there are several regulations they need to adhere to. This implies that they require the borrower to have a high credit score and submit all the necessary documents. This automatically drives most borrowers towards the more flexible options. That is, HFCs and NBFCs for their urgent fund requirements. instant loans both secured and unsecured usually take up to just 60 minutes from loan application to disbursal. Unsecured loans can entirely be availed online whereas secured loans will require a lender appointed representative to visit you to verify your documents and value your collateral. Post successful approval, the loan amount is disbursed.

Can an instant loan request be altered?

Generally, when you apply for an instant cash loan, the lender automatically assumes that you have carefully evaluated your needs and the loan repayment capability before you apply for loan. However, they are also considerate about 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.

What is the eligibility criteria for an instant loan?

The eligibility criteria for loans differ from one lender to another. Most majors are eligible for these instant loans. The terms of these loans are contingent on certain aspects such as age, income profile, and continuity, etc. To apply for an instant loan the borrower needs to be anywhere between 21-68 years old to be eligible to apply for an instant loan. While it is typically expected of the borrower to have a stable source of income, you may still apply even if you don't. In such a case, the borrower will either have to apply along with a borrower who can produce an income statement or deposit gold as collateral instead. The standard credit score expected is 650. If your score is lesser than 650, you will still be eligible for an instant loan but for a relatively smaller amount at an increased interest rate.

Can I get an instant loan if I'm a student?

It is one hundred percent possible to get an instant cash loan even if you are a student. Even if you are a student or a professional, an instant cash loan is an option that is available to you for quick funds. It is based on the financial health and repayment capabilities of the borrowers that the lenders lend money. If you cannot present a document to establish your stable income, the loan interest rates can be higher and the loan amount can be less. It is advisable that in that case, you apply with a co-applicant who has a stable income and whose financial stability can be proven in the form of a salary slip or an income statement. As long as that is possible, the loan interest rates can be low and the loan amount be more. You can opt for a collateral-based instant cash loan that requires neither a salary slip or an income statement. The interest rates for a gold loan can be as low as 0.89% every month and you can avail up to 75% of the market value of the pledged gold as loan.

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