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Instant loan in coimbatore tidel park

Coimbatore TIDEL Park is an information technology park located in the city of Coimbatore. It was set up in 2006. TIDEL Park is the result of a joint venture between two organizations, Tamil Nadu Industrial Development Corporation (TIDCO) and Electronics Corporation of Tamil Nadu (ELCOT). The name TIDEL comes from the names TIDCO and ELCOT. This park is the largest single building IT Park in India as far as built-up area is considered. TIDEL Park Coimbatore Limited (TPCL) stands on a sprawling area of 9.5 acres. The park is situated at ELCOT SEZ, close to Avinashi arterial road and just 4 km from Coimbatore International Airport. The ELCOT SEZ is about 63 acres. Wipro Limited, Tata Consultancy Services, HCL Technologies, Bosch, and ASEC are just a few companies that have their presence at this IT Park. IT business organizations often apply for instant loans in Coimbatore TIDEL Park to expand their businesses.

Features of an instant loan

Instant loans are one of the most popular forms of credit in India. Instant cash loans come equipped with several perks and features that make it the most preferred form of credit or most borrowers. There are several reasons why Instant loans have been a roaring hit. The first and foremost reason would have to be its flexibility. It can be availed within a matter of hours, with or without collateral, with or without a healthy credit score, and can be spent as per the discretion of the borrower. Secondly, the speed at which these loans are approved. It is usually only a matter of an hour before these loans are approved. The third reason would have to be the loan application process which can be done both online as well as offline and is an extremely hassle-free process. Last but not the least, the reason instant loans are most borrowers' go-to choice of credit is because of the minimal documentation that is required. Depending on the type of instant loan the borrower is looking to avail, the documents required will vary but are minimal nevertheless.

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

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

As a student, your scope for a healthy credit score or a good debt-income ratio might be limited owing to which you might not be eligible to apply for several loan schemes. That's where instant cash loans for education swoop into your rescue! The highlight of availing an instant loan as a student is that the loan amount can be spent at the discretion of the borrower. You can either spend it on tuition, daily expenses, or academic material. Lenders prudently reduce the loan amount and charge a higher loan interest rate in certain cases where the borrower is unable to submit a stable proof of income. This is advisable and protects the interests of both parties involved. If you would prefer a higher loan amount, you can apply as a co-applicant and submit evidence of a steady income. Alternately, if you simply apply for a collateral-based loan, you can avail gold loans with interest rates are as low as 0.89% per month.

How is the EMI for an instant loan calculated?

EMI amounts vary from one borrower to another. That is, the EMI is subject to change depending on the interest rate, loan term, and loan amount. Usually, in a repayment cycle, most of your repayment goes towards the interest, post which your payments gradually trust towards repayment of the principal amount. The loan amortization schedule shows the breakdown of the principal amount vs the interest component. For instance, if you get a loan of 10 lakhs with an agreed repayment tenure of 12 months at a 10% loan interest rate, then your monthly EMI will sum up to 87,920 -/ INR. Depending on the magnitude of each component the EMI amount will also vary. If the interest rate increases while the period remains the same, then you will have to pay more within the same time and hence the EMI will increase and vice versa.

How can I get instant loan in one day?

The benefits of instant loans are limitless. Instant cash loans are insanely popular is not just because of how flexible they are but also because of how swiftly it gets processed. All you need to avail an instant cash loan online is a smartphone.computer with a stable internet connection, some basic documents, and in case you wish to secure your loan, collateral. Alternatively, you can also place your request on the customer care number if you wish to directly contact the lender. If you are applying for an unsecured loan, your KYC can be completed online. If you are applying for a secured loan, a lender appointed representative will visit you at a time as stipulated by you for collateral valuation and document verification. In either case, post verification the loan amount will be transferred to your account. As the name rightly suggests, these 'instant' loans are disbursed in about an hour, rest assured itll be done in a day!

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.

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