Situated on the west coast of India, Colva is a quaint village under South Goa district in the state of Goa. Colva is a well-known tourist destination that attracts visitors due to its budget accommodation options, beach shacks, restaurants, food stalls, bars, and pubs. But more than anything else, it is the Colva Beach that attracts tourists. This white sandy beach is dotted with coconut palms and makes for a breath-taking sight. The vilaage also has two other beaches, known as the Baywatch beach and the Sunset Beach. These beaches are less popular and less crowded than the main Colva Beach. Apart from tourism, fishing is also a source of revenue for the inhabitants of this village. When faced with sudden need of finances, the people of this village opt for instant loan in Colva.
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.
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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An instant loan is one of the most flexible sources of urgent funds or quick loans. There is great flexibility when it comes to a range of factors such as the purpose of the acquired funds, repayment options, etc. The documents that have to be submitted when you apply for an instant cash loan are proof of your income, address, and your identity. The documents include your Aadhaar Card, PAN Card, income statement, etc. PAN Card is one of the most necessary documents that you have to submit when applying for an instant loan. But fortunately, you can still make the request for an instant loan even if you do not have a PAN Card. All you have to do is fill, sign, and submit Form 60, along with your Aadhaar Card along with the rest of the necessary documents that you need for the instant loan application.
It is absolutely safe to take an instant loan online. Under Section 45 IA of the Reserve Bank of India Act 1934, the Reserve Bank of India has the authority to authorize the lenders who offer lending services in India. It is sufficient to check the lender's Certificate of Registration and the validity of it before submitting your details, to be assured of your safety and the security of your funds. Once it is confirmed that the lender is registered with the RBI, you do not have to worry about the security of your personal and your bank details. Most lenders use 256-bit encryption and international-standard threat mitigation technologies such as SSL technology. If you are looking for quick funds, an instant online loan is always the best option at your disposal. This is because you can beat the time, effort, and energy that it takes to complete the procedures in person. From the loan application to the loan repayment, every process takes place online. Further, you can also benefit from lower interest rates by taking an instant online loan.
An instant cash loan gets its popularity as it is one of the easiest as well as one of the cheapest loans that are available. You can save up to INR 12,000 on interest expenses by using an instant loan. It is also the easiest loans available as all you need to obtain an instant cash loan is your identity proof, your address proof, and your income statement. You also need to have a good credit score. If it is a secured instant loan that you are procuring, there is no need for an income statement or of your credit score. A secured gold loan also has one of the lowest loan interest rates in the market. As long as you have your documents ready, the loan amount can get transferred into your account within one hour from the loan application.
The loan interest rate charged on an instant loan depends on many factors - such as your income as well as your credit score. As long as your credit score is high enough - above 700, you are likely to receive a low interest rate. It is after assessing your financial health as well as your financial documents that the lenders decide on your loan amount and the loan interest rates. It is best to have a high credit score to procure the best deals out of the loan. Loan interest rate is also decided by the loan amount. According to the norms set by the industry, if your loan amount is higher than or at INR 5 lakh, the loan interest rates will fall between 0.89% and 1.39%. When the amount is between INR 2 lakh and 5 lakh, the interest can range from 0.99% to 1.59% per month. If the loan amount is below INR 2 lakh, the interest rates can be somewhere between 1.29% and 1.65%.
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