If Mumbai is regarded as the financial capital of India, Dalal Street is the most prominent contributor to the tag. Dalal Street is famous for Asia's oldest and India's first stock exchange, the Bombay Stock Exchange, which was established in 1874. The Bombay Stock Exchange building is situated at the intersection of Hammam Street and Samachar Marg. Dalal Street is India's version of the US Wall Street and is the first area to come in mind when people think about the stock market. Other than BSE, the area also houses the Bombay Mutual Chamber, Punjab & Sind Bank and Zonal Office, Veena Chambers, and branches of IndusInd Bank and Union Bank of India. Being a business area, people often rely on loans and apply for instant loans in Dalal Street.
Although both personal and instant loans provide the lender with emergency funds, certain features make them different from each other. These pertain to their nature, their requirements, and their loan amounts.
Nature: While a personal loan is always unsecured, an instant cash loan can be either secured or unsecured.
Collateral requirement: Personal loans are always collateral-free while instant loans can be collateral-free as well as collateral-based.
Required documents: Personal loans require more paperwork to prove the financial health of the borrower. In the case of secured instant loans, the paperwork is minimal, consisting only of the borrower’s identity and address proof. However, when obtaining an unsecured instant loan, the borrower is required to submit documents to prove their financial health, such as their credit score and income statement.
Upper limit: Up to INR 20 lakh can be procured using a personal loan. When it comes to a secured instant loan, there is no upper limit in the loan amount that can be availed. The lender can receive up to 75% of the market value of the pledged collateral as the loan amount. On the other hand, not more than INR 5 lakh can be obtained as the loan using an unsecured 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 Mumbai. 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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Net banking verification is a relatively recent mechanism through which Indian lending institutions determine the borrower's financial health and repayment capability. Through net banking verification, algorithms set by the lenders get access to the salary account of the borrower and check whether the salary has been credited to the salary account of the borrower on the payday or not. The entire process is automated and secured and takes no more than a few minutes. When you apply for an instant cash loan online, the lender gives you two options. The first is to apply for the loan through net banking. The other is by uploading your documents. If you choose the former, the lender will verify your account through net banking and approve the loan.
When you plan to start a business, money plays the most crucial role. An instant cash loan online is one of the best ways to get urgent funds when you want to establish a business. The best feature of an instant loan is that you can use it to spend on any business purpose you wish to. Applying for and getting an instant loan is as easy as 1-2-3. All you should do is download the lender's app, enter a few basic details, upload the required documents, and receive the loan amount in your account. Applying for an instant loan is better than borrowing money from other sources, as an instant loan boosts up your credit score when you repay on time. A high credit score may make you eligible to receive further loans at low rates of interest.
An instant loan, being one of the best options when it comes to an instant loan, offers many benefits and flexibility. One of the only drawbacks that they have is a high loan interest rate. But there are many ways in which the high loan interest can be tackled smartly. The loan interest rate is determined by the loan amount as well as by your financial health. It is your credit score and your income that comprise of your financial health. As long as you have a high credit score, as high as 900, your loan interest rate can be lower. Having a stable income is also significant. It assures the lenders of your loan repayment ability with other hardships. When you apply for an instant loan with a co-applicant, who also has a stable income, the loan interest rate can be reduced considerably. A collateral-based loan also provides instant cash loans against cheaper interest rates every month. This also can be an option since the interest rates for a secured loan can be as low as 0.89% per month.
The amount of latitude that comes along with an instant loan is unparalleled. You can use the money stemming from an instant loan for any purpose as per your discretion. Whether it is to cover the cost of your vacation, to purchase a bike or to set up a home bakery. Thanks to the speed at which these loans are approved, instant loans can also be used to fund emergencies. Barring speculative, illegal activities such as gambling, these loans can be spent to cover any requirement. The interest rates of these loans however depend on the borrower's credit score. At times, the borrower is even allowed to pay the interest along with the principal at the time of maturity. Repaying these on time boosts the individual's credit score. Consequently, a commendable credit score ensures the individual is eligible for better terms and interest rates in the future.
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