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Salem
elampillai
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Instant loan in elampillai

Elampillai is a small town (of approximately 11000 inhabitants according to the 2001 India Census) in Salem district of the south Indian state, Tamil Nadu. It is popular for silk sarees and related work such as saree designing and Jacquard punching, and iron ore with Banded Magnetite Quartzite rocks. A famous temple, Siddhar Kovil or Kanjamalai, is situated approximately just five kilometres from Elampillai. The temple is surrounded by different herbs that are well-known for their medicinal applications, so much so that it is believed that Kanjamalai’s wells have medicinal powers due to the herbs. Instant loan in Elampillai is easily available.

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.

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.

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Frequently asked questions

Is instant loan the easiest loan to get?

Instant cash loans are advantageous in more ways than one. They are flexible, easy, quick, and cheap! Data suggests that borrowers stand to gain up to INR 12,000 on the interest component by availing an instant loan. The savings made by availing an instant loan is subject to change contingent on the discounts provided by the lender. All you'll need to do to avail an instant cash loan online is download the lender's app from PlayStore, fill out the loan application, submit the required documents, and voila! The amount will be transferred to your account within an hour since submission of the loan application. As far as the documents are concerned PAN Card, Aadhar card, income proof, bank account statement and a few other documents need to be submitted. Again, this requirement is also subject to change depending on the type of loan you are availing.

Can you get tax benefits on an instant loan?

An instant loan is usually taken by the borrower for emergency fund requirements. But you can also use these funds for investment purposes. In that case, the Indian tax law also makes it possible for you to get tax benefits on the principal or the interest component of the instant cash loan. If you are using the loan amount for business purposes, it is possible to get tax benefits, but only on the interest component and not the principal component. If the funds are used to renovate or improve your house, it is possible to get up to INR 1.5 lakh on the principal component of the instant cash loan in a financial year. And if the acquired amount is used in constructing a house or in buying a property, up to INR 2 lakh on tax-deductions can be claimed on the interest component.

What are the other types of short-terms loans I can take?

Loans whose loan term spans only up to one to two years is called a short term loan. Because of its features such as instant loan approval and collateral-free nature, these types of loans have been the most demanded in the market. The bridge loan is one type of short-term loan which the borrower can avail of while waiting for a high-value loan to be approved. There is another called a loan overdraft, which allows the lender to obtain another loan even when they have an already existing one. The third type, a demand loan is where you can obtain urgent loans against your savings certificates and insurance policies. There is also the collateral-based gold loan, where you can pledge your gold and obtain quick funds. You can get up to 75% of the market value of the gold as the loan amount. A gold loan is a collateral-based loan, but there are several benefits that are exclusive to it which makes it very popular with the Indian borrowers.

How is the repayment date calculated for an instant loan?

In order to sanction your instant loan, the loan officer needs to analyze your creditworthiness, financial documents, and loan eligibility subject to which the loan term and the loan interest rates are decided. If your eligibility criteria meets the lender's terms, upon verification of the corresponding documents, the instant loan approval is carried out. The date of repayment is also subject to instant loan approval. instant loans are typically approved on a same-day basis and the EMIs for this start from a month from this date. For instance, if you apply for a loan on the 5th of a month, the EMIs will be due on the 5th day of each subsequent month. Additionally, you can also leverage the option of repaying the principal amount along with the interest accumulated over the term as one lump sum at the end of the term of the loan.

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