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Instant loan in etmadpur

Etmadpur is a prominent residential neighbourhood in East Agra. It comes under the Etmadpur assembly constituency and Agra parliamentary constituency. The Delhi - Kolkata National Highway 2 passes through the locality. Etmadpur was a Kasbah during the Mughal period where food grains were collected and sorted. The neighbouring localities are Surehra, Dharera, Mitaoli, Dhaurra, and Nawal Pur. The closest railway stations are Etmadpur and Tundla Junction. The prominent educational institutions in the area are ACE College of Engineering & Management, Anjali College of Pharmacy & Science, Aditya College of Law, Anupama College of Engineering, New St Stephen Public School, and Aacharya Tara Chand Shashtri Mahavidyalaya. Because of the speedy approval process, instant loans in Etmadpur are quite popular with residents.

Reasons to take an instant loan

The flexibility related to instant loan guarantees that it can be put to any use. People in Agra procure instant loans for a variety of reasons - whether the expenses are planned or unplanned. The funds procured through an instant loan can be used to pay off unprecedented medical bills. It can also be used to finance a tour or a vacation, or to meet other unexpected emergencies. Whether it is for a house renovation that you need funds for, or it is to start a small business or just about anything, instant cash loans do not stand in your way. You can also use them to pay off your credit card debts, to sponsor an event, or to conduct a grand marriage function. The flexibility offered by an instant cash loan makes sure that you can use your funds for whatever need, as long as it is not for speculative or illegal activities. In some cases, it is also possible to apply for tax rebates when you use an instant loan.

Features of an instant loan

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.

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Frequently asked questions

How to deal with a loan default?

Despite your best intentions to repay the EMIs on time, there might be situations when you have to skip the EMIs. When you stop paying the loan EMIs, the lender considers you as a defaulter and imposes a hefty penalty on further payments. In the worst case, they may take legal recourse. To avoid all these hassles, you should create a budget and keep loan EMIs on the high-priority list. On getting the slightest hint of a default, you should immediately contact the lender and request them to change your EMI payment plan. Many lenders offer you the facility to shift from a monthly payment mode to a bullet repayment mode, where you pay the principal and interest at the end of the loan tenure.

What are the tips while applying for an instant loan in India?

An instant loan is one of the most convenient ways to get urgent funds. To get the best interest rates, however, you should keep a high credit score. The credit score shows your creditworthiness and puts you on a higher pedestal during interest rate negotiation. In India, you may apply for two types of instant loans - secured or unsecured. If your credit score is below the industry average and yet you want to get a low-interest loan, then opting for a secured loan would be a better option. If, however, your credit score is high and the debt to income ratio healthy, you may avail an unsecured instant loan at attractive interest rates. In both cases, the loan processing time is approximately one hour.

What are the repayment options for an instant loan?

Repaying the EMIs is easier than applying for a loan. When you are availing a collateral-based instant loan, such as a gold loan, rather than availing a personal loan or a credit card, you can enjoy the benefits of lower interest rate. There are three types of payments during the loan tenure period - the interest, closure and part payments. What you pay every month as EMI is what the interest consists of. What you pay for the release of your collateral is the closure payment and Part-payment is the amount that you pay more than what you pay as interest. You can pay the EMIs either by visiting the website of the lender or by downloading their app from PlayStore. You can also pay using Internet Banking, Debit Cards, UPI, NEFT, RTGS or IMPS. When you choose EMI as your monthly payment option, you will get notifications from the lender to remind you about the payment.

Can I take an instant loan with low credit score?

The credit score is one of the important factors that the lenders look for when they give loan approvals. A high credit score is a mark of your financial health. It is preferred to have a credit score of at least 650 or above. A credit score below 700 is a mark of poor financial stability. It is based on your credit score as well as your monthly income that the lender determines the loan amount as well as the loan interest rate. When your credit score is below the preferred range, your loan interest rate is likely to be higher and your loan amount is likely to be less. In this case, you can opt for a collateral-based instant loan since it provides many benefits including low-interest loans. They also do not require you to have a stable income or a high credit score.

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