Located in the southern part of Hyderabad, Falaknuma is a prominent locality. The word Falaknuma means ‘Mirror of Sky’ or ‘Like the Sky’ in Urdu. The famous Falaknuma Palace is located in this area and acts as a top attraction for national and international tourists. The palace stands stop a 2000 feet high hill from where one can get splendid views of the city below. Since the area is served by Falaknuma Road and Inner Ring Road, it enjoys easy accessibility from the other parts of Hyderabad. People often apply for instant loan in Falaknuma to meet their personal and business expenses.
There are two types of instant loans -
A collateral-based instant loan
This type of loan is secured against a collateral property of the borrower. There are many benefits to a secured loan, such as minimal paperwork, lower interest rates, and high-value loans. Usually, the borrower is only required to present their identity and address proofs.
A collateral-free loan
This type of loan is unsecured. The borrower doesn’t have to pledge his property with the lender for obtaining the funds. However, the borrower will be expected to have a high credit score and a stable source of income, usually above INR 21,000 per month. The lenders like to make sure that the debt to income ratio is appropriate for the loan so that the borrower can make the repayments on time. The borrower will also have to submit documents that prove their financial health, such as a salary slip or an income statement, their credit score, and sometimes even a guarantor.
For these reasons, a collateral-based loan is more popular among the lenders.
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.
Last Updated :
Last Updated :
None of us want to skip our EMI payments. But there might be situations when we may have to skip the EMIs because of unprecedented difficulties. The failure of payment of an EMI can result in dire consequences. The lender will impose a heavy penalty on the future payments on you. The lender is also likely to resort to harsh modes for future repayments. There is no need to worry about it, as before you and your lender enter into a loan agreement regarding the EMIs and the loan interest rate, several measures are taken to prevent such an occurrence in the future. This is the reason why the lenders check if you have a stable income, assess your credit score, and calculate your debt to equity ratio. Since all these measures are taken beforehand, as a borrower, you are requested to keep your EMIs a priority. In case an unprecedented problem arises in loan repayment, you should contact your lender at the earliest and request to change your monthly payment to bullet payment.
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%.
Travelling to near and far can set you free from the mundane affairs of life. It prepares you to deal with routine tasks in a better way. However, there are times when money plays a hindrance between you and your travel dreams. An instant cash loan online is the best financial instrument that you can apply for when you need urgent cash. To avail an instant loan at attractive terms and interest rates, you must have a credit score of 650 and above. Credit score determines your repayment capability and can enable you to negotiate with your lender. To avail an instant loan, you have to submit documents like PAN Card, Aadhaar Card, income statement, bank account statement, and a few other documents.
It is absolutely possible to get an instant loan even if you are self-employed. One of the two main things that the lender looks for, when you are applying for an instant cash loan is your financial health - which is determined by two things - your credit score, and your salary slip/ income statement. These two documents mark your financial health. If you are a self-employed person, while the option of the salary slip is closed to you, the option of the income statement is still widely open. It is to calculate your debt to income ratio and to make sure that you will be able to afford the EMIs as well as your other financial liabilities every month, that the lender asks for your income statement. If your income ratio is sufficient and your credit score is high enough, you can get an instant loan just as easily. Even if your income is not sufficient, you can still get an instant cash loan. There is always the option of a collateral-based instant loan which doesn’t require your credit score, your income statement or a salary slip.
Your request has been received, our customer relationship manager has been notified and will call you shortly