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Instant loan in Fatepura

Fatepura is a village in Dahod district in the city of Vadodara in Gujarat. Fatepura assembly constituency is one of the 182 assembly constituencies of Gujarat. This seat is reserved for members of Scheduled Tribes and the seat came into existence after 2008 delimitation. The local spoken language in this area is Gujarati. Although scarcely populated, the region observes male dominance in population count as well as literacy rate. This region is not very financially strong, however, an inclination towards instant loan in Fatepura residents can be observed. This region has lush green fields and temples where the residents go to offer their prayers

Reasons to take an instant loan

The flexibility related to instant loan guarantees that it can be put to any use. People in Vadodara 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.

Eligibility to apply for an instant loan and documents required

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. 

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Frequently asked questions

How to deal with a loan default?

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.

What identity proof is valid for a instant loan?

Financial institutions prefer lending loans to citizens that reside within the same geographical bounds as them. Identity proofs are written, legal evidence of the borrower's nationality because of which they are considered mandatory if you want to apply for loan online. Some of the documents that are entertained as valid identity proof are:

*PAN Card

*Aadhar Card

* Passport

*Electoral Photo Identity Card

*Driving License

*Ration Card

*Birth Certificate

*Matriculation Certificate

*Life Insurance Policy Bond

*Student Photo Identity Card

The other documents that you have to submit include address proof, age proof documents, income proof, and salary slip in case you are availing an unsecured loan.

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.

Can I get an instant loan if I'm self-employed?

Many borrowers often have the misconception that you need to produce salary slips to avail an instant loan. But nothing can be further from the truth. An instant loan is a fully flexible instrument, which means virtually anyone can apply for a loan. If you are a self-employed professional or non-professional, you may still apply for a loan. However, before applying for the loan, you must prepare an income certificate, which will show your net income. The lender would evaluate your income statement and try to understand your expense pattern, which includes existing liabilities. If your debt to income ratio is healthy and the credit score high, you may stay one hundred per cent assured about loan approval. You can also opt for a collateral-based instant cash loan if your income is not sufficient since it requires neither your income statement nor a salary slip. It also doesn’t require your credit score.

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