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Instant loan in gangaikondan

Gangaikondan is a suburb of Tirunelveli city in Tamil Nadu. It is located about 20 km north of the city centre of Tirunelveli and stands on NH 44 on the way to Madurai. The suburb is one of the industrial hubs of Tirunelveli city. Gangaikondan is home to the ELCOT IT Park that houses a global development centre of Syntel, a major IT and BPO firm that deals in consulting and outsourcing. The State Industries Promotion Corporation of Tamil Nadu Limited (SIPCOT) also has an industrial complex in this town. The town hosts one of the flour and textile divisions of Kovilpatti Lakshmi Roller Flour Mills. A lot of people from the town are employed at this facility. Those who are interested in pursuing their own business often depend on instant loan in Gangaikondan for the purpose. The Arulmigu Anandavalli Udan Kailasnathar Kovil is a major attraction of this town.

Reasons to take an instant loan

The flexibility in the end-use of an instant loan makes it one of the most popular loans in India. Denizens often avail instant loans in Tirunelveli for various reasons. The first reason why people avail an instant loan is to address sudden financial emergencies. Sometimes, in case of hospitalisation, the bill amount may exceed the available cash. An instant loan provides urgent money, which one can use on anything related to health. Another reason why people apply for an instant loan is to set up a business. In some cases, using the instant loan amount for business may also enable you to apply for tax rebates. Many borrowers also avail an instant loan to sponsor a vacation or a tour. The fourth reason why people apply for an instant cash loan is to spend it on sponsoring a big event like a marriage.

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.

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Frequently asked questions

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

Thanks to added advantages such as instant loan approval and non-requirement of collateral that come along with short-term loans, they are becoming increasingly popular. Short-term loans are those loans whose repayment period does not span beyond one or two years. Typically, short-term loans are of four types. As the name suggests, bridge loans are those loans that can be availed whilst waiting for a high-value loan to be approved. Loan overdrafts are extensions of credit that lenders provide over existing credit. Demand loans are those loans that can be availed by pledging savings certificates or insurance policies to avail about 80% of it's market value as loan. The fourth kind are instant gold loans that require you to pledge your gold to avail instant loans at extremely low, transparent interest rates. Though gold loans indeed require collateral to be pledged against the loan, the instant nature of these loans gives it a premium position in the Indian market.

Is personal loan and instant loan the same?

Even though a personal loan and an instant loan provide quick funds in case of an emergency, there are a few factors that make them different from the other. A personal loan is an unsecured loan since it is collateral-free. An instant cash loan, on the contrary, includes both collateral-based and collateral-free loans. One of the most popular collateral-based instant cash loans is a gold loan. Against the pledging of your gold, you can procure quick funds. The specialty of instant loans is that you get the loan approval instantly. If you are looking for quick funds and urgent loans, an instant loan is your go-to. It doesn’t take more than an hour to process and sanction an instant loan as long as you have all the necessary documents ready. A personal loan is not exclusively about the quickness of the disbursal of the funds. It may or may not be as quick as an instant loan, depending on your requirements as well as the lender. Therefore, there are a few significant differences between an instant loan and a personal loan.

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

instant loans are the best source to avail funds if you are in urgent requirement of the same. However, to have a significant say in the terms of the loan, the borrower needs to be in possession of a high credit score. This credit score is a direct reflection of your past repayment pattern. The higher the credit score, the better your chances of availing a loan as per your terms. 700 is considered an ideal credit score, anything north of that gives you an upper hand as the borrower. There are two types of instant loans- Secured and Unsecured. In case of a low credit score, the borrower can always opt for a secured loan, in which case the credit score will not majorly influence the terms of the loan as collateral is involved. However, if the borrower has a commendable debt-income ration, then he/she can leverage that and opt for an unsecured instant loan at an attractive interest rate. Irrespective of which loan one chooses to avail, it will not take more than an hour to receive these funds.

Can I get an instant loan if I'm a homemaker?

It is possible to get an instant cash loan even if you are a homemaker. There are two types of instant cash loans - collateral-based and collateral-free instant cash loans. In the case of the latter, the borrower has to be able to prove that they have a steady source of income and a high credit score. Since that option is not available to a homemaker, an even better option is still available to them. A collateral-based loan is an excellent source of quick funds as they require neither an income statement, nor a salary slip. The main requirement is the collateral, such as gold. The borrower can get up to 75% of the market value of the gold as the loan amount and can enjoy one of the lowest loan interest rates in the market. The borrower, alongside the collateral will also have to submit their identity proof and address proof.

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