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Instant loan in Ganganapalli

The village of Ganganapalli is located in the Kadapa district of Andhra Pradesh. It is a part of the Rayalaseema region in the state. Ganganapalli falls under Sri Avadutha Kasinayana mandal. Telugu is the local language of the village. Agriculture is the main source of income for the people of Ganganapalli. However, many young villagers are exploring other sources of income these days, including establishing of commercial establishments. The easy availability of instant loan in Ganganapalli is proving to be a great help for them. Yogi Vemana University, named after social reformer and philosopher Yogi Vemana, is located here. Ganganapalli remains connected to the nearby areas through the road network. APSRTC runs several buses from the nearby areas to this village.

Features of an instant loan

Thanks to the flexibility and the simplicity associated with an instant loan, it is the most popular and demanded source of funds in India. An instant loan offers many exclusive features that makes it a favorite among the borrowers in Kadapa. Listed below are some of the most attractive features of an instant loan:

Flexibility - The funds that are obtained through an instant loan can be put to any use, as long as it is not for speculative or illegal purposes.

Loan approval - Usually within an hour from the loan application, the loan amount will get disbursed into your account, just as the name suggests.

Loan application - An instant loan can be placed online as well as offline. The borrower can use the app, the website, or can also call the customer service desk to make a request for the loan. The procedure, from the loan application to the transfer of the amount remains smooth, transparent, and quick.

Minimal paperwork - One of the reasons why instant loans are so popular is that they hardly require any paperwork at all. Not more than five documents are to be uploaded under any circumstance.

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Difference between instant loans and personal loans

Difference between instant loans and personal loans

While both instant loans and personal loans serve the same purpose, that is to provide you with cash, there are some differences between the two.

Difference

Personal Loan

Instant Loan

Nature

A personal loan is an unsecured loan.

An instant loan can be either secured or unsecured.

Collateral
Requirement

You do not need to submit any collateral guarantee to avail the loan.

If you opt for a secured loan you will have to pledge collateral, which isn’t the case if you apply for an unsecured loan.

Documents Requirement

Due to its unsecured nature, lenders require various documents that prove the stability of your income and keep the loan amount low.

You only need to submit certain basic documents such as identity proof in case of a secured loan. Documentation requirement is low as you will anyway be pledging collateral. In case of an unsecured loan you will have to submit documents such as income statements, payslips. address proof, etc

Maximum Limit

The limit of an unsecured personal loan or an unsecured instant loan is typically up to INR 20 lakh.

In the case of a secured loan, the limit depends on the collateral pledged. If you apply for a secured instant loan, the lender would sanction up to 75% of the collateral’s market value. Hence, if you deposit collateral whose market value is INR 1 crore, you may get a loan of up to INR 75 lakh. In case of an unsecured instant loan, the limit is INR 5 lakhs.

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Frequently asked questions

Can I get an instant loan without any documentation?

Generally, to avail an instant cash loan online in India, you have to submit a few mandatory documents like identity, address, age proof, and income documents. However, you may still apply for an instant loan when you do not have any documents. To apply for an instant loan without documents, you must have an exceptionally high credit score. Additionally, you should prove to the lender that you have never missed out on EMI payments. Moreover, your debt to income ratio should be excellent, which means the amount you earn every month is more than enough to take care of your financial liabilities. Other than the things mentioned so far, you should also keep a healthy relationship with the lender. When there is an extraordinary level of trust between the lender and the borrower, loan approval is rarely a problem.

Is Pan card compulsary to get an instant loan?

While the PAN Card is considered as a very important document, several lenders do approve instant loans sans the PAN card. A foolproof way of applying for an instant loan without a PAN card and getting it approved is to apply for a secured loan. Secured loans are those loans that are availed by pledging an asset or collateral against the loan. In such a case you are likely to receive up t 75% of the collateral's market value as your loan amount. If you wish to apply for an unsecured loan without a PAN card, you may still do so. However, you will have a higher chance of getting your loan application approved if you have a healthy credit score- 700 being the ideal standard. The lender may also ask for other document proofs in place of your PAN card such as a copy of your income statement to prove the creditworthiness of the borrower.

How many times can I take an instant loan?

There are a few factors that determine how many times you can apply for an instant loan. If it is a collateral-free loan that you are applying for, the lender will check your credit score as well as your income statement and your current loan book. Two personal loans cannot be availed at the same time. But if it is a collateral-based loan that you are applying for, there is no limit to the number of collateral-loans you can take. This is because the lender is assured of the security of repayment, thanks to your collateral. There are two types of collateral-based loans - instant and credit line. In the case of instant, the entire amount will be disbursed to you at once and interest will be charged on the whole amount. In the case of a credit line, against your collateral, you can withdraw money as and when you wish to. The interest in this scenario only applies to the amount that you withdrew.

Can I repay my instant loan early?

The facility to make your loan repayment ahead of the stipulated due date is provided by almost all financial institutions, country-wide. While a premature repayment can reflect very well on your credit profile, bump up your eligibility, and give you an upper hand the next time you choose to avail a loan, the downside to an early loan repayment is the cost of such a provision. If you choose to prematurely end the term of your loan you may do so in two ways. You may either choose to opt for part prepayment and utilize any extra cash you might have to pay up a lump sum along with existing EMI. Or you can repay the entire amount in one go. The additional charges you'll have to bear in the former case is between 0%-1% and between 0%-3% in the case of the latter.

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