Gangavalli is a panchayat town (i.e., a small town approximately 20,000-25,000 inhabitants, formed under the panchayati raj administrative system) in Salem District, Tamil Nadu and its pin code is 636105. The town has a river, and is it believed that the town may be named after the holy and famous river’s name “ganga” and a flowering plant called “valli,” which is present in and around the river that flows through this town. Agriculture is popular in this town and some of the crops that are grown here are paddy, turmeric, sugarcane, cotton and maize. Some of the other businesses are textiles, automobiles and milk products. Instant loan in Gangavalli is easily available to its inhabitants.
Instant loans are typically of two types- Unsecured loans that don't require collateral security and secured loans that require the borrower to pledge collateral security against the loan. Borrowers that get a instant loan get access to various benefits as compared to those that borrow unsecured loans. For instance, borrowers that avail secured loans get to borrow a higher loan amount. Since borrowers are required to pledge an asset whose market value needs to be about 30% more than the loan amount, the eligibility criteria are also relaxed. To avail a secured loan, you'll only need basic documents such as PAN Card and Aadhaar Card. However, this isn't the case with unsecured loans. When you apply for an unsecured loan, your loan approval depends on several factors such as your debt-income ratio, existing credit profile, and income status. Additionally, to be eligible for an unsecured loan, as a borrower, you will need to have a minimum income of INR 21,000 per month. Along with this proof of income, you will also have to submit other documents such as PAN Card, Aadhaar Card, Age proof, Income tax file, Account transaction statement, and sometimes even a guarantor. If you are looking to avail a quick, hassle-free loan, secured loans are the way to go.
Although both personal and instant loans provide the lender with emergency funds, certain features make them different from each other. These pertain to their nature, their requirements, and their loan amounts.
Nature: While a personal loan is always unsecured, an instant cash loan can be either secured or unsecured.
Collateral requirement: Personal loans are always collateral-free while instant loans can be collateral-free as well as collateral-based.
Required documents: Personal loans require more paperwork to prove the financial health of the borrower. In the case of secured instant loans, the paperwork is minimal, consisting only of the borrower’s identity and address proof. However, when obtaining an unsecured instant loan, the borrower is required to submit documents to prove their financial health, such as their credit score and income statement.
Upper limit: Up to INR 20 lakh can be procured using a personal loan. When it comes to a secured instant loan, there is no upper limit in the loan amount that can be availed. The lender can receive up to 75% of the market value of the pledged collateral as the loan amount. On the other hand, not more than INR 5 lakh can be obtained as the loan using an unsecured instant loan.
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Address proof, identity proof, age proof, and income proof are some of the basic documents that need to be submitted while availing any kind of a loan. But worry not! You can still avail an instant loan even if you don't possess the above documents. However, availing a loan without any document verification might require some additional measures on the borrower's part. For instance, the borrower might have to have an extraordinarily high credit score. A squeaky clean track record as far as prior loan repayments are concerned, an extremely healthy debt to income ratio such that your income generously accounts for the EMI payments are some of the factors that guarantee the lender that you will be able to repay the loan on time. Maintaining a healthy relationship with your lender also restores faith in the lender that the institution can disburse a loan to the borrower sans any documents.
Marriage is undoubtedly one of the most auspicious occasions of any person’s life. When your dreams and plans are that grand, money is also likely to come in the way. An easy way to tackle this problem seamlessly is by opting for an instant cash loan. Many online platforms offer an instant cash loan online. Like it is obvious in the name, an instant cash loan is the answer for quick funds. With instant cash loans online, you do not have to sacrifice your dreams for a secure future. Instant cash loans can be easily availed against the submission of a few required documents as proof of your identity, address and your income. You can also get collateral-based instant loans against the pledging of collateral.
If you are looking to avail credit in any form now or in the future, it is very important to maintain a respectable credit score. Credit scores play a key role in determining your loan amount, loan term, and loan interest rate. The better your credit score, the higher your chances of having the upper hand when it comes to deciding the various terms of your loan. 700 is considered a healthy credit score. Anything south of 700 could cause mistrust in the minds of lenders. The most foolproof way of increasing your credit score is by availing an instant cash loan online and arriving at an EMI that you can afford to easily payback. Make sure to maintain a balanced debt-income ratio. For instance, if your credit score if very low, avail a loan of smaller value. This will enable you to repay it easily and also extend your credit limit for any loans you wish to avail of in the future.
An instant cash loan gets its popularity as it is one of the easiest as well as one of the cheapest loans that are available. You can save up to INR 12,000 on interest expenses by using an instant loan. It is also the easiest loans available as all you need to obtain an instant cash loan is your identity proof, your address proof, and your income statement. You also need to have a good credit score. If it is a secured instant loan that you are procuring, there is no need for an income statement or of your credit score. A secured gold loan also has one of the lowest loan interest rates in the market. As long as you have your documents ready, the loan amount can get transferred into your account within one hour from the loan application.
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