Garden Reach is an industrial area on the banks of River Hooghly. The place has many important government offices and manufacturing establishments. The office of the General Manager of the South Eastern Railway Zone is situated here. There is also a railway colony that houses the railway staff. Another major establishment in the area is the Garden Reach Shipbuilders and Engineers, under the Ministry of Defence. The other prominent industries in the locality are ITC Ltd., Paharpur Cooling Towers Ltd., Hindustan Unilever, Britania Biscuit Co. Ltd, Videocon Glass and Appliances Factory, and many others. The place is easily accessible from various parts of Kolkata and Howrah, through the Howrah Bridge, Garden Reach Flyover, and other roads. Being an industrial area, people often require urgent money for various purposes and apply for instant loans in Garden Reach.
People often turn to instant loans in Kolkata for several purposes.They can be classified into:
1) Unplanned expenses: Owing to how quickly it can be availed, instant cash loans are a convenient form of credit that comes very handy in case of financial emergencies. In scenarios such as hospitalization, sometimes the bill amount might exceed the insurance cover. Instant loans can be availed within an hour and are very helpful when one has to meet unplanned expenses.
2) Planned expenses: If you are looking to start or expand your business, you can avail an instant loan to help meet your fund requirements. The funds stemming from an instant loan can be spent as per the borrower's discretion. If you choose to spend the loan mount on business, construction, or renovation of your house you are even eligible for tax rebates. Be it a leisure trip or a wedding, instant loans can be availed for any reason.
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.
With the help of a smartphone or a computer and an internet connection, you can avail the service of an instant online loan. You can also seek their service through their customer care service. The entire transaction, from the placing of the application to the disbursal of the amount wouldn’t take more than an hour. After downloading the app from Play Store or by visiting the web portal of the lender, you can place a request for a loan. Within a few minutes from placing the application, a company representative will get in touch with you to seek an appointment. The company official will shortly arrive at the desired location to check the authenticity of your collateral as well as verify your documents. The loan will be approved after the loan amount and the interest rate has been agreed by both the parties, depending on your financial status. The transaction will be complete once the loan amount has been transferred to your account, which wouldn’t take more than five minutes from approval.
When a person applies for some quick funds with the lender, one of the main things that the lender makes sure is that the borrower is financially stable enough to be able to pay off the EMIs without it burning a hole in their pocket. This is done in two ways. The first and usual method is where the borrower has to submit certain documents to prove their financial stability - which can be an income statement or a salary slip. The other recent mechanism is through net banking verification. These options are given beforehand by the lender and the borrower can pick the one he deems fit. In the net banking method, the lender uses some automated algorithms to check if the salary has been credited to the lender’s salary account on the payday or not.
When you apply for an instant loan, you get funds for fulfilling your life's myriad aspirations. However, to avail the maximum benefits of an instant cash loan, you must satisfy the eligibility criteria. The eligibility criteria differ from lender to lender. Generally, to avail a collateral-free instant loan, your age must be 21. However, if you are applying for a collateral-based loan, e.g. a gold loan, the minimum age can be as low as 18. To prove your age, you may submit documents like birth certificate or secondary school examination admit card. Other than satisfying the age-related eligibility criteria, it would be best if you also meet other eligibilty criteria which might have an impact on the approval or rejection of the loan.
The eligibility criteria for loans differ from one lender to another. Most majors are eligible for these instant loans. The terms of these loans are contingent on certain aspects such as age, income profile, and continuity, etc. To apply for an instant loan the borrower needs to be anywhere between 21-68 years old to be eligible to apply for an instant loan. While it is typically expected of the borrower to have a stable source of income, you may still apply even if you don't. In such a case, the borrower will either have to apply along with a borrower who can produce an income statement or deposit gold as collateral instead. The standard credit score expected is 650. If your score is lesser than 650, you will still be eligible for an instant loan but for a relatively smaller amount at an increased interest rate.
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