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Instant loan in goa velha

Goa Velha is a census town located in the Ilhas sub district of North Goa. The town stands on the northern bank of River Zuari. It is around 12 km away from the capital city of Panaji and about 27 km from Margao and Vasco da Gama. It was once a part of an ancient port built by the rulers of the Kadamba dynasty. They named it Govapuri. It was also known as Gopakapattana. Later, the Portuguese colonial rulers renamed the port as Goa Velha, which means ‘Goa the old’ in their native language. The town offers all basic amenities to its residents. Facilities for instant loan in Goa Velha is also available, which makes it easy for the residents to manage their sudden requirements for funds.

Difference between instant loans and personal loans

While both instant loans and personal loans help serve the same purpose there are a few factors that set them apart. For starters, all personal loans are unsecured loans by nature which implies that it does not require any collateral to be pledged to avail a loan amount. Owing to this when you get a personal loan, you are required to submit relatively more documentation to confirm the borrower's financial health. An important factor when it comes to personal loans is a healthy credit score which is an important determinant as far as personal loan eligibility is concerned. Additionally, when it comes to personal loans, the maximum one can avail is INR 20 Lakhs. However, when it comes to instant loans, it can be classified as either secured or unsecured loans. In the case of a secured instant loan, the documentation required is extremely minimal as borrowers are anyway required to pledge an asset whose market value needs to be about 30% more than the loan amount. The upper cap when it comes to a secured instant loan is contingent on the collateral pledged. For example: If you pledge an asset worth 1 Lakh, you can avail a loan of 75 Lakhs maximum.

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 Goa 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.

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Frequently asked questions

What is the process of instant loan application online?

Instant loans are designed such that they can be seamlessly availed online. All you'll need is a smartphone/computer with a steady internet connection, some basic documents, and collateral if you are applying for a secured loan. You will have to download the app from PlayStore and create an account for yourself with your preferred user ID and password. Next, you'll have to select an appropriate loan category, state the loan amount and loan term you wish to avail, and place your request. If you are applying for an unsecured loan you can submit the documents required online for verification. In case of a secured loan, a lender appointed representative will visit you at your preferred location and time as stipulated by you to value your collateral and verify your documents. The loan amount will be transferred to you within 60 minutes of your loan application provided the verification process goes smoothly and both parties are in agreement with the terms of the loan.

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

As a student, your scope for a healthy credit score or a good debt-income ratio might be limited owing to which you might not be eligible to apply for several loan schemes. That's where instant cash loans for education swoop into your rescue! The highlight of availing an instant loan as a student is that the loan amount can be spent at the discretion of the borrower. You can either spend it on tuition, daily expenses, or academic material. Lenders prudently reduce the loan amount and charge a higher loan interest rate in certain cases where the borrower is unable to submit a stable proof of income. This is advisable and protects the interests of both parties involved. If you would prefer a higher loan amount, you can apply as a co-applicant and submit evidence of a steady income. Alternately, if you simply apply for a collateral-based loan, you can avail gold loans with interest rates are as low as 0.89% per month.

What is netbanking verification while applying for an instant loan?

Net banking verification is a relatively recent mechanism through which Indian lending institutions determine the borrower's financial health and repayment capability. Through net banking verification, algorithms set by the lenders get access to the salary account of the borrower and check whether the salary has been credited to the salary account of the borrower on the payday or not. The entire process is automated and secured and takes no more than a few minutes. When you apply for an instant cash loan online, the lender gives you two options. The first is to apply for the loan through net banking. The other is by uploading your documents. If you choose the former, the lender will verify your account through net banking and approve the loan.

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.

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