The scenic town of Gonegandla is located 50 km away from Kurnool. The air in this area is almost free from pollution and the people who live here lead a slow paced life. Away from the buzz of the city this place is home to around 20,000 people who avail instant loans in Gonegandla to meet their needs. There are a few schools like the Z.P High School that provide quality education, the town also has a Government College by the name of J.R Government College that makes it possible for students to get a degree from their hometown itself.
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 Kurnool. 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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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.
Weddings are the epitome of family gatherings. Often, families want to spare no expense but budget constraints are something that holds them back from celebrating once-in-a-lifetime events like weddings with grandeur. Well, worry not! All you have to do to meet your fund requirement is apply for instant loans online and the sky is your limit! instant loans are designed to meet all your urgent fund requirements at short notice. You will not have to skimp on the wedding of your dreams or dip into your savings. These loans can be both availed and approved within an hour of loan application owing to which it doesn't require any detailed planning or documentation. All you'll require is an Aadhar card and collateral such as gold to secure against your loan and you are good to go and quite frankly, this is the smartest bet you can make while availing credit.
The general notion when a borrower places an online loan application request is that he/she has taken stock of their needs and has placed their request only after careful consideration of their repayment capacities. Despite that, financial institutions are accomodating enough to facilitate alterations to the loan request. The components of the loan request that you may change include the loan amount, loan term, and type of loan request placed. Timing however plays a crucial role in the approval of alterations if any. Amendments to your instant loan can be implemented, provided they are stated before the loan approval stage. Post loan approval, the only alteration that can be accommodated happens to be a change in the stipulated loan term.
Only in few rare and extreme cases does an instant loan get rejected. This happens when the lender has to adhere to the standards and the norms set by the industry for their safety. Since the credit score and the salary slip of the borrower are the two main important factors that determine their eligibility for an instant loan, any mismatch in these cases can lead to failure of the loan approval. If the borrower has poor credit scores - such as below 650, the loan will not get sanctioned. It is generally preferred to have credit scores above 700. If the borrower also doesn’t have a steady source of income or constantly jumps from one job to another, he is also not likely to get the loan amount. Having a stable source of income and a good credit score is advisable when taking an instant loan. If that is not an option available to you, you can consider an instant cash loan against collateral.
Usually, most lenders send automated reminder messages before the due date for EMI payment of the instant loan. However, there are times when a borrower skips the payment due to various reasons. If unfortunately, a borrower misses the EMI payment, the lender would impose a penalty on the next payment. This would raise the next month's EMI substantially. On subsequent defaults, the lender might hand over the case to a third party loan recovery agent, who might force the borrower in various ways. Additionally, the borrower's credit score takes a hit, making further loan applications difficult. Hence, as a borrower, you must always create a provision for paying off the EMIs and loan repayment even before applying for the loan.
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