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Instant loan in Guwahati

Situated on the south bank of river Brahmaputra, Guwahati is the largest metropolis in northeast India. Being strategically located, this riverine port city in Assam is called the ‘Gateway to Northeast India’. Dispur, the capital of Assam, is located within the city precincts. One of the fastest growing cities in the country, Guwahati is a major educational and commercial hub. Manufacturing of petroleum and tea are its main revenue generating sources. Pandu Port is another source of income for the city. People often rely on instant loan in Guwahati to meet their urgent economic requirements. The historic city is home to several ancient temples, including the Kamakhya Temple, Umananda Temple, Ugratara Temple, Basisthasram, and Navagraha Temple. Other attractions include the Dighalipukhri Park Lake, Nehru Park, Srimanta Sankardeva Kalakshetra, Regional Science Centre, and Deepor Bil. Bihu is the main festival of the region, which is celebrated by people of all communities.

Eligibility to apply for an instant loan and documents required

There are two types of instant loans

A collateral-based instant loan 

This type of loan is secured against a collateral property of the borrower. There are many benefits to a secured loan, such as minimal paperwork, lower interest rates, and high-value loans. Usually, the borrower is only required to present their identity and address proofs. 

A collateral-free loan

This type of loan is unsecured. The borrower doesn’t have to pledge his property with the lender for obtaining the funds. However, the borrower will be expected to have a high credit score and a stable source of income, usually above INR 21,000 per month. The lenders like to make sure that the debt to income ratio is appropriate for the loan so that the borrower can make the repayments on time. The borrower will also have to submit documents that prove their financial health, such as a salary slip or an income statement, their credit score, and sometimes even a guarantor.

For these reasons, a collateral-based loan is more popular among the lenders. 

Features of an instant loan

Instant loans are one of the simplest and most popular loans in India. Out of all loans offered by Indian lenders, instant loans are the most feature-rich and easy loan you can avail. Some of the prominent features of an instant loan are:

Flexibility- The first feature that makes an instant loan unique is its flexibility. You may use the loan amount for any purpose you want to. 

Loan approval- The second feature is the speed at which instant loan approvals occur. Usually, an instant loan gets approved within an hour of the loan application. 

Ease of loan application- The third feature is that you can apply for an instant loan online or offline. The entire process, from application to approval, is transparent, quick, and painless and is hassle-free when it comes to gold repayment. 

Minimal documentation-Last but not the least, instant loans are so popular due to the minimum documentation required to apply for an instant loan. You need to upload no more than five to six documents to submit your loan application.

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Frequently asked questions

How long is the tenure to repay an instant loan?

An instant loan is the simplest of all loans which lending institutions in India offer. The tenure of an instant loan depends on your financial profile and preferences. Generally, the lowest term which you may avail is one month, and the maximum tenure can be five years. Before deciding the loan tenure, you should calculate the EMI. A longer tenure might reduce your EMIs. But by opting for a long-term loan, you will have to pay more towards interest component. Instead, if you choose a short-term loan, the loan interest rate will be much lesser. Lenders often give special interest rate rebates when you choose a shorter tenure. Availing a short-term loan also gives you the opportunity to close your loan early, which can enhance your credit score.

What type of loan can be taken for a medical emergency?

A medical emergency comes without any warning. Even when you have health insurance or a mediclaim policy, the amount you get might not be sufficient to take care of the hospital cost. An instant cash loan can come to your rescue during such times. An instant loan ideally takes no more than an hour to get approved. Some lenders also offer the facility to apply for a loan with just one document - the Aadhaar card. The amount you are eligible to receive as the loan amount, as well as the interest rate, depends on your financial profile and credit score. Applying for an instant cash loan is extremely simple. Simply download the lender's loan app and apply for the instant loan. Your EMIs will start after one month from the date of loan approval.

Can you get tax benefits on an instant loan?

Generally, an instant loan is used by borrowers to fulfil their immediate financial goals. However, if you are genuinely interested in using the funds for productive activities, then Indian tax laws allow you to claim tax benefits on the principal or interest component of the instant loan. The first tax benefit you can get on an instant loan is if you use it for business purposes. But you can only claim tax benefits on the interest component and not on the principal component. Furthermore, if you use the funds on home improvement, you may claim tax benefits of up to INR 1.5 lakh on the principal component in a financial year. Additionally, if you use the instant loan amount to construct a house or buy a new property, you may claim tax deductions on the interest component of up to INR 2 lakh.

What are the tips while applying for an instant loan in India?

An instant loan is the best option there is in India, to get emergency loans. There are two types of instant cash loans in India, a collateral-based instant loan and a collateral-free instant loan. In the case of a collateral-based loan, you need to pledge your property with the lender in order to obtain the funds. The only documents you require are address proof and an identity proof. You can enjoy attractive interest rates on a secured loan. The other case is that of an unsecured loan where you don’t have to pledge your property with the lender but you need to have a high credit score and a stable income. The credit score has to be above 700 for the loan amount and the loan interest rate to be favorable. Both the type of instant cash loans are popular in India with both not taking more than an hour to process the loan.

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