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Instant loan in harjinder nagar

Harjinder Nagar is a popular locality in Kanpur in Uttar Pradesh, India. It is a residential area with most inhabitants speaking Hindi. Several residents of this region comprise of people who have flocked from different areas of Kanpur. These inhabitants do not own any property in this region but stay in rental apartments. This region provides several good amenities such as access to public and private hospitals and schools. Some nearby cities to this region include Jajmau, Unnao and Chakeri. This region enjoys a good financial status and provides access to Nationalised and Private banks. Instant loan in Harjinder Nagar in Kanpur is very easily and readily available.

Reasons to take an instant loan

The flexibility related to instant loan guarantees that it can be put to any use. People in Kanpur procure instant loans for a variety of reasons - whether the expenses are planned or unplanned. The funds procured through an instant loan can be used to pay off unprecedented medical bills. It can also be used to finance a tour or a vacation, or to meet other unexpected emergencies. Whether it is for a house renovation that you need funds for, or it is to start a small business or just about anything, instant cash loans do not stand in your way. You can also use them to pay off your credit card debts, to sponsor an event, or to conduct a grand marriage function. The flexibility offered by an instant cash loan makes sure that you can use your funds for whatever need, as long as it is not for speculative or illegal activities. In some cases, it is also possible to apply for tax rebates when you use an instant loan.

Difference between instant loans and personal loans

Difference between instant loans and personal loans

While both instant loans and personal loans serve the same purpose, that is to provide you with cash, there are some differences between the two.

Difference

Personal Loan

Instant Loan

Nature

A personal loan is an unsecured loan.

An instant loan can be either secured or unsecured.

Collateral
Requirement

You do not need to submit any collateral guarantee to avail the loan.

If you opt for a secured loan you will have to pledge collateral, which isn’t the case if you apply for an unsecured loan.

Documents Requirement

Due to its unsecured nature, lenders require various documents that prove the stability of your income and keep the loan amount low.

You only need to submit certain basic documents such as identity proof in case of a secured loan. Documentation requirement is low as you will anyway be pledging collateral. In case of an unsecured loan you will have to submit documents such as income statements, payslips. address proof, etc

Maximum Limit

The limit of an unsecured personal loan or an unsecured instant loan is typically up to INR 20 lakh.

In the case of a secured loan, the limit depends on the collateral pledged. If you apply for a secured instant loan, the lender would sanction up to 75% of the collateral’s market value. Hence, if you deposit collateral whose market value is INR 1 crore, you may get a loan of up to INR 75 lakh. In case of an unsecured instant loan, the limit is INR 5 lakhs.

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Frequently asked questions

How to avoid high interest rates offered by instant loans?

An instant loan often charges a high loan interest rate to offer the convenience and flexibility that comes with it. However, there are ways in which you can reduce loan interest rates. And the ways are not too difficult. The first thing you should do is to increase your credit score and aim for a credit score near 900. The best way you can increase your credit score is by repaying your EMIs on time. The second thing you can do is to apply with someone who has a stable source of income. If both the applicants have high net monthly income, then the loan interest rate can drop substantially. If none of the above methods applies to you, then the best thing you can do is to apply for a secured loan, like a gold loan. The interest rates of secured loans can be as low as 0.89% per month.

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.

What are the other types of short-terms loans I can take?

Thanks to added advantages such as instant loan approval and non-requirement of collateral that come along with short-term loans, they are becoming increasingly popular. Short-term loans are those loans whose repayment period does not span beyond one or two years. Typically, short-term loans are of four types. As the name suggests, bridge loans are those loans that can be availed whilst waiting for a high-value loan to be approved. Loan overdrafts are extensions of credit that lenders provide over existing credit. Demand loans are those loans that can be availed by pledging savings certificates or insurance policies to avail about 80% of it's market value as loan. The fourth kind are instant gold loans that require you to pledge your gold to avail instant loans at extremely low, transparent interest rates. Though gold loans indeed require collateral to be pledged against the loan, the instant nature of these loans gives it a premium position in the Indian market.

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

It is possible to get an instant cash loan even if you are a homemaker. There are two types of instant cash loans - collateral-based and collateral-free instant cash loans. In the case of the latter, the borrower has to be able to prove that they have a steady source of income and a high credit score. Since that option is not available to a homemaker, an even better option is still available to them. A collateral-based loan is an excellent source of quick funds as they require neither an income statement, nor a salary slip. The main requirement is the collateral, such as gold. The borrower can get up to 75% of the market value of the gold as the loan amount and can enjoy one of the lowest loan interest rates in the market. The borrower, alongside the collateral will also have to submit their identity proof and address proof.

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