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Hyderabad
Humayunnagar
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Instant loan in Humayunnagar

Humayunnagar is a locality situated in the south western part of the city of Hyderabad. It is at a distance of about 6 km from the city centre. Humayunnagar stands in proximity to the locality of Mehdipatnam, which serves as a major shopping hub in this part of the city. The SGM Mall located in Mehdipatnam is just 2 km from Humayunnagar and offers a wide range of retail choices for the residents. Humayunnagar is flanked by the Inner Ring Road, which makes it widely accessible from all parts of the city. Being located on the PV Narasimha Rao Expressway, the area remains connected to the Rajiv Gandhi International Airport. People often avail instant loan in Humayunnagar to address their financial needs.

Features of an instant loan

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 Hyderabad. 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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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.

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Frequently asked questions

What identity proof is valid for a instant loan?

Submitting an identity proof is mandatory when you wish to avail an instant cash loan online. An identity proof shows your nationality, which may determine your eligibility for the loan approval. To avail an instant loan, you have to submit address proof, age-related documents, income proof, and other documents, along with the identity proof. The documents that are valid as the identity proof are PAN Card, Aadhaar Card, Passport, Electoral Photo Identity Card, Driving License, Ration Card, Birth Certificate, Matriculation certification, Life Insurance policy bond, and Student Photo Identity Card. Out of all documents, PAN Card is the most important document that is most often considered a mandatory requirement.You may also be asked to present your income statement or a salary slip if you are availing of an unsecured loan as a proof of your financial security.

What is the eligibility criteria for an instant loan?

When you are in need of an urgent loan, instant loans are the go-to. Since there are several lenders in the market from whom you can procur the funds, the eligibility criteria also differs from lender to lender. In general, the borrower is required to be above the age of 21. When you give an instant loan application, before the approval of the loan, you are also required to submit a few documents as your identity proof, address proof and your income proof. Only upon the verification of these documents, that include your PAN Card, Aadhar Card, your income statement, etc, will your loan amount be approved. Since most instant loans, such as an unsecured personal loan requires you to have a steady income, your income statement becomes mandatory. But fortunately, by availing of a secured loan or a collateral-based loan, such as a gold loan, you can obtain the funds. While most instant cash loans also require you to have a credit score of 650 and above, a gold loan doesn't require your credit score before sanctioning you the loan amount. It also charges a lower interest rate.

What are the benefits of a gold loan over an instant loan?

instant loans are of two types - with collateral and collateral-free. The collateral-free loan does not require you to deposit anything with the lender, and hence, is an unsecured form of a loan. An unsecured personal loan is an example of a collateral-free loan. A gold loan, on the other hand, is secured with the gold that you pledge as the collateral. However, the personal loan interest rates are often higher than that of the secured gold loan. The most significant benefit of a gold loan is that the loan amount is much higher than that of a collateral-free loan. Additionally, the interest rate of a gold loan is much lower than all other conventional instant loan interest rates. Another benefit of a gold loan is that many lenders offer the facility to repay the entire principal and interest without any additional charges. Hence, if you need urgent cash at low-interest rates, then a gold loan can suit you more than an instant collateral-free loan.

What are the repayment options for an instant loan?

If you think applying for a loan is easy, repaying your loan is even easier! Especially when it comes to gold loans or any other collateral-based loan. As opposed to a Collateral-free personal loan or credit card, the interest charged is much lesser when it comes to collateral-based loans. The types of payment you can avail are- in part, as interest or at closure. Part-payment is where you pay slightly more than what is to be paid every month. Interest payment is what you pay every month, namely EMI. Closure is the amount paid to release your collateral. Download the Lender's app from PlayStore or visit their web portal to make EMI payments. Additionally, you can also pay by using Internet UPI, Debit Cards, RTGS, Internet Banking, IMPS, or NEFT. The lender sends you timely reminders about your EMI payments as and when they are due, provided that's the mode of payment you have chosen.

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