Trimurti Chowk is a bustling commercial area located in the city of Nashik in Maharashtra. It remains dotted with all kinds of commercial establishments, such as retail outlets, jewellery stores, eateries, ice cream parlours, fast food joints, hotels, general stores, etc. Among the civic amenities located in this area are hospital, police station, schools, temple, bank, ATM, and vegetable market, to name a few. Many people avail instant loan in Trimurti Chowk to set up their business in this busy commercial zone. Since Trimurti Chowk is located on Untwadi Road, it can be easily accessed from any part of the city.
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.
People often turn to instant loans in Nashik for several purposes.They can be classified into:
1) Unplanned expenses: Owing to how quickly it can be availed, instant cash loans are a convenient form of credit that comes very handy in case of financial emergencies. In scenarios such as hospitalization, sometimes the bill amount might exceed the insurance cover. Instant loans can be availed within an hour and are very helpful when one has to meet unplanned expenses.
2) Planned expenses: If you are looking to start or expand your business, you can avail an instant loan to help meet your fund requirements. The funds stemming from an instant loan can be spent as per the borrower's discretion. If you choose to spend the loan mount on business, construction, or renovation of your house you are even eligible for tax rebates. Be it a leisure trip or a wedding, instant loans can be availed for any reason.
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Address proof, identity proof, age proof, and income proof are some of the basic documents that need to be submitted while availing any kind of a loan. But worry not! You can still avail an instant loan even if you don't possess the above documents. However, availing a loan without any document verification might require some additional measures on the borrower's part. For instance, the borrower might have to have an extraordinarily high credit score. A squeaky clean track record as far as prior loan repayments are concerned, an extremely healthy debt to income ratio such that your income generously accounts for the EMI payments are some of the factors that guarantee the lender that you will be able to repay the loan on time. Maintaining a healthy relationship with your lender also restores faith in the lender that the institution can disburse a loan to the borrower sans any documents.
An instant loan is usually taken by the borrower for emergency fund requirements. But you can also use these funds for investment purposes. In that case, the Indian tax law also makes it possible for you to get tax benefits on the principal or the interest component of the instant cash loan. If you are using the loan amount for business purposes, it is possible to get tax benefits, but only on the interest component and not the principal component. If the funds are used to renovate or improve your house, it is possible to get up to INR 1.5 lakh on the principal component of the instant cash loan in a financial year. And if the acquired amount is used in constructing a house or in buying a property, up to INR 2 lakh on tax-deductions can be claimed on the interest component.
Generally, when you apply for an instant cash loan, the lender automatically assumes that you have carefully evaluated your needs and your loan repayment capability before you apply for a loan. However, they are also considerate of offering you the facility to alter your loan request. The first thing you may alter after placing the loan request is the loan amount. The second thing you may alter is the loan term. And the third thing you may change is the type of the loan. However, all of these changes need to be done before the loan approval. Generally, no loan alteration request, other than loan term, is entertained post the instant loan approval.
If applying for a loan is easy, repaying the EMIs is easier, especially when you are availing a collateral-based instant loan, like a gold loan. Contrary to a collateral-free personal loan or credit card, lenders charge less interest rate on a collateral-based loan. You can make three types of payments during the loan tenure - interest, closure, and part. The interest payment is what you pay every month as EMI. Closure amount is what you pay to release your collateral and Part-payment is when you pay slightly more than what you are supposed to pay every month. To pay the EMIs, you have to either download the lender's app from PlayStore or visit their web portal. Generally, you may pay by using Internet Banking, Debit Cards, UPI, NEFT, RTGS, or IMPS. On choosing the monthly EMI payment mode, the lender would send you timely reminders about EMI payment.
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