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Instant loan in Indore

Indore was a princely state under the Holkar dynasty until its inclusion to the Dominion of India. Although the dynasty does not reign Indore, they still stay in the traditional Lal Bagh Palace. The city is adorned with a lot of scenic beauty and is also an important archaeological site. It is famous for its waterfalls, and monuments. It is also the economic capital of Madhya Pradesh. The people in the city accept all religions, and despite their faiths, celebrate festivals together. The Ahliya Utsav holds special significance. Indore is famed for its fabric and is also one of the leading producers of cotton in India. They also have other industries specializing in metals, automobiles, and IT. To expand or set up a business, people mostly choose Instant Loans in Indore.The main attractions in the city of Indore are the Lal Bagh Palace, Rajwada, Indore Museum, Geeta Bhawan, Indore White Church, Bada Ganapati, Annapurna Temple, Kanch Mandir, Tincha Falls, and Royal museum.

Reasons to take an instant loan

The flexibility related to instant loan guarantees that it can be put to any use. People in Indore 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.

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. 

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Frequently asked questions

What is the minimal age requirement for an instant loan?

You can avail an instant loan and live life on your own terms! All you'll need is the app on your smartphone, the necessary documentation needless to say the right kind of eligibility. These eligibility criteria are usually subject to change from one lender to another. Typically, to avail a collateral-free instant loan, one needs to be minimum 21 years old. But in the case of a collateral-based loan that involves a security pledge, the minimum age requirement to meet the eligibility criteria is 18. In support of your age proof, you can either submit your birth certificate or the admit card from your secondary school examinations. It is noteworthy that meeting the minimum age requirement is only one of the eligibility criteria. To ensure that your loan application gets approved in the first attempt itself, you will have to ensure that you meet all the eligibility criteria involved.

How is the EMI for an instant loan calculated?

The EMIs or the Equated Monthly Installment that the borrower pays every month comprises of the principal loan amount as well as the interest. The EMI is calculated after consideration of the loan amount, the loan interest rate as well as the loan term. During the early months of loan repayment through EMIs, the amount paid is the interest. It is towards the end of the loan term that the principal amount is repaid. There is a tabular list called the loan amortization that shows the principal amount as well as the loan interest components. If a borrower takes gets a loan amount of INR 10 lakh whose loan term stretches over 12 months and the loan interest rate charged is 10%, the monthly EMI of the borrower would come to INR 87,920. The EMI has a direct relationship with the loan interest rate. If the loan interest rate increases and the loan term remains the same, the EMI will increase. On the other hand, EMI has an indirect relationship with the loan term. If the loan term increases and the loan interest remains the same, the EMI will decrease.




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

The two types of instant loans are - loans that are secured with a collateral and loans that are not secured. In the case of a loan that requires a collateral, you have to pledge your property to procur the funds from the lender. A gold loan is an example of a secured loan, where the gold is the collateral. An unsecured personal loan, on the other hand, is unsecured as it does not require a collateral. But a secured loan provides the borrower with many benefits that an unsecured loan doesn't. For one thing, the loan interest rate charged on an unsecured loan is much higher than the interest rate charged on a secured loan. The loan amount that can be obtained against a collateral is also higher than the amount that can be obtained through an unsecured loan. While a collateral-free loan requires the lender to submit their income statement and their credit score, a collateral-based loan do not require those documents. There are also many flexible loan repayment options that are available to a secured loan unlike an unsecured loan.

How do I take an instant loan without salary slips?

Due to an increasing number of arrears as far as loan repayment is concerned, lenders prefer to be vigilant while loan applications of those individuals that do not have a continued source of stable income. In such a scenario, salary slips are used to confirm the borrower's source of revenue on account of repayment of the instant loan. However, submitting salary slips is not mandatory. A variety of alternate proof of earnings can be submitted including Form 16, Income Tax Returns, Bank Account Statement, and Income Certificate. In case of an exceptionally high credit score, the borrower is given an exemption and lent an instant loan simply based on the Aadhar card. Alternately, the borrower can apply as a co-applicant along with another borrower with a stable source of income, or pledging collateral such as gold.

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