Jafferkhanpet is a residential neighbourhood in Chennai, Tamil Nadu. Considered as a twin city to the neighbouring Ashok Nagar, it supports a strong social and physical infrastructure. Temples, Mosques, Bridges, Railway Stations, Buses, and the Metro enable self-sufficiency in the zone. Chennai International Aiport is located within 8 km, making it a convenient residential hot spot for regular travellers. The Kasi Junction is one of the busiest junctions of the locality, aiding faster connectivity to different parts in the entire city. The busy MGR Nagar is situated at proximity to Jafferkhanpet, allowing residents with easy access to the fish and vegetable markets. Such amenities result in rising living costs. To meet these requirements, people apply for instant loans in Jafferkhanpet.
Instant loans are one of the most popular forms of credit in India. Instant cash loans come equipped with several perks and features that make it the most preferred form of credit or most borrowers. There are several reasons why Instant loans have been a roaring hit. The first and foremost reason would have to be its flexibility. It can be availed within a matter of hours, with or without collateral, with or without a healthy credit score, and can be spent as per the discretion of the borrower. Secondly, the speed at which these loans are approved. It is usually only a matter of an hour before these loans are approved. The third reason would have to be the loan application process which can be done both online as well as offline and is an extremely hassle-free process. Last but not the least, the reason instant loans are most borrowers' go-to choice of credit is because of the minimal documentation that is required. Depending on the type of instant loan the borrower is looking to avail, the documents required will vary but are minimal nevertheless.
The flexibility in the end-use of an instant loan makes it one of the most popular loans in India. Denizens often avail instant loans in Chennai for various reasons. The first reason why people avail an instant loan is to address sudden financial emergencies. Sometimes, in case of hospitalisation, the bill amount may exceed the available cash. An instant loan provides urgent money, which one can use on anything related to health. Another reason why people apply for an instant loan is to set up a business. In some cases, using the instant loan amount for business may also enable you to apply for tax rebates. Many borrowers also avail an instant loan to sponsor a vacation or a tour. The fourth reason why people apply for an instant cash loan is to spend it on sponsoring a big event like a marriage.
When you apply for an unsecured loan, you are asked to submit documents that prove your identity, your address, and your income statement. If you are applying for a secured loan, you are only required to submit your identity proof and your address proof. You are asked to submit your income statement in the first scenario because the lender likes to be assured that you have a stable income every month that will permit you to pay your EMIs and take care of your personal needs every month. If the only document that is available to you is your Addhaar Card, then you can opt for a secured loan. A secured loan is even better since it requires neither your credit score nor your income score. Your Aadhaar Card is the most conclusive proof of your citizenship and can act as both your identity and address proofs. It is hence possible to get an instant loan with only your Aadhaar Card.
The credit score is one of the important factors that the lenders look for when they give loan approvals. A high credit score is a mark of your financial health. It is preferred to have a credit score of at least 650 or above. A credit score below 700 is a mark of poor financial stability. It is based on your credit score as well as your monthly income that the lender determines the loan amount as well as the loan interest rate. When your credit score is below the preferred range, your loan interest rate is likely to be higher and your loan amount is likely to be less. In this case, you can opt for a collateral-based instant loan since it provides many benefits including low-interest loans. They also do not require you to have a stable income or a high credit score.
Instant cash loans fund the borrower more abundantly as compared to overdrafts. On the other hand, overdrafts are more flexible as far as repayment is concerned. Usually, all overdrafts come with an upper cap. On the contrary, in the case of instant cash loans. the loan amount is determined based on several factors such as the borrower's credit profile, income status, the magnitude of liabilities, and repayment history. In the case of secured loans, the lender is most likely to approve about 75% of the collateral value. Loan Interest rates also vary vastly. Overdrafts have a higher interest rate as compared to an instant loan due to the absence of collateral. Make sure to assess your need and repayment capacity before availing a loan. If you bite off more than you can chew, it is bound to reflect poorly on your credit profile.
Despite your best intentions to repay the EMIs on time, there might be situations when you have to skip the EMIs. When you stop paying the loan EMIs, the lender considers you as a defaulter and imposes a hefty penalty on further payments. In the worst case, they may take legal recourse. To avoid all these hassles, you should create a budget and keep loan EMIs on the high-priority list. On getting the slightest hint of a default, you should immediately contact the lender and request them to change your EMI payment plan. Many lenders offer you the facility to shift from a monthly payment mode to a bullet repayment mode, where you pay the principal and interest at the end of the loan tenure.
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