Jeevan Bhima Nagar is a residential neighbourhood in East Bangalore. The locality starts from Indiranagar 80 Feet Road and ends at Suranjandas Road. Jeevan Bhima Nagar includes various sub localities like Geethanjali Layout, BDA Layout, HAL 3rd Stage, Anandapuram, Nanja Reddy Colony, and Sudhama Nagar. The locality has several quarters where the employees of KPWD and LIC live. The LIC quarters are classified as types L, M, N, P, and the KPWD quarters are classified as types A, B, C & D. The place is easily accessible from the IT hubs of Bangalore, which has driven the demand for this locality northwards. Of late, many IT companies have opened their offices in the locality, which has boosted the real estate prices by a significant margin. The major landmarks in the locality are NAL, ISRO, and the various commercial establishments on the 10th Main Road. People often apply for instant loans in Jeevan Bhima Nagar for fulfilling their aspirations.
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.
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.
Owing to how quickly an instant loan can be availed, these funds are usually used to meet urgent fund requirements. However, if you wish to use these funds for planned expenses you may certainly do so and how! If you opt to invest your instant cash loan in the construction of a house or to buy a new property, you are likely to receive tax benefits of op to INR 2 lakhs. Alternately, if the money is only to flip or renovate your house, you will be able to claim tax benefits up to INR 1.5 Lakhs. Last but not the least, if you are availing a loan to set up or expand your business you will be eligible for tax benefits. However, this can only be claimed on the interest component and not on the principal amount.
Most of the lenders in the market allow the closure of the loan before it reaches the end of the loan term. The only difference is that the charges that they levy when providing these facilities may differ. One of the two ways by which you can repay the loan amount prematurely and close the debt is by paying the entire amount before the loan term comes to an end. For the full loan pre-payment, you may be charged anywhere between 0% and 3%. The other way is by part pre-payment and paying the existing EMI together with the extra cash in your hand in a lump sum. You may be charged anywhere between 0% to 1% of the lump sum amount in this case. There are many benefits to clearing your debts early. Your credit score will get a boost and you will be eligible to get high-value loans in the future.
That depends on the type of preclosure of the instant cash loans. There are three types in which a loan can be pre-closed. The first one is the bullet payment, where the whole amount - including the principal amount and the loan interest rate are paid together as a lump sum at maturity. For this option, the lender won’t charge a prepayment penalty. The second one is partial prepayment where the borrower pays a little more than their EMIs. This amount is towards the prepayment of the principal amount. For this prepayment option, charges are levied from the borrower and can range from 0% to 2% depending on the lender. The third option is the full repayment option where the borrower is charged across the range of 0% and 3%. This option is chosen if the borrower decides to close the loan before it reaches the end of the term.
Placing an application for a gold loan with Rupeek is a very simple process. Rupeek offers one of the smoothest and the most hassle-free processes to obtain an instant gold loan. First, you have to download the Rupeek app or visit the web portal to place a request for an instant loan. You can also call the customer care desk and request a loan. Once that is done, a company official will get in touch with you to fix an appointment. At the suggested time, usually thirty minutes from the loan application, the official will show up at your doorstep. The gold appraiser will then proceed to check the authenticity of your gold as well as to verify your documents. The KYC documents that are required include your identity proof and your address proof. Once that is done, the loan will be approved. The loan amount will immediately get credited to your account and you can then use it for your requirements.
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