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Instant loan in jigani

Jigani is at a distance 28km from Bangalore city railway station and falls under Anekal in South Bangalore. The locality is also known as the Granite Hub of Bangalore as there are several granite factories in the area. The Jigani Industrial Area is home to various big organisations like APC, HCL, Toyota, OTIS, and many others. The most popular languages spoken by people in the region are Telegu, Tamil, Kannada, and Odia. The locality is also close to Electronics City is visited by employees looking for affordable homes. The locality has two big lakes, namely and Jigani Lake and Hennagara Lake. Three highways pass through and around the city. To participate in the growth story of the booming real estate sector, people often apply for instant loan in Jigani.

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. 

Difference between instant loans and personal loans

Although both personal and instant loans provide the lender with emergency funds, certain features make them different from each other. These pertain to their nature, their requirements, and their loan amounts. 

Nature: While a personal loan is always unsecured, an instant cash loan can be either secured or unsecured.

Collateral requirement: Personal loans are always collateral-free while instant loans can be collateral-free as well as collateral-based.

Required documents: Personal loans require more paperwork to prove the financial health of the borrower. In the case of secured instant loans, the paperwork is minimal, consisting only of the borrower’s identity and address proof. However, when obtaining an unsecured instant loan, the borrower is required to submit documents to prove their financial health, such as their credit score and income statement.

Upper limit: Up to INR 20 lakh can be procured using a personal loan. When it comes to a secured instant loan, there is no upper limit in the loan amount that can be availed. The lender can receive up to 75% of the market value of the pledged collateral as the loan amount. On the other hand, not more than INR 5 lakh can be obtained as the loan using an unsecured instant loan.

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Frequently asked questions

What identity proof is valid for a instant loan?

Financial institutions prefer lending loans to citizens that reside within the same geographical bounds as them. Identity proofs are written, legal evidence of the borrower's nationality because of which they are considered mandatory if you want to apply for loan online. Some of the documents that are entertained as valid identity proof are:

*PAN Card

*Aadhar Card

* Passport

*Electoral Photo Identity Card

*Driving License

*Ration Card

*Birth Certificate

*Matriculation Certificate

*Life Insurance Policy Bond

*Student Photo Identity Card

The other documents that you have to submit include address proof, age proof documents, income proof, and salary slip in case you are availing an unsecured loan.

Do you need any collateral to avail an instant loan?

An instant loan can be of two types - secured (with collateral) and unsecured (without collateral). When you avail a secured instant loan, the lender would ask you to deposit an asset. The loan amount would be finalized after evaluating the current market value of the asset. Generally, lenders approve up to 75% of the market value of the pledged asset. The lenders also charge a lower loan interest rate on collateral-based instant loans. If, however, you apply for an unsecured loan, the lender would impose an upper ceiling on the amount you may apply for. Generally, the upper ceiling is around INR 5 lakh. Moreover, the interest rate may be substantially higher than the secured loan. The borrower will also be asked to present their credit score and income statement or salary slip to depending on which the loan interest rate will be calculated.

Is there a prepayment penalty for instant loan repayment?

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.

What are the interest rates of an instant loan?

The interest rate at which instant loans are availed differs from one borrower to another. This is determined by his/her income status and credit score. Lenders follow a streamlined procedure to disburse an instant loan which involves document verification and ascertaining the borrower's financial capabilities. Often, the loan amount also plays a key role in determining the loan interest rates. For instance, interest rates may vary between 1.29% to 1.65% if the loan amount is under 2 lakhs. If the amount ranges between 2 to 5 lakhs, subsequently the interest rates will also vary between 0.99% to 1.59%. Interest rates may vary between 0.89% and 1.39% provided the loan amount is either 5 lakhs or more. It is because of these interest rate slabs, you are required to assess your repaying capacity before availing for a loan as default in loan repayments reflect badly on credit scores.

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