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Dehradun
jollygrant
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Instant loan in jollygrant

Jollygrant in Dehradun is the only airport that connects the Garhwal region by air. It is located 25 km south-east of Dehradun. The Jollygrant airport is also known as the Air Gateway of Garhwal. Rishikesh and Haridwar can be reached just in 20 and 40 minutes respectively from the Jollygrant airport. Hence, it plays a pivotal role in suporting the tourism industry in the Uttarakhand region. Tourism being the prime mode of occupation and earning here, people are quite dependant on it influx of tourists here for their livelihood. Hence, instant loan in Jolygrant in Dehradun is availed by locals quite often to meet their unforseen expenditures.

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. 

Features of an instant loan

Instant loans are one of the simplest and most popular loans in India. Out of all loans offered by Indian lenders, instant loans are the most feature-rich and easy loan you can avail. Some of the prominent features of an instant loan are:

Flexibility- The first feature that makes an instant loan unique is its flexibility. You may use the loan amount for any purpose you want to. 

Loan approval- The second feature is the speed at which instant loan approvals occur. Usually, an instant loan gets approved within an hour of the loan application. 

Ease of loan application- The third feature is that you can apply for an instant loan online or offline. The entire process, from application to approval, is transparent, quick, and painless and is hassle-free when it comes to gold repayment. 

Minimal documentation-Last but not the least, instant loans are so popular due to the minimum documentation required to apply for an instant loan. You need to upload no more than five to six documents to submit your loan application.

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Frequently asked questions

How to avoid high interest rates offered by instant loans?

An instant loan, being one of the best options when it comes to an instant loan, offers many benefits and flexibility. One of the only drawbacks that they have is a high loan interest rate. But there are many ways in which the high loan interest can be tackled smartly. The loan interest rate is determined by the loan amount as well as by your financial health. It is your credit score and your income that comprise of your financial health. As long as you have a high credit score, as high as 900, your loan interest rate can be lower. Having a stable income is also significant. It assures the lenders of your loan repayment ability with other hardships. When you apply for an instant loan with a co-applicant, who also has a stable income, the loan interest rate can be reduced considerably. A collateral-based loan also provides instant cash loans against cheaper interest rates every month. This also can be an option since the interest rates for a secured loan can be as low as 0.89% per month.

How to deal with a loan default?

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.

Whats the minimum amount of gold loan I can take?

Gold is one of the most liquid and valuable assets. When you pledge your gold with a lender, because of its high LTV (Loan to Value) ratio, up to 75% of the market value of the loan that you have kept as collateral can be obtained as the loan amount. There is no minimum amount of loan that you can obtain in the case of a gold loan. On the other hand, it is possible to save much on the loan interest by opting for a high-value loan. It is possible to save up to INR 12,000 on the loan interest. The loan interest rate for a loan amount of less than INR 2 lakh begins from 1.29% per month. If the loan amount is between 2 lakh and 5 lakh, the interest rate starts from 0.99% per month. If the loan amount is over 5 lakh, the loan interest rate starts at 0.89% per month. There are also different schemes that Rupeek offers for the loan repayment.

What is the minimum monthly income needed for an instant loan?

To make their approved instant loans safer and less prone to being written off, lenders generally evaluate the income to debt ratio of a borrower before approving the loan. Hence, they require the borrower to earn enough so that they can repay the loan EMIs without burdening their wallet. Usually, you need to earn a minimum of INR 18000 to 21000 every month to be eligible to apply for a collateral-free loan. However, the minimum income criteria can be relaxed if you pledge collateral security while availing the loan. To prove the stability of your income, the lender would ask you to submit salary slips and appointment letter with the loan application. If, however, you are self-employed, then you have to prepare a Chartered Accountant approved Income Statement, which will show your monthly income level.

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