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Instant loan in Juhapura

Juhapura is a residential neighbourhood of Ahmedabad located in the New West Zone. It stands about 6.4 km from the city centre. The National Highway 8A passes through the locality and provides easy access to it from all parts of the city. The area was first developed in 1973 under the directive of the then prime minister, Mrs. Indira Gandhi as a settlement for flood victims who had lost their homes in floodwater. Today the locality is home to a large section of the Muslim population. The area teems with professionals and businessmen, who have made it their home. Many of the residents also run their businesses from the locality and often depend on instant loans in Juhapura to finance their commercial ventures. Thanks to the population boom, the area now has a good number of schools, restaurants, hospitals, food markets, and other commercial establishments.

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

Thanks to the flexibility and the simplicity associated with an instant loan, it is the most popular and demanded source of funds in India. An instant loan offers many exclusive features that makes it a favorite among the borrowers in Ahmedabad. Listed below are some of the most attractive features of an instant loan:

Flexibility - The funds that are obtained through an instant loan can be put to any use, as long as it is not for speculative or illegal purposes.

Loan approval - Usually within an hour from the loan application, the loan amount will get disbursed into your account, just as the name suggests.

Loan application - An instant loan can be placed online as well as offline. The borrower can use the app, the website, or can also call the customer service desk to make a request for the loan. The procedure, from the loan application to the transfer of the amount remains smooth, transparent, and quick.

Minimal paperwork - One of the reasons why instant loans are so popular is that they hardly require any paperwork at all. Not more than five documents are to be uploaded under any circumstance.

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Frequently asked questions

Do banks offer instant loans in India?

Indian lenders are one of the most dynamic in terms of loan offerings. In India, loans products are primarily offered by three types of financial institutions - Banks, NBFCs, and Housing Finance Companies. Generally, borrowers prefer NBFCs when they wish to get instant cash loans. Banks do not directly offer instant loans in India, due to the various regulations it has to adhere to. Even when they do, they need the borrowers to maintain a high credit score and possess all required documents. This often prompts borrowers to shift to NBFCs and HFCs for all their instant loan needs. On average, a secured loan, like a gold loan, takes no more than sixty minutes to get loan approval.

Can I take an instant loan for home renovation?

For all kinds of emergency funds, an instant cash loan is the best option as it provides urgent loans. Even in the case of home renovations or repairs which can include plumbing works, electrical work or just about anything, as long as it is not illegal. You can use the obtained funds for your requirements - even if that is getting a new air conditioner or a television or any other gadget. The loan application process is very simple, which can be completed either by visiting the web portal of the lender or by downloading their app. The instant-loan approval, which requires the submission of a few documents doesn’t usually take more than an hour. The required documents include your Aadhar Card, PAN Card, etc, among a few others. The loan interest rate is determined by your credit score as well as your income. You can also opt for an instant cash loan against a collateral.

What is the eligibility criteria for an instant loan?

An instant loan may come as a blessing when you need to take care of an urgent financial need. But different lenders have different eligibility criteria for approving an instant loan. Generally, the borrower needs to be at least 21 years old to be eligible to apply for an instant loan. The maximum age varies between 60 and 68. Additionally, the borrower must have a stable source of salary or business income. You may also apply for an instant loan if you do not have a permanent source of income. However, the lender would encourage you to deposit collateral security, such as in the case of a gold loan, or apply along with a borrower who can produce their income statement. Most lenders prefer approving instant loans to borrowers with a credit score of 650 and above. But if your credit score is less than 650, the lender may increase the interest rate and reduce the loan amount.

What are the reasons for an instant loan to get rejected?

An instant loan rarely gets rejected. But, there are times when a lender is bound by industry norms to not approve an instant cash loan due to issues beyond their control. The first reason why an instant loan may get rejected is a low credit score. Generally, any credit score below 700 is considered an unhealthy credit score, and the lender may not approve a loan. Additionally, if the borrower is a frequent job hopper, the lender might not approve the loan. Another reason why the loan application might get rejected is if the borrower had been a regular defaulter in the past. Hence, if you want your loan application to get cleared in the first time, consider increasing your credit score and having a stable debt to income ratio.

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