Kadambathur is the name of a village and a Block in Thiruvallur District in Tamil Nadu. The area is a part of the Thiruvallur assembly constituency and Tiruvallur parliamentary constituency. It is surrounded by Adigathur, Egattur, Vidaiyur, Pudumavilangai, and Thandalam. The nearest railway stations are Egattur Halt and Kadambattur. The major roads that provide connectivity to the area are Thiruvallur - Kancheepuram Main Road, Chennai - Bangalore Highway, and Chennai - Thirupathi Highway. Several private buses, like Vasantha, Sundaram, Balaji, Bharathi, and Srinivasa, operate from the area. TNSTC runs bus nos. 160, T2, 538, 162, and 519 from the locality to other parts of Tamil Nadu. An instant loan in Kadambathur is the most convenient way to get money during a financial emergency.
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.
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 Thiruvallur. 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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An instant loan gives you unparalleled convenience and peace of mind. You may spend the funds on anything you feel is essential. However, different lenders have a different upper ceiling for approving the loan amount. When you apply for a collateral-free loan, the upper ceiling is usually INR 5 lakh. Moreover, the loan interest rate can be exorbitantly high. If you need more than INR 5 lakh at a low rate of interest, then it is better to apply for a secured loan, like a gold loan. When you apply for a secured loan, the amount you may avail can be as high as 75% of the collateral. Hence, by pledging an asset that is worth INR 1 Crore, you may get an instant cash loan of up to INR 75 lakh. Your eligibility for the loan amount depends on the credit score, loan term, and EMI repayment capability.
An instant loan is a highly flexible source of funds, which makes it one of the most popular sources of funds. The borrower can use the acquired funds for any purpose, as per his requirements, except for illegal and speculative activities. Most people take an instant cash loan for business requirements or to meet other capital requirements. People also use the acquired funds to renovate their house, which can make them eligible to obtain tax benefits up to INR 1.5 lakh. If the funds have been acquired for the construction of a house, the borrower can receive tax benefits up to 2 lakh. The funds obtained through an instant cash loan can also be used to purchase electronic equipment or a motor vehicle. The borrower may also borrow money to meet unprecedented expenses such as a medical emergency.
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.
Only in few rare and extreme cases does an instant loan get rejected. This happens when the lender has to adhere to the standards and the norms set by the industry for their safety. Since the credit score and the salary slip of the borrower are the two main important factors that determine their eligibility for an instant loan, any mismatch in these cases can lead to failure of the loan approval. If the borrower has poor credit scores - such as below 650, the loan will not get sanctioned. It is generally preferred to have credit scores above 700. If the borrower also doesn’t have a steady source of income or constantly jumps from one job to another, he is also not likely to get the loan amount. Having a stable source of income and a good credit score is advisable when taking an instant loan. If that is not an option available to you, you can consider an instant cash loan against collateral.
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