Kalaignar Karunanidhi Nagar, also known as K.K. Nagar, is a small but planned township in Chennai. Located in the southern part of the city, the township is divided into 102 streets and 15 sectors with each sector having a park in the middle. MTC bus services provide easy road access to the area. K.K. Nagar is served by the Ashok Nagar Metro Station, situation within 2 km of the neighborhood. Mambalam railway station is the nearest railway hub, located about 4 km away. Chennai International Airport stands at a distance of about 13 km from K.K. Nagar. Residents of the township engage themselves in various big and small businesses and often rely of instant loans in Kalaignar Karunanidhi Nagar to fund those ventures.
People often turn to instant loans in Chennai for several purposes.They can be classified into:
1) Unplanned expenses: Owing to how quickly it can be availed, instant cash loans are a convenient form of credit that comes very handy in case of financial emergencies. In scenarios such as hospitalization, sometimes the bill amount might exceed the insurance cover. Instant loans can be availed within an hour and are very helpful when one has to meet unplanned expenses.
2) Planned expenses: If you are looking to start or expand your business, you can avail an instant loan to help meet your fund requirements. The funds stemming from an instant loan can be spent as per the borrower's discretion. If you choose to spend the loan mount on business, construction, or renovation of your house you are even eligible for tax rebates. Be it a leisure trip or a wedding, instant loans can be availed for any reason.
Instant loans are typically of two types- Unsecured loans that don't require collateral security and secured loans that require the borrower to pledge collateral security against the loan. Borrowers that get a instant loan get access to various benefits as compared to those that borrow unsecured loans. For instance, borrowers that avail secured loans get to borrow a higher loan amount. Since borrowers are required to pledge an asset whose market value needs to be about 30% more than the loan amount, the eligibility criteria are also relaxed. To avail a secured loan, you'll only need basic documents such as PAN Card and Aadhaar Card. However, this isn't the case with unsecured loans. When you apply for an unsecured loan, your loan approval depends on several factors such as your debt-income ratio, existing credit profile, and income status. Additionally, to be eligible for an unsecured loan, as a borrower, you will need to have a minimum income of INR 21,000 per month. Along with this proof of income, you will also have to submit other documents such as PAN Card, Aadhaar Card, Age proof, Income tax file, Account transaction statement, and sometimes even a guarantor. If you are looking to avail a quick, hassle-free loan, secured loans are the way to go.
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All you need, to avail an instant loan online is a smartphone or a computer with a stable internet connection. You can either place a loan request on the lender's website or download the app from Playstore to do the same. If you prefer getting in touch with an executive, you can call the lender's customer care number. Upon submitting your loan request, a representative will call to book an appointment with you for document verification following which a loan officer will visit you at your preferred location. The loan officer will then proceed to verify documents such as PAN card, Aadhar Card, and Financial Records to ascertain your loan eligibility which is contingent on your creditworthiness. If you are in agreement with the stipulated amount and the interest rate your loan will be processed. The amount typically gets transferred to your account within 5 minutes of approval.
Rupeek loans can be availed in no time at all! All you'll have to do is download the Rupeek app, create an account with a unique username, and set a password for the same. Once this is done, you can fill out a gold loan application and place your request. In a matter of just a few minutes, a Rupeek representative will get in touch with you to schedule a visit to any place and time of your convenience. An official loan officer will then arrive at your place to verify your documents and value your gold. Upon successful verification, the officer will state the loan amount that you are eligible to receive. If both parties are in agreement with the loan amount, the officer will process your loan and you will get the money in your account in a jiffy. The entire process from the time you place your loan request to loan disbursal takes only about an hour.
Instant cash loans are advantageous in more ways than one. They are flexible, easy, quick, and cheap! Data suggests that borrowers stand to gain up to INR 12,000 on the interest component by availing an instant loan. The savings made by availing an instant loan is subject to change contingent on the discounts provided by the lender. All you'll need to do to avail an instant cash loan online is download the lender's app from PlayStore, fill out the loan application, submit the required documents, and voila! The amount will be transferred to your account within an hour since submission of the loan application. As far as the documents are concerned PAN Card, Aadhar card, income proof, bank account statement and a few other documents need to be submitted. Again, this requirement is also subject to change depending on the type of loan you are availing.
The EMIs or the Equated Monthly Installment that the borrower pays every month comprises of the principal loan amount as well as the interest. The EMI is calculated after consideration of the loan amount, the loan interest rate as well as the loan term. During the early months of loan repayment through EMIs, the amount paid is the interest. It is towards the end of the loan term that the principal amount is repaid. There is a tabular list called the loan amortization that shows the principal amount as well as the loan interest components. If a borrower takes gets a loan amount of INR 10 lakh whose loan term stretches over 12 months and the loan interest rate charged is 10%, the monthly EMI of the borrower would come to INR 87,920. The EMI has a direct relationship with the loan interest rate. If the loan interest rate increases and the loan term remains the same, the EMI will increase. On the other hand, EMI has an indirect relationship with the loan term. If the loan term increases and the loan interest remains the same, the EMI will decrease.
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