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Instant loan in kankurgachi

The locality of Kankurgachi, near the intersection of Maniktala Main Road and CIT Road, was developed by the Calcutta Improvement Trust. It is one of the busiest places in Northern Kolkata and offers a high-standard elite lifestyle. Kankurgachi is well connected to the entire Kolkata district through buses, autos, and trams. The area is also very close to Bidhannagar Road railway station, and Kolkata Airport. The area houses some important government buildings and facilities like the Bengal Chemicals and Pharmaceuticals, and the Bureau of Indian Standards. Although the area was a residence of just doctors, and lawyers, the restrictions have eased, and people from all around move here for the convenient lifestyle. The area is now sprawling with various businesses in restaurants, jewellery, food, and apparel industry. Despite all the benefits of elite society, the cost of living is high, prompting people to apply for instant loans in Kankurgachi.

Reasons to take an instant loan

The flexibility related to instant loan guarantees that it can be put to any use. People in Kolkata procure instant loans for a variety of reasons - whether the expenses are planned or unplanned. The funds procured through an instant loan can be used to pay off unprecedented medical bills. It can also be used to finance a tour or a vacation, or to meet other unexpected emergencies. Whether it is for a house renovation that you need funds for, or it is to start a small business or just about anything, instant cash loans do not stand in your way. You can also use them to pay off your credit card debts, to sponsor an event, or to conduct a grand marriage function. The flexibility offered by an instant cash loan makes sure that you can use your funds for whatever need, as long as it is not for speculative or illegal activities. In some cases, it is also possible to apply for tax rebates when you use an instant loan.

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. 

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Frequently asked questions

What should be my credit score for an instant loan eligibility?

Credit scores are the lifeblood of a borrower. It is the most important determinant that decides a lot of the terms of the loan. While the standard credit score is considered to be 700, there are lenders that approve loan applications even if the borrower has a credit score of 10. But in such a case, the lender will have the upper hand in the negotiation and the borrower will have to be in agreement with the terms as dictated by the lender. As a borrower, if you are looking to avail a low-interest rate loan despite a poor credit score, your best choice would be to opt for a secured loan such as a gold loan. The maximum loan amount you can avail in case of a secured instant loan is up to 75% of the value of the asset at market value. In conclusion, your credit score plays a vital role if you are looking to avail an unsecured loan, but this is not the case when you are looking to avail a secured loan.

Can I take an instant loan for travel?

A recovery detour to escape the monotony of our everyday lives is found to do a great deal of good to our body as well as our mind. If you are a salaried employee or if you have a consistent source of income, taking a trip can mean that you may have to dip into your savings a little bit. This can cause a domino effect, leaving you with a little less amount of interest from the savings in your bank. One of the best ways to tackle this is to get an instant cash loan. instant loans are very easy to obtain and don't require a collateral. As long as you have a steady source of income and your credit score is 650 or above, getting an instant loan is pretty simple. By submitting a few documents such as your PAN Card, Aadhar Card, etc, you can get a quick loan. But if it happens that your income is not regular, you can always opt for a loan against a collateral, such as a gold loan. This will be best suited for you since the loan repayment options are flexible with no requirement of your credit score.

Can I take an instant loan for home renovation?

An instant cash loan is often considered as the best loan when you want to carry out urgent home repairing. You may use the funds to carry out plumbing work, electrical work, painting, or structural repairs. Alternatively, you may use it to buy an air conditioner or any other device or gadget which would enhance the aesthetic beauty of your house. The application and the instant loan approval process is pretty straightforward. Keep a few essential documents like PAN Card, Aadhaar Card, and two or three other documents ready, and you would most likely get the funds in your account within an hour of the loan application. The loan interest rate and loan term will depend on your credit worthiness and your ability to make the loan repayment on time. If a home renovation is high on your priority list, an instant loan can be your best friend.

Is it safe to take an instant loan online?

Any official lender/financial institution in India comes under the jurisdiction of the RBI. The RBI exercises adequate caution when it comes to certifying and governing these lenders as per Section 45 IA of the Reserve Bank of India Act, 1934. Availing instant loans online has been made thoroughly safe and secure by this act. If you wish to verify this by yourself, make sure to check the lender's Certificate of Registration and it's validity before submitting your documents and details online. As far as the privacy of your personal and bank details are concerned, several seasoned lenders use 256-bit encryption and threat mitigation technologies that uphold international standards. For example, the SSL technology is used to ensure complete end-end privacy of client data. Since right from loan application all the way to loan repayment all occur online, lenders have ensured that these processes remind encrypted end-end making it your easiest, safest bet when it comes to credit!

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