Karan Nagar is a notified location in Srinagar, Jammu. It is a posh area in the city. Initially the area was occupied by the decent population of Kashmiri Pandits, after their exile in the later part of the 20th century it is dominated by the Muslim settlers. The famous SMSH Hospital is located here and many people claim instant loans in and around Sainik City to get competent treatment and healthcare from the hospital. The locality is also home to the Government Medical College. Lots of aspiring students from all over the state move to Sainik Colony to get educated.
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.
The flexibility related to instant loan guarantees that it can be put to any use. People in Jammu 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.
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Generally, when you apply for an instant cash loan, the lender automatically assumes that you have carefully evaluated your needs and your loan repayment capability before you apply for a loan. However, they are also considerate of offering you the facility to alter your loan request. The first thing you may alter after placing the loan request is the loan amount. The second thing you may alter is the loan term. And the third thing you may change is the type of the loan. However, all of these changes need to be done before the loan approval. Generally, no loan alteration request, other than loan term, is entertained post the instant loan approval.
Homemakers are charged with the herculean task of managing household expenses, paying of planned expenses as well as bracing for expenses that might come up on an urgent basis. Instant cash loans can come handy in case of emergencies. instant loans only take about an hour to get disbursed. This implies that availing an instant loan online does not require detailed planning. As a homemaker, if you want to avail a loan, you will have to submit are a few documents such as PAN Card, Aadhar card, Age Proof, Proof of income, and your passport size photos and an asset as collateral. Subject to the magnitude and value of the loan, you are likely to receive about 75% of the value of the security as your loan amount.
When you want to apply for an instant loan in India, lenders often ask you to furnish a host of documents. However, you can also apply for an instant loan with just one document - the Aadhaar Card. Aadhaar is considered as the most conclusive proof of your citizenship, and serves as an identity and address proof. But, in most cases, you can get an instant cash loan with Aadhaar Card only when the loan is a secured loan, such as a gold loan. Because of collateral security, lenders do not need any other documents. You may also apply for a secured loan with a low credit score and no salary slips. Hence, it is possible to apply for an instant cash loan online only by producing your Aadhaar Card.
Gold loans are one of the most flexible financial instruments of credit that involves pledging collateral such as gold as security against a loan amount. The loan amount is usually determined by the market value, weight, and purity of the gold. The maximum loan amount one can avail while applying for an instant loan is 75% of the value of the gold as per the RBI. However, there is no minimum amount as such. While the common understanding is that one can save over INR 12,000 o the interest component, the loan interest rate varies in slabs:
1) If the loan amount is less than 2 lakhs per month, the interest rate starts from 1.29% per month.
2) If the loan amount is between 2 and 5 lakhs, then the interest rate starts from 0.99%
3) If the loan amount is 5 lakhs or above, the loan interest rate starts at 0.89%
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