The holy town of Katra or Karta Vaishno Devi is situated at the foothills of the Trikuta Mountains, where the holy shrine of Vaishno Devi is located. Nestled among the picturesque mountains this place has religious prominence and receives lots of pilgrims all round the year. The town has always been connected by roads and state highways but lately Indian Railways serve as another link. As the base camp for the trek to the shrine the place offers a lot of services that include an insurance policy, helicopter, electric vehicles and a ropeway to ease the trek for the pilgrims. Instant loans in Katra help improve the thriving tourism industry of the town.
The flexibility in the end-use of an instant loan makes it one of the most popular loans in India. Denizens often avail instant loans in Jammu for various reasons. The first reason why people avail an instant loan is to address sudden financial emergencies. Sometimes, in case of hospitalisation, the bill amount may exceed the available cash. An instant loan provides urgent money, which one can use on anything related to health. Another reason why people apply for an instant loan is to set up a business. In some cases, using the instant loan amount for business may also enable you to apply for tax rebates. Many borrowers also avail an instant loan to sponsor a vacation or a tour. The fourth reason why people apply for an instant cash loan is to spend it on sponsoring a big event like a marriage.
An instant loan can be of two types -
Secured instant loans- If you apply for a secured loan, i.e. an instant loan against collateral, you can get a higher loan amount. The eligibility criteria are also relaxed. Usually, it does not matter whether you can show income proof or not. You may also apply for a loan with only two documents - PAN Card and Aadhaar Card.
Unsecured instant loans- If you apply for an unsecured instant loan, the lender would approve the loan based on your income and expenditure ratio, credit score, and the stability of income. To avail an unsecured loan, you have to satisfy the minimum monthly income criteria set by the lender and is usually above INR 21,000 per month. Moreover, you have to submit documents like PAN Card, Aadhaar Card, income proof, age proof, income tax file, bank account statement, and quite often, a guarantor.
Hence, if you want a no-frills loan, it is prudent to apply for a secured instant cash loan online.
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As a homemaker, you have to keep a lot many things in your mind, which often includes paying urgent bills. An instant cash loan for a homemaker can ensure an uninterrupted flow of funds which you may use on anything related to your and your family's well-being. An instant loan usually takes no more than 60 minutes to be approved. Hence, you can stay assured about the availability of funds whenever the need arises. To avail an instant loan as a homemaker, you need to submit collateral security to the lender. Depending on the nature, status, and quality of your collateral security, you may get up to 75% of the asset's current market value as a loan. The documents you need to submit include PAN Card, Aadhaar Card, age proof, proof of income, and photographs.
An instant loan is usually taken by the borrower for emergency fund requirements. But you can also use these funds for investment purposes. In that case, the Indian tax law also makes it possible for you to get tax benefits on the principal or the interest component of the instant cash loan. If you are using the loan amount for business purposes, it is possible to get tax benefits, but only on the interest component and not the principal component. If the funds are used to renovate or improve your house, it is possible to get up to INR 1.5 lakh on the principal component of the instant cash loan in a financial year. And if the acquired amount is used in constructing a house or in buying a property, up to INR 2 lakh on tax-deductions can be claimed on the interest component.
As a student, your scope for a healthy credit score or a good debt-income ratio might be limited owing to which you might not be eligible to apply for several loan schemes. That's where instant cash loans for education swoop into your rescue! The highlight of availing an instant loan as a student is that the loan amount can be spent at the discretion of the borrower. You can either spend it on tuition, daily expenses, or academic material. Lenders prudently reduce the loan amount and charge a higher loan interest rate in certain cases where the borrower is unable to submit a stable proof of income. This is advisable and protects the interests of both parties involved. If you would prefer a higher loan amount, you can apply as a co-applicant and submit evidence of a steady income. Alternately, if you simply apply for a collateral-based loan, you can avail gold loans with interest rates are as low as 0.89% per month.
To make their approved instant loans safer and less prone to being written off, lenders generally evaluate the income to debt ratio of a borrower before approving the loan. Hence, they require the borrower to earn enough so that they can repay the loan EMIs without burdening their wallet. Usually, you need to earn a minimum of INR 18000 to 21000 every month to be eligible to apply for a collateral-free loan. However, the minimum income criteria can be relaxed if you pledge collateral security while availing the loan. To prove the stability of your income, the lender would ask you to submit salary slips and appointment letter with the loan application. If, however, you are self-employed, then you have to prepare a Chartered Accountant approved Income Statement, which will show your monthly income level.
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