Khuladabad is a taluka in the district of Aurangabad, Maharashtra, India. During the ancient times, the city was popularly known as 'Rauza'; the garden of paradise. It is also well known by the name of ' Valley of Saints'. People love to travel on foot to Khuldabad to offer their prayers at the Bhadra Maruti Temple on the occasion of Hanuman Jayanti. Other major attractions of the city are - Aurangzeb's tomb, Tomb of Azam Shah and his wife, Zainuddin Shirazi Dargah, and Bani Begum's Makbara. Industrialists look for instant loan in Khuldabad to establish travel agencies and hotels. The city thrives on the revenue generated from tourism. You can travel to Khuldabad by taking a bus to Khuldabad Bus Stand from the Aurangabad Railway Station. In case of any emergencies, you can contact the Khuldabad Police Station and hospital.
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.
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 Aurangabad. 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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Financial institutions are extremely flexible and usually willing to accommodate any shortcomings the borrower might have. The main institutions that disburse these loans are: 1) Commercial banks 2) Non-Banking Financial Companies (NBFCs) 3) Housing Finance Companies (HFC) Banks are severely governed by the central bank because of which there are several regulations they need to adhere to. This implies that they require the borrower to have a high credit score and submit all the necessary documents. This automatically drives most borrowers towards the more flexible options. That is, HFCs and NBFCs for their urgent fund requirements. Instant loans both secured and unsecured usually take up to just 60 minutes from loan application to disbursal. Unsecured loans can entirely be availed online whereas secured loans will require a lender appointed representative to visit you to verify your documents and value your collateral. Post successful approval, the loan amount is disbursed.
There are a few factors that determine how many times you can apply for an instant loan. If it is a collateral-free loan that you are applying for, the lender will check your credit score as well as your income statement and your current loan book. Two personal loans cannot be availed at the same time. But if it is a collateral-based loan that you are applying for, there is no limit to the number of collateral-loans you can take. This is because the lender is assured of the security of repayment, thanks to your collateral. There are two types of collateral-based loans - instant and credit line. In the case of instant, the entire amount will be disbursed to you at once and interest will be charged on the whole amount. In the case of a credit line, against your collateral, you can withdraw money as and when you wish to. The interest in this scenario only applies to the amount that you withdrew.
One of the main reasons why instant loans are so popular is because of how flexible they are. This implies that pretty much anybody can avail an instant loan. If you are a self-employed entrepreneur or a non-professional you are still eligible to avail a loan. All you need to do is prepare an income certificate that will display the net income of your entity. This is mainly for the lender to analyze your average expenditure as opposed to your income. A sure shot parameter to get your loan application approved is to ensure you have a healthy debt-income ratio and a respectable credit score. If at all your earnings are insufficient, you can always opt for an instant secured loan. Collateral based loans do not mandate you to submit salary slips, neither does it consider your credit score. All you'll need is collateral and a few basic documents. Quick and easy!
Instant loans are flexible and are processed in the blink of an eye. You have the latitude to spend the borrowed amount as per your discretion. The loan amount and upper cap for an instant loan differs from one lender to another. If you wish to avail an unsecured loan, the upper cap for the same is usually INR 5 lakhs. A lower loan amount subsequently comes at a higher loan interest rate. If you are looking to avail a loan of 5 lakhs or more, you can opt for a collateral-based loan such as an instant gold loan. When you apply for a secured loan, the amount you avail can go up to 75% of the collateral. Hence, the upper cap when it comes to a secured loan is subject to change depending on the collateral pledged. This loan amount is decided based on your credit profile, preferred loan term, and repayment capacity.
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