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Instant loan in kilpauk

Kilpauk is a semi residential locality in Chennai. Situated in the western part of the city, it stands at a distance of about 4.5 km from the city centre. Kilpauk’s landscape is dotted with well-planned stand-alone residences and apartments. The neighborhood enjoys easy connectivity through metro, rail, and road networks. To reach Kilpauk via metro network, the Nehru Park Metro Station (1.6 km) on the Green Line is the nearest point. Chetpet Railway Station is located just 2.4 km from the neighborhood. Chennai International Airport is located 20 km away and can be easily reached via a cab or taxi service. The conveniently located neighborhood also has several shopping outlets and restaurants, where residents can have a good time. Instant loans in Kilpauk is the most preferred variety of loan opted by the people. Kilpauk is also known as Little Korea as the area has several Korean people residing here.

Reasons to take an instant loan

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.

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

How to deal with a loan default?

None of us want to skip our EMI payments. But there might be situations when we may have to skip the EMIs because of unprecedented difficulties. The failure of payment of an EMI can result in dire consequences. The lender will impose a heavy penalty on the future payments on you. The lender is also likely to resort to harsh modes for future repayments. There is no need to worry about it, as before you and your lender enter into a loan agreement regarding the EMIs and the loan interest rate, several measures are taken to prevent such an occurrence in the future. This is the reason why the lenders check if you have a stable income, assess your credit score, and calculate your debt to equity ratio. Since all these measures are taken beforehand, as a borrower, you are requested to keep your EMIs a priority. In case an unprecedented problem arises in loan repayment, you should contact your lender at the earliest and request to change your monthly payment to bullet payment.

How many times can I take an instant loan?

The number of times that you can apply for an instant loan depends on your eligibility. When it comes to a collateral-free loan the lender will have to assess your creditworthiness based on your existing book of loans. Ideally, lenders do not sanction multiple personal loans at the same time. On the other hand, when it comes to secured loans there are no such restrictions. Secured AKA collateral loans can be of two types- Credit Line and Instant. When it comes to Credit Line, you are allowed to deposit the collateral once and withdraw money as and when required. Subsequently, the interest rate applies only to the amount you use up and not the entire amount. However, in case of an instant loan, the entire amount will be credited to you as soon as you deposit the collateral.

Can I take an instant loan with low credit score?

The credit score is one of the important factors that the lenders look for when they give loan approvals. A high credit score is a mark of your financial health. It is preferred to have a credit score of at least 650 or above. A credit score below 700 is a mark of poor financial stability. It is based on your credit score as well as your monthly income that the lender determines the loan amount as well as the loan interest rate. When your credit score is below the preferred range, your loan interest rate is likely to be higher and your loan amount is likely to be less. In this case, you can opt for a collateral-based instant loan since it provides many benefits including low-interest loans. They also do not require you to have a stable income or a high credit score.

Do you need any collateral to avail an instant loan?

Whether or not you require collateral to avail a loan depends on the type of instant loan that you wish to avail. instant loans can be of two types- Collateral based and non-collateral based. If you apply for the latter which is a form of unsecured loan, you can at max only avail up to 5 lakhs. As these loan amounts are relatively low, the loan interest rates will also be correspondingly high. You will have to submit your credit profile, salary slips, and other such documents for evaluation based on which the loan amount and interest rate will be determined. On the other hand, when you avail collateral-based also know as a secured loan, you are expected to pledge an asset or collateral against your loan. These secured loans equip you with an array of advantages as your loan amount can go up to 75% of the asset value and you will only be charged a relatively low loan interest rate.

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