Kodoli is located between the bank of Warana River and the foothills of Panhala Fort. It is a well-developed town that lies in the Kolhapur district of Maharashtra. It is the largest town under the Panhala tehsil. Kodoli is dotted with various kinds of industries, which play a crucial role in providing employment to the inhabitants of the town. The local people also have ready access to instant loan in Kodoli and many of them avail this loan to set up their own commercial establishments. The town has several reputed educational institutions situated in and around it. Kodoli lies at a distance of about 27 km from Kolhapur. State transport buses are the main mode of transport that links the town with the nearby areas.
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.
Although both personal and instant loans provide the lender with emergency funds, certain features make them different from each other. These pertain to their nature, their requirements, and their loan amounts.
Nature: While a personal loan is always unsecured, an instant cash loan can be either secured or unsecured.
Collateral requirement: Personal loans are always collateral-free while instant loans can be collateral-free as well as collateral-based.
Required documents: Personal loans require more paperwork to prove the financial health of the borrower. In the case of secured instant loans, the paperwork is minimal, consisting only of the borrower’s identity and address proof. However, when obtaining an unsecured instant loan, the borrower is required to submit documents to prove their financial health, such as their credit score and income statement.
Upper limit: Up to INR 20 lakh can be procured using a personal loan. When it comes to a secured instant loan, there is no upper limit in the loan amount that can be availed. The lender can receive up to 75% of the market value of the pledged collateral as the loan amount. On the other hand, not more than INR 5 lakh can be obtained as the loan using an unsecured instant loan.
It is said that traveling is the best reality check you can ever give yourself. If you are an avid traveler whose travel plans keep getting foiled by budget constraints, worry not! Instant cash loans are the best way to ensure you don't skimp on your hotel stay or your buffet spread. You can avail fast loans online at favorable interest rates just with your credit score. A lot of factors such as your scope for negotiation, flexible repayment options are all determined by your credit score. A credit score of 650 or above is the standard credit score in order to avail the best personal rates. You will have to submit about 6-7 documents including your Aadhar card, PAN card, Bank Account Statements, etc.
Generally, an instant loan is used by borrowers to fulfil their immediate financial goals. However, if you are genuinely interested in using the funds for productive activities, then Indian tax laws allow you to claim tax benefits on the principal or interest component of the instant loan. The first tax benefit you can get on an instant loan is if you use it for business purposes. But you can only claim tax benefits on the interest component and not on the principal component. Furthermore, if you use the funds on home improvement, you may claim tax benefits of up to INR 1.5 lakh on the principal component in a financial year. Additionally, if you use the instant loan amount to construct a house or buy a new property, you may claim tax deductions on the interest component of up to INR 2 lakh.
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!
How many times you may apply for an instant loan depends on your eligibility. When you apply for a collateral-free loan, the lender will check your credit profile and existing loan book. Generally, lenders do not sanction two personal loans at the same time. However, when you apply for a collateral-based loan, like a gold loan, there is no limit to how many times you may avail a loan. Collateral-based loans are usually of two types - instant and credit line. In the instant loan, you get the total loan amount as soon as you deposit the collateral. The interest rate applies to the full sanctioned loan amount. The credit line allows you to deposit the collateral once and take out money whenever you wish to. The interest rate, in this case, applies only to the amount you utilise and not on the whole amount.
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