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Instant loan in kodumudi

Kodumundi in Erode District is famous for the Magudeswarar Temple, Veera Narayana Perumal Temple, Sri Saneeswara Bhagavan Temple, Athi Vinayagar Temple, and River Kaveri, where devotees from all over India frequently visit to offer prayers. The area comes under the Modakkurichi assembly constituency and Erode parliamentary constituency. The nearest localities are Elunoothimangalam, Ayyampalayam, Kondalam, Vallipuram, and Anjur. The closest railway stations are Kodumudi and Unjalur. Karur Vellalar College of Arts and Science for Women, Annai Women's College, Magudam Academy, SVS Girls High School, and SSV Girls High School. The area has all modern amenities in the vicinity, and hence, people prefer to live here. The most popular loan option is an instant loan in Kodumundi.

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. 

Features of an instant loan

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 Erode. 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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Frequently asked questions

How to avoid high interest rates offered by instant loans?

In order to accommodate the flexibility that comes with instant loans, lenders usually charge a high loan interest rate. But worry not! There are means through which you can bring these loan interest rates down. While 700 is considered an ideal credit score, if you strive for a credit score north of 700 it gives you an upper hand when it comes to loan interest rates. The best way this can be done is by ensuring timely repayment of your EMIs. Additionally, if you apply as a co-applicant along with someone with a steady source of income, the loan interest rate can be reduced to a great extent. If both of these beyond your scope, you can always opt for a collateral-based instant loan. Depending on the loan amount, the interest rate of the loan can dip as low as 0.89% per month!

What are the benefits of a gold loan over an instant loan?

instant loans are of two types - with collateral and collateral-free. The collateral-free loan does not require you to deposit anything with the lender, and hence, is an unsecured form of a loan. An unsecured personal loan is an example of a collateral-free loan. A gold loan, on the other hand, is secured with the gold that you pledge as the collateral. However, the personal loan interest rates are often higher than that of the secured gold loan. The most significant benefit of a gold loan is that the loan amount is much higher than that of a collateral-free loan. Additionally, the interest rate of a gold loan is much lower than all other conventional instant loan interest rates. Another benefit of a gold loan is that many lenders offer the facility to repay the entire principal and interest without any additional charges. Hence, if you need urgent cash at low-interest rates, then a gold loan can suit you more than an instant collateral-free loan.

Is Pan card compulsary to get an instant loan?

PAN Card is often considered as a mandatory requirement for availing an instant cash loan online. Also, many lenders allow the facility to apply for an instant loan without the PAN Card. However, the chances of loan approval become high when you apply for a secured loan. A secured loan is a loan in which you pledge an asset to get a loan of up to 75% of the asset's value. If you want to apply for an instant loan without PAN Card, you should try to keep the credit score above 700, which is an accurate indication of your creditworthiness. Alternatively, the lender may ask for a copy of your bank account statement or income statement to prove the legibility of the loan application.

What type of loan can be taken for a medical emergency?

Medical emergencies have a 100% track record of cropping up unannounced. One can never be too prepared to handle such situations. Though the individual may be insured, most hospitals expect the payment to be made upfront whereas insurance companies take a considerable amount of time to turnaround. In such situations, instant loans prove to be handy as they barely take an hour to be approved. Not all lenders demand end-end documentation. Some even approve loans with just an Aadar card. Availing an instant cash loan only requires a couple of steps. All you need to do is download the lender's app, submit your personal details, and apply for the instant loan. Your eligibility amount and interest rate will both depend on your credit score and your EMIs will commence exactly a month since the date of loan approval.

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