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Instant loan in kodumur

Kodumur is a town in the Kurnool district of Andhra Pradesh. This town has produced two chief ministers of Andra Pradesh. Almost the entire population is engaged in agricultural activities as it is the only source of income for the town. The farmers here produce cotton, castor seeds, red gram and vegetables. The production of cotton is abundant as majority of Kodumur contains black soil. The town is also a rich source of construction sand as the places along River Hundri are saline in nature. Instant loans in Kodumur are common as most of inhabitants avail them in times of need.

Reasons to take an instant loan

The flexibility related to instant loan guarantees that it can be put to any use. People in Kurnool procure instant loans for a variety of reasons - whether the expenses are planned or unplanned. The funds procured through an instant loan can be used to pay off unprecedented medical bills. It can also be used to finance a tour or a vacation, or to meet other unexpected emergencies. Whether it is for a house renovation that you need funds for, or it is to start a small business or just about anything, instant cash loans do not stand in your way. You can also use them to pay off your credit card debts, to sponsor an event, or to conduct a grand marriage function. The flexibility offered by an instant cash loan makes sure that you can use your funds for whatever need, as long as it is not for speculative or illegal activities. In some cases, it is also possible to apply for tax rebates when you use an instant loan.

Difference between instant loans and personal loans

Difference between instant loans and personal loans

While both instant loans and personal loans serve the same purpose, that is to provide you with cash, there are some differences between the two.

Difference

Personal Loan

Instant Loan

Nature

A personal loan is an unsecured loan.

An instant loan can be either secured or unsecured.

Collateral
Requirement

You do not need to submit any collateral guarantee to avail the loan.

If you opt for a secured loan you will have to pledge collateral, which isn’t the case if you apply for an unsecured loan.

Documents Requirement

Due to its unsecured nature, lenders require various documents that prove the stability of your income and keep the loan amount low.

You only need to submit certain basic documents such as identity proof in case of a secured loan. Documentation requirement is low as you will anyway be pledging collateral. In case of an unsecured loan you will have to submit documents such as income statements, payslips. address proof, etc

Maximum Limit

The limit of an unsecured personal loan or an unsecured instant loan is typically up to INR 20 lakh.

In the case of a secured loan, the limit depends on the collateral pledged. If you apply for a secured instant loan, the lender would sanction up to 75% of the collateral’s market value. Hence, if you deposit collateral whose market value is INR 1 crore, you may get a loan of up to INR 75 lakh. In case of an unsecured instant loan, the limit is INR 5 lakhs.

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Frequently asked questions

What can an instant loan be used for?

instant loans are the most flexible and speedy financial instruments available. One of the major perks of availing an instant loan is that it can be spent as per your discretion. This amount can be spent to meet your household expenses, unexpected medical emergencies, education expenses, or any other cause as per your will provided it doesn't involve speculative activities such s gambling. What's more, this even makes you eligible to receive tax benefits. For example, if you are availing a loan to build a house you are eligible to receive up to 2 Lakhs INR. On the other hand, if the money is being utilized to renovate your home, you will then be eligible to receive up to 1.5 Lakh INR tax benefits. Entrepreneurs or professionals that are self-employed leverage these loans to meet their working capital requirements. You can also invest these funds in buying a vehicle for the family or any electronic items.

Can I change my tenure once I have applied for an instant loan?

When you apply for an instant loan online by entering the loan amount and loan term, the lender evaluates your credit profile and approves or rejects the loan. Generally, you may apply for two types of loans - secured and unsecured. A secured loan is one in which you need to deposit an asset as collateral security. When you apply for a secured loan, lenders usually allow the facility to change the tenure before or after the loan approval. In case of an unsecured loan, however, the lender might or might not allow the facility to change the term after the loan gets approved. Hence, although the lender allows you the facility to change the loan tenure, it is better if you decide the tenure in advance, which can avoid you from the hassles of restructuring your loan repayments.

Can I get an instant loan if I'm a homemaker?

It is possible to get an instant cash loan even if you are a homemaker. There are two types of instant cash loans - collateral-based and collateral-free instant cash loans. In the case of the latter, the borrower has to be able to prove that they have a steady source of income and a high credit score. Since that option is not available to a homemaker, an even better option is still available to them. A collateral-based loan is an excellent source of quick funds as they require neither an income statement, nor a salary slip. The main requirement is the collateral, such as gold. The borrower can get up to 75% of the market value of the gold as the loan amount and can enjoy one of the lowest loan interest rates in the market. The borrower, alongside the collateral will also have to submit their identity proof and address proof.

How to apply for an instant loan online

All you need, to avail an instant loan online is a smartphone or a computer with a stable internet connection. You can either place a loan request on the lender's website or download the app from Playstore to do the same. If you prefer getting in touch with an executive, you can call the lender's customer care number. Upon submitting your loan request, a representative will call to book an appointment with you for document verification following which a loan officer will visit you at your preferred location. The loan officer will then proceed to verify documents such as PAN card, Aadhar Card, and Financial Records to ascertain your loan eligibility which is contingent on your creditworthiness. If you are in agreement with the stipulated amount and the interest rate your loan will be processed. The amount typically gets transferred to your account within 5 minutes of approval.

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