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In accordance with the respective state government’s directive, we’ve resumed operations in all the cities. However, a few services will remain affected while others will continue as usual. To read about the services or moratorium updates, Click here

Instant loan in kolar road

The Kaliasot river, a tributary of the Betwa river, flows to the east of Kolar road. The Kaliasot dam which provides water for irrigation to all the farmers nearby is located close to Kolar Road. The Beema Kunj Market would take care of your daily as well as other needs should you choose to live here. Applying for instant loans in any of the banks will get you that housing loan. A number of hospitals like the Lotus Hospital and Maternity Center, JK Hospital and Shivalaya Hospital are some of the prominent health care facilities in this area. If you are a movie buff then the DDX cinemas is the place for you to visit in the weekends.

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

Instant loans are one of the most popular forms of credit in India. Instant cash loans come equipped with several perks and features that make it the most preferred form of credit or most borrowers. There are several reasons why Instant loans have been a roaring hit. The first and foremost reason would have to be its flexibility. It can be availed within a matter of hours, with or without collateral, with or without a healthy credit score, and can be spent as per the discretion of the borrower. Secondly, the speed at which these loans are approved. It is usually only a matter of an hour before these loans are approved. The third reason would have to be the loan application process which can be done both online as well as offline and is an extremely hassle-free process. Last but not the least, the reason instant loans are most borrowers' go-to choice of credit is because of the minimal documentation that is required. Depending on the type of instant loan the borrower is looking to avail, the documents required will vary but are minimal nevertheless.

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Frequently asked questions

Which is the best loan to take for a marriage ceremony?

Weddings are the epitome of family gatherings. Often, families want to spare no expense but budget constraints are something that holds them back from celebrating once-in-a-lifetime events like weddings with grandeur. Well, worry not! All you have to do to meet your fund requirement is apply for instant loans online and the sky is your limit! instant loans are designed to meet all your urgent fund requirements at short notice. You will not have to skimp on the wedding of your dreams or dip into your savings. These loans can be both availed and approved within an hour of loan application owing to which it doesn't require any detailed planning or documentation. All you'll require is an Aadhar card and collateral such as gold to secure against your loan and you are good to go and quite frankly, this is the smartest bet you can make while availing credit.

Can I get an instant loan using Aadhar card?

When you apply for an unsecured loan, you are asked to submit documents that prove your identity, your address, and your income statement. If you are applying for a secured loan, you are only required to submit your identity proof and your address proof. You are asked to submit your income statement in the first scenario because the lender likes to be assured that you have a stable income every month that will permit you to pay your EMIs and take care of your personal needs every month. If the only document that is available to you is your Addhaar Card, then you can opt for a secured loan. A secured loan is even better since it requires neither your credit score nor your income score. Your Aadhaar Card is the most conclusive proof of your citizenship and can act as both your identity and address proofs. It is hence possible to get an instant loan with only your Aadhaar Card.

How to avoid high interest rates offered by instant loans?

An instant loan often charges a high loan interest rate to offer the convenience and flexibility that comes with it. However, there are ways in which you can reduce loan interest rates. And the ways are not too difficult. The first thing you should do is to increase your credit score and aim for a credit score near 900. The best way you can increase your credit score is by repaying your EMIs on time. The second thing you can do is to apply with someone who has a stable source of income. If both the applicants have high net monthly income, then the loan interest rate can drop substantially. If none of the above methods applies to you, then the best thing you can do is to apply for a secured loan, like a gold loan. The interest rates of secured loans can be as low as 0.89% per month.

What happens if I miss a payment while paying off my instant loan?

It is hard to miss an EMI payment on an instant loan since the lender sends automated reminder messages to make sure that you pay your EMIs on time and to keep your credit score intact. But if you miss a payment due to other reasons, you will be imposed with a penalty on your next payment. Failure to meet that payment will force the lender to hand over your case to a third-party agent. The agent may force the borrower in various ways to recover the loan amount. The credit score of the borrower would also fall, making it difficult for them to obtain further loan amounts in the future. As a borrower, it is required that sufficient resources be arranged for the payment of the EMIs before taking an loan.

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