Instant Loan in Kolkata

Kolkata, formerly known as Calcutta, was a conglomerate of three villages- Sutanati, Kalikata, and Gobindapore. It remained as a capital city of India until 1911 when the capital city was shifted to Delhi. The city has seen many rulers, conspiracies, and freedom fighters. Kolkata is also the Cultural Capital of India and is famous for its devotion to music, literature, and the arts. The city is also very active in sports with over 200 playgrounds in Maidan. The main festival of Bengalis is the Durga Puja. Bengalis have a very welcoming and friendly attitude and often go out of their way to help strangers. The city also has many firsts in India in its list including the stock exchange, metro station, trams, and an operational airport. The major attractions in Kolkata are Victoria Memorial, Indian museum, Dakhineswar Temple, Eden Gardens, Alipore Zoo, Birla Mandir, National Library, and St. Paul’s Cathedral. Business persons often rely on instant loans in Kolkata to fund their business expansion.

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Gold Loan Calculator in Kolkata

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Difference between instant loans and personal loans

While both instant loans and personal loans help serve the same purpose there are a few factors that set them apart. For starters, all personal loans are unsecured loans by nature which implies that it does not require any collateral to be pledged to avail a loan amount. Owing to this when you get a personal loan, you are required to submit relatively more documentation to confirm the borrower's financial health. An important factor when it comes to personal loans is a healthy credit score which is an important determinant as far as personal loan eligibility is concerned. Additionally, when it comes to personal loans, the maximum one can avail is INR 20 Lakhs. However, when it comes to instant loans, it can be classified as either secured or unsecured loans. In the case of a secured instant loan, the documentation required is extremely minimal as borrowers are anyway required to pledge an asset whose market value needs to be about 30% more than the loan amount. The upper cap when it comes to a secured instant loan is contingent on the collateral pledged. For example: If you pledge an asset worth 1 Lakh, you can avail a loan of 75 Lakhs maximum.

Reasons to take an instant loan

The flexibility related to instant loan guarantees that it can be put to any use. People in Kolkata 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.

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Frequently asked questions

Can you get tax benefits on an instant loan?

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.

What are the repayment options for an instant loan?

If you think applying for a loan is easy, repaying your loan is even easier! Especially when it comes to gold loans or any other collateral-based loan. As opposed to a Collateral-free personal loan or credit card, the interest charged is much lesser when it comes to collateral-based loans. The types of payment you can avail are- in part, as interest or at closure. Part-payment is where you pay slightly more than what is to be paid every month. Interest payment is what you pay every month, namely EMI. Closure is the amount paid to release your collateral. Download the Lender's app from PlayStore or visit their web portal to make EMI payments. Additionally, you can also pay by using Internet UPI, Debit Cards, RTGS, Internet Banking, IMPS, or NEFT. The lender sends you timely reminders about your EMI payments as and when they are due, provided that's the mode of payment you have chosen.

instant loan or overdraft - Which is the better option?

Instant cash loans fund the borrower more abundantly as compared to overdrafts. On the other hand, overdrafts are more flexible as far as repayment is concerned. Usually, all overdrafts come with an upper cap. On the contrary, in the case of instant cash loans. the loan amount is determined based on several factors such as the borrower's credit profile, income status, the magnitude of liabilities, and repayment history. In the case of secured loans, the lender is most likely to approve about 75% of the collateral value. Loan Interest rates also vary vastly. Overdrafts have a higher interest rate as compared to an instant loan due to the absence of collateral. Make sure to assess your need and repayment capacity before availing a loan. If you bite off more than you can chew, it is bound to reflect poorly on your credit profile.

What is the minimum monthly income needed for an instant loan?

To make their approved instant loans safer and less prone to being written off, lenders generally evaluate the income to debt ratio of a borrower before approving the loan. Hence, they require the borrower to earn enough so that they can repay the loan EMIs without burdening their wallet. Usually, you need to earn a minimum of INR 18000 to 21000 every month to be eligible to apply for a collateral-free loan. However, the minimum income criteria can be relaxed if you pledge collateral security while availing the loan. To prove the stability of your income, the lender would ask you to submit salary slips and appointment letter with the loan application. If, however, you are self-employed, then you have to prepare a Chartered Accountant approved Income Statement, which will show your monthly income level.

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