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Instant loan in Lahori Tola

Lahori Tola is a bustling locality on the bank of river Ganges. It is amongst the busiest places in Varanasi. With throngs visiting the popular Kashi Vishwanath Temple. It is amongst the most famous Hindu temples and is dedicated to Lord Shiva. It is located in Vishwanath Gali in Lahori Tola. Vishwanath Gali is an alley with hundreds of shops and stalls selling almost any imaginable thing. Tourists from all over the world visiting Varanasi, visit this region for several attractions such as the Kashi Vishwanath temple, Vishwanath Gali and Manikarnika Ghat. The region has plenty of shops which is why the residents are usually small shop owners. Lately, they rely on instant loan in Lahori Tola to ensure cash flow.

Reasons to take an instant loan

People often turn to instant loans in Varanasi for several purposes.They can be classified into:

1) Unplanned expenses: Owing to how quickly it can be availed, instant cash loans are a convenient form of credit that comes very handy in case of financial emergencies. In scenarios such as hospitalization, sometimes the bill amount might exceed the insurance cover. Instant loans can be availed within an hour and are very helpful when one has to meet unplanned expenses.

2) Planned expenses: If you are looking to start or expand your business, you can avail an instant loan to help meet your fund requirements. The funds stemming from an instant loan can be spent as per the borrower's discretion. If you choose to spend the loan mount on business, construction, or renovation of your house you are even eligible for tax rebates. Be it a leisure trip or a wedding, instant loans can be availed for any reason.

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 is the minimum monthly income needed for an instant loan?

For the security of the instant loans that the lenders have lent to the borrowers and to prevent the non-repayment of the debt, the lenders evaluate the income-to-debt ratio of the borrower before giving the loan approval. It is only after making sure that the borrower has a steady source of enough income that the lenders approve the loan amount. The lenders make sure that the borrowers can pay off the loan, without the EMIs burning a hole in their pocket. The borrower has to earn a minimum amount of 18,000 to 21,000 every month to be eligible for the loan. Among the required documents that the borrower has to submit before the loan approval are the income statement and the salary slip. But you can dodge this requirement by opting for a collateral-based instant loan that does not require your salary slip or your income statement.

How does an instant loan get disbursed?

The borrower can avail of two kinds of instant loans - collateral-based and collateral-free. The whole process, whether secured or unsecured, would not take more than an hour. If you have applied for a collateral-based instant cash loan, a company official will turn up at your doorstep to check the authenticity of your collateral and verify your documents. If you have applied for a collateral-free loan, you can upload your documents online which will then get immediately verified. As soon as the documents are approved, the loan amount will get transferred into your account which you can then use to meet your requirements.

Can I get an instant loan if I'm self-employed?

It is absolutely possible to get an instant loan even if you are self-employed. One of the two main things that the lender looks for, when you are applying for an instant cash loan is your financial health - which is determined by two things - your credit score, and your salary slip/ income statement. These two documents mark your financial health. If you are a self-employed person, while the option of the salary slip is closed to you, the option of the income statement is still widely open. It is to calculate your debt to income ratio and to make sure that you will be able to afford the EMIs as well as your other financial liabilities every month, that the lender asks for your income statement. If your income ratio is sufficient and your credit score is high enough, you can get an instant loan just as easily. Even if your income is not sufficient, you can still get an instant cash loan. There is always the option of a collateral-based instant loan which doesn’t require your credit score, your income statement or a salary slip.

What are the documents required for an instant loan?

Financial institutions are extremely flexible and usually willing to accommodate any shortcomings the borrower might have. The main institutions that disburse these loans are: 1) Commercial banks 2) Non-Banking Financial Companies (NBFCs) 3) Housing Finance Companies (HFC) Banks are severely governed by the central bank because of which there are several regulations they need to adhere to. This implies that they require the borrower to have a high credit score and submit all the necessary documents. This automatically drives most borrowers towards the more flexible options. That is, HFCs and NBFCs for their urgent fund requirements. Instant loans both secured and unsecured usually take up to just 60 minutes from loan application to disbursal. Unsecured loans can entirely be availed online whereas secured loans will require a lender appointed representative to visit you to verify your documents and value your collateral. Post successful approval, the loan amount is disbursed.

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