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Mysore
Lakshmipuram
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Mysore

Instant loan in Lakshmipuram

Lakshmipuram is a popular locality situated in Mysore in Karnataka. It is a residential area which offers a large numbers of amenities to its residents. Some of the nearby localities to Lakshmipuram are Jayanagar, Vanivilasapuram and Manasa Gangotri -University Campus. Some of the amenities offered are shopping malls, police station, public and private hospitals, schools and financial instituitions such as banks and ATMs. Due to the presence of the shopping mall, people from other localities such as Jayanagar visit this area quite frequently. The banks in this region offer various lending and crediting scheme. The most sought after scheme is instant loan in Lakshipuram.

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.

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

Can I get an instant loan without a PAN card?

An instant loan is one of the most flexible sources of urgent funds or quick loans. There is great flexibility when it comes to a range of factors such as the purpose of the acquired funds, repayment options, etc. The documents that have to be submitted when you apply for an instant cash loan are proof of your income, address, and your identity. The documents include your Aadhaar Card, PAN Card, income statement, etc. PAN Card is one of the most necessary documents that you have to submit when applying for an instant loan. But fortunately, you can still make the request for an instant loan even if you do not have a PAN Card. All you have to do is fill, sign, and submit Form 60, along with your Aadhaar Card along with the rest of the necessary documents that you need for the instant loan application.

What are the reasons to take an instant loan?

One of the most flexible sources from which you can get urgent loans is by getting an instant loan. You can use the amount obtained using an instant cash loan for any purpose. You can use it to set up a business, go for a trip, pay a medical bill, sponsor an event, construct a house, or just about anything - except for speculative or illegal activities. You can get an instant loan approval pretty quickly, usually not taking more than an hour. Thus it makes the best solution as far as emergency funds or urgent loans are concerned. You will have to have an excellent credit score and an income statement to obtain an instant cash loan. If neither are at your disposal, you can procure instant cash loans with the help of a gold loan. Gold loans offer many benefits such as flexible loan repayment options and lower interest rates.

How is the repayment date calculated for an instant loan?

When you apply for an instant loan, the lender usually analyses your financial track record and credit score and considers your eligibility for the loan. They also determine the loan interest rates and the loan term, depending on your eligibility. When your eligibility criteria matches the lender's norms, they carry out the necessary document checks and approve the instant loan. Usually, the repayment date is calculated from the date of the instant-loan approval. As an instant loan is generally approved on the same day itself, the EMIs start from one month after the instant-loan approval date. Hence, if you apply for an instant loan on 1st January, the due date for the EMIs would be the 1st day of every month. However, some lenders offer the facility to repay the principal and the accumulated interest as one lump sum during loan repayment at the end of the term..

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

To ascertain repayment capacity, lenders usually assess the proportion of the borrower's income to debt. Since this is an important eligibility criterion, the borrower's income must overshadow their debt so that the lender can trust that when the time comes the borrower will easily be able to return the principal amount along with the EMI. Ideally, the borrower is expected to earn around 18,000 - 21,000 per month. Only then is he/she eligible to apply for an instant loan. But in the case of a collateral-based loan, this requirement can be relaxed. All you'll have to do is pledge collateral such as gold and submit salary slips (irrespective of the amount) and appointment letter along with the loan application. In the case of self-employment, you will have to submit your income statement attested by a certified auditor.

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