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Instant loan in lda colony

LDA Colony is amongst the most popular and finest localities in Lucknow district of Uttar Pradesh in India. The residential houses in this region are benefited with freehold ownership right. Some of the nearby cities to this region in Lucknow are Sandila, Sitapur and Safipur. This region has presence of several private and nationalised financial institutions such as HDFC bank, State Bank of India and Union Bank of India. These institutions observe huge demand of instant loan in LDA Colony in Lucknow. The surge in the popularity of such loans is owed to the ease of application as well as the quick availability of the funds.

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.

Reasons to take an instant loan

People often turn to instant loans in Lucknow 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.

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Frequently asked questions

Is personal loan and instant loan the same?

Although personal loan and instant loan serve the same purpose - to provide you with funds urgently, there are a few fundamental differences between the two loans. A personal loan is a collateral-free loan, and hence, is unsecured. An instant loan, on the other hand, can be secured or unsecured. When you apply for an unsecured, i.e. without-collateral loan, the lender charges a higher interest rate. However, when you apply for a collateral-based loan, like a gold loan or a loan against property, the lender gives a hefty discount in the interest rates and might also offer a longer tenure. Another difference between an instant loan and a personal loan is that a personal loan may or may not get approved instantly, but an instant loan generally does not take more than an hour to get approved. Hence, if you need urgent loans, an instant loan online can be the best bet.

Can I take an instant loan with low credit score?

The credit score is one of the important factors that the lenders look for when they give loan approvals. A high credit score is a mark of your financial health. It is preferred to have a credit score of at least 650 or above. A credit score below 700 is a mark of poor financial stability. It is based on your credit score as well as your monthly income that the lender determines the loan amount as well as the loan interest rate. When your credit score is below the preferred range, your loan interest rate is likely to be higher and your loan amount is likely to be less. In this case, you can opt for a collateral-based instant loan since it provides many benefits including low-interest loans. They also do not require you to have a stable income or a high credit score.

How do I take an instant loan without salary slips?

With NPAs on the rise, financial institutions have become wary of sanctioning loans to people who cannot prove the stability of their income. The salary slip assures the lender that the borrower has a stable source of income. However, some lenders may still approve an instant loan even when you do not possess salary slips. To avail such a loan, you may produce alternative documents, such as a proof of earnings, such as the Income Tax Returns, Form 16, bank account statement, or income certificate. A lender may also approve the instant loan against Aadhaar card if your credit score is exceptionally high. Another way to get an instant loan without salary slips is by pledging an asset, like gold or property. You may also apply, as a co-applicant, with a borrower who has a steady income.

What are the tips while applying for an instant loan in India?

An instant loan is the best option there is in India, to get emergency loans. There are two types of instant cash loans in India, a collateral-based instant loan and a collateral-free instant loan. In the case of a collateral-based loan, you need to pledge your property with the lender in order to obtain the funds. The only documents you require are address proof and an identity proof. You can enjoy attractive interest rates on a secured loan. The other case is that of an unsecured loan where you don’t have to pledge your property with the lender but you need to have a high credit score and a stable income. The credit score has to be above 700 for the loan amount and the loan interest rate to be favorable. Both the type of instant cash loans are popular in India with both not taking more than an hour to process the loan.

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