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Instant loan in loha

Loha is a little town having a municipal council situated in Nanded district in the state of Maharashtra. It is situated 36 KM towards South from its district head quarters - Nanded. Loha town is situated on the border of the Nanded District and Parbhani District. Parbhani District Palam is located on the western end from Loha. Malegaon Yatra is held each year out of appreciation for Lord Khandoba in Malegoan, a town situated in Loha Taluka that is located 35 km from Nanded. Due to its location on the public highway, this area is very much connected for transportation. The town features a Government Hospital and a few private emergency clinics such as Dr Bharati's Moraya Hospital, Accident Orthopedics and diabetes care center. Due to the low interest rates, instant loans in Loha are opted by its residents.

Reasons to take an instant loan

The flexibility in the end-use of an instant loan makes it one of the most popular loans in India. Denizens often avail instant loans in Nanded for various reasons. The first reason why people avail an instant loan is to address sudden financial emergencies. Sometimes, in case of hospitalisation, the bill amount may exceed the available cash. An instant loan provides urgent money, which one can use on anything related to health. Another reason why people apply for an instant loan is to set up a business. In some cases, using the instant loan amount for business may also enable you to apply for tax rebates. Many borrowers also avail an instant loan to sponsor a vacation or a tour. The fourth reason why people apply for an instant cash loan is to spend it on sponsoring a big event like a marriage.

Difference between instant loans and personal loans

Although both personal and instant loans provide the lender with emergency funds, certain features make them different from each other. These pertain to their nature, their requirements, and their loan amounts. 

Nature: While a personal loan is always unsecured, an instant cash loan can be either secured or unsecured.

Collateral requirement: Personal loans are always collateral-free while instant loans can be collateral-free as well as collateral-based.

Required documents: Personal loans require more paperwork to prove the financial health of the borrower. In the case of secured instant loans, the paperwork is minimal, consisting only of the borrower’s identity and address proof. However, when obtaining an unsecured instant loan, the borrower is required to submit documents to prove their financial health, such as their credit score and income statement.

Upper limit: Up to INR 20 lakh can be procured using a personal loan. When it comes to a secured instant loan, there is no upper limit in the loan amount that can be availed. The lender can receive up to 75% of the market value of the pledged collateral as the loan amount. On the other hand, not more than INR 5 lakh can be obtained as the loan using an unsecured instant loan.

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Frequently asked questions

What can an instant loan be used for?

An instant loan is the most popular loan in India due to the incredible flexibility it offers. You may use the instant loan amount for virtually any purpose you like, except speculative activities. Many borrowers use the instant loan amount to construct a house. Building a house also makes you eligible to receive tax benefits of up to INR 2 lakh. You may also use the loan amount to renovate your home, which would make you eligible to receive tax benefits of up to INR 1.5 lakh. Self-employed professionals often avail an instant loan to set up a business or meet working capital requirements. Alternatively, you may use the amount to buy a motor vehicle or an electronic gadget. An instant cash loan may also come in handy if you want to pay hospital bills in case of an emergency.

Can I repay my instant loan early?

Most of the lenders in the market allow the closure of the loan before it reaches the end of the loan term. The only difference is that the charges that they levy when providing these facilities may differ. One of the two ways by which you can repay the loan amount prematurely and close the debt is by paying the entire amount before the loan term comes to an end. For the full loan pre-payment, you may be charged anywhere between 0% and 3%. The other way is by part pre-payment and paying the existing EMI together with the extra cash in your hand in a lump sum. You may be charged anywhere between 0% to 1% of the lump sum amount in this case. There are many benefits to clearing your debts early. Your credit score will get a boost and you will be eligible to get high-value loans in the future.

Does an instant loan affect your credit score?

Yes, an instant cash loan can help to increase your credit score. The credit score is one of the main factors that determine your financial health. When you apply for a loan, the lenders assess your financial health by checking the stability of your income as well as your credit score. If you have a credit score below 700, it means that you have a poor repayment record and the lender will charge a higher loan interest rate for you. On the other hand, if you have a good credit score, the lenders will charge lower interest rates. You will also be able to get higher value loans which otherwise wouldn’t be possible for you. When you take an instant cash loan and repay your EMIs on time, by each repayment your credit score will go higher. If you want to increase your credit score, you can take small loans and make the EMI payments on time.

What identity proof is valid for a instant loan?

When compared to other sources of quick funds, an instant cash loan is one of the best options as it requires a minimum length of procedures, paperwork, and other documents. When you avail an instant cash loan, there are three, or two main documents to present - depending on the type of the loan. There are two types of instant loans - a collateral-free instant loan and a collateral-based instant loan. In the case of collateral-free instant loans, documents to prove your identity, your address - such as your Aadhaar Card, PAN Card, Passport, Driving License, Ration Card, Birth Certificate, Electoral Photo Identity Card, Matriculation Certificate, etc, can be presented. Among these documents, the PAN Card is considered the most mandatory document. You will also have to give an income statement or a salary slip to prove that you have a stable source of income and that the loan repayment will be done within the loan term. But, in the case of a collateral-based loan, you neither have to present your income statement nor your salary slip. You are only required to present your identiy proof and address proof.

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