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Indore
lokmanya nagar
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Instant loan in lokmanya nagar

Lokmanya Nagar is famous for its advanced Sanskrit and Ayurved studies in Ashtang Ayurved College, Lokmanya Nagar. People from international boundaries come and be part of this prestigious institute. Besides, this the Shirdi Shegaon Sangam Sthan is also a revered and one of the most visited places in Indore. Lokmanya Vidya Nikaten is another landmark of this small town. This can also be called the educational hub of extensive studies in Indore and are available to many in and outside the country. This further creates better job prospects and healthier markets to survive in. Instant loan in Lokmanya Nagar is a bonus to enhancing the standard of living of the people of the town.

Reasons to take an instant loan

People often turn to instant loans in Indore 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

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..

How does an instant loan get disbursed?

Instant cash loans are typically of two types- Secured loans that require the borrower to pledge collateral such as gold against the loan and unsecured loans that don't require collateral to be pledged. Since it requires collateral pledges, in case of a secured instant loan, a loan officer visits you at your doorstep or any location as stipulated by the borrower to verify documents regarding the collateral security in order to sanction the same. In the case of unsecured loans, the above processes including document verification can be carried out online. The possibility of a loan application being rejected depends on several factors including credit score, history of default, and financial profile. The loan amount upon approval directly gets transferred to the borrower's bank account. Ideally, the entire process end-end from loan application to approval takes roughly around 60 minutes!

Do banks offer instant loans in India?

Indian lenders are one of the most dynamic in terms of loan offerings. In India, loans products are primarily offered by three types of financial institutions - Banks, NBFCs, and Housing Finance Companies. Generally, borrowers prefer NBFCs when they wish to get instant cash loans. Banks do not directly offer instant loans in India, due to the various regulations it has to adhere to. Even when they do, they need the borrowers to maintain a high credit score and possess all required documents. This often prompts borrowers to shift to NBFCs and HFCs for all their instant loan needs. On average, a secured loan, like a gold loan, takes no more than sixty minutes to get loan approval.

Can I take an instant loan for home renovation?

There is always something that requires fixing when it comes to homes! Whether it is exterminating the house, buying an AC, installing insect nets, retiling the floor or installing a modular kitchen, you can meet all your expenses by simply availing an instant loan online. instant loans can be used to meet both emergencies as well as planned expenses and how! instant loan approvals ideally happen within an hour and can be availed right from the comforts of your home. As far as documentation is concerned, you only need the basic ones such as your Aadhar Card and PAN Card. Once these documents have been verified, the loan amount will instantly be credited to your account. However, it is important to note that factors such as the loan interest rate, the loan amount and the loan term are all contingent on your credit profile. Timely repayment of these loans boosts your creditworthiness when it comes to subsequent loan applications.

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