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Instant loan in madurai main

Madurai Main is a prominent riverside area located in the historic city of Madurai. The centrally located area is known for being home to the world famous Meenakshi Temple, which is also known as Meenakshi Amman Temple. This ancient ornate temple showcases a splendid example of Dravidian style of architecture. As the temple draws in a large number of tourists throughout the year, the year always remains in a vibrant mode. The presence of the temple and its popularity has helped a cluster of small business establishments to crop up in this area. Many locals avail instant loan in Madurai Main to set up their business here. Madurai Main remains well-connected with all parts of the city through excellent road network.

Features of an instant loan

Thanks to the flexibility and the simplicity associated with an instant loan, it is the most popular and demanded source of funds in India. An instant loan offers many exclusive features that makes it a favorite among the borrowers in Madurai. Listed below are some of the most attractive features of an instant loan:

Flexibility - The funds that are obtained through an instant loan can be put to any use, as long as it is not for speculative or illegal purposes.

Loan approval - Usually within an hour from the loan application, the loan amount will get disbursed into your account, just as the name suggests.

Loan application - An instant loan can be placed online as well as offline. The borrower can use the app, the website, or can also call the customer service desk to make a request for the loan. The procedure, from the loan application to the transfer of the amount remains smooth, transparent, and quick.

Minimal paperwork - One of the reasons why instant loans are so popular is that they hardly require any paperwork at all. Not more than five documents are to be uploaded under any circumstance.

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Reasons to take an instant loan

People often turn to instant loans in Madurai 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 there a prepayment penalty for instant loan repayment?

That depends on the type of preclosure of the instant cash loans. There are three types in which a loan can be pre-closed. The first one is the bullet payment, where the whole amount - including the principal amount and the loan interest rate are paid together as a lump sum at maturity. For this option, the lender won’t charge a prepayment penalty. The second one is partial prepayment where the borrower pays a little more than their EMIs. This amount is towards the prepayment of the principal amount. For this prepayment option, charges are levied from the borrower and can range from 0% to 2% depending on the lender. The third option is the full repayment option where the borrower is charged across the range of 0% and 3%. This option is chosen if the borrower decides to close the loan before it reaches the end of the term.

Can I change my tenure once I have applied for an instant loan?

There are two types of instant loans- Collateral free loans (also known as Unsecured loans) that do not require you to pledge any asset against the loan) and Collateral loans (also known as secured loans) that require you to pledge gold in exchange for the loan. In the case of a secured loan, the borrower has the latitude to request for a change in the loan tenure. This is not the case with unsecured loans as the lender may or may not allow the facility to change the tenure of the loan once the loan request has been screened and approved. While lenders are often willing to accommodate any changes the borrower might want to implement, it'll be rather prudent of the borrower to map this out in advance before applying for the loan.

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

To make their approved instant loans safer and less prone to being written off, lenders generally evaluate the income to debt ratio of a borrower before approving the loan. Hence, they require the borrower to earn enough so that they can repay the loan EMIs without burdening their wallet. Usually, you need to earn a minimum of INR 18000 to 21000 every month to be eligible to apply for a collateral-free loan. However, the minimum income criteria can be relaxed if you pledge collateral security while availing the loan. To prove the stability of your income, the lender would ask you to submit salary slips and appointment letter with the loan application. If, however, you are self-employed, then you have to prepare a Chartered Accountant approved Income Statement, which will show your monthly income level.

How does an instant loan get disbursed?

An instant cash loan can be of two types - secured and unsecured. If you apply for a secured loan, the lender will send a loan officer to your doorstep to verify the original documents and collateral security before approving or rejecting the loan. If you apply for an unsecured loan, the lender would verify your documents online and approve or reject the loan. The loan approval, in this case, would depend mainly on your repayment history and financial profile. The loan application is approved it gets directly credited to your bank account on approval. Usually, the entire process from loan application to approval of the loan takes roughly 60 minutes.

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