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Instant loan in malabar hill

If Mumbai is the most expensive place in India, Malabar Hill is one of the costliest residential localities in Mumbai. Malabar Hills is the name of a hillock in South Mumbai, which is famous for the Banganga tank and Walkeshwar temple. The prominent tourist places around the area are the Hanging Gardens, Kamala Nehru Park, Marine Drive, and Chowpatti Beach. The Governor of Maharashtra's official residence, 'Raj Bhavan', the Chief Minister of Maharashtra's official residence, 'Varsha', the General Manager of Central Railway's official residence, 'Glenogle', and Mohammad Ali Jinnah's former residence, 'South Court', are situated here. Malabar Hill is also home to various celebrities and renowned businesspersons. People often apply for instant loan in Malabar Hill to meet urgent financial requirements.

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 Mumbai. 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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Eligibility to apply for an instant loan and documents required

An instant loan can be of two types - 

Secured instant loans- If you apply for a secured loan, i.e. an instant loan against collateral, you can get a higher loan amount. The eligibility criteria are also relaxed. Usually, it does not matter whether you can show income proof or not. You may also apply for a loan with only two documents - PAN Card and Aadhaar Card. 

Unsecured instant loans- If you apply for an unsecured instant loan, the lender would approve the loan based on your income and expenditure ratio, credit score, and the stability of income. To avail an unsecured loan, you have to satisfy the minimum monthly income criteria set by the lender and is usually above INR 21,000 per month. Moreover, you have to submit documents like PAN Card, Aadhaar Card, income proof, age proof, income tax file, bank account statement, and quite often, a guarantor.

 Hence, if you want a no-frills loan, it is prudent to apply for a secured instant cash loan online.

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Frequently asked questions

Can I get an instant loan if I'm a student?

It is one hundred percent possible to get an instant cash loan even if you are a student. Even if you are a student or a professional, an instant cash loan is an option that is available to you for quick funds. It is based on the financial health and repayment capabilities of the borrowers that the lenders lend money. If you cannot present a document to establish your stable income, the loan interest rates can be higher and the loan amount can be less. It is advisable that in that case, you apply with a co-applicant who has a stable income and whose financial stability can be proven in the form of a salary slip or an income statement. As long as that is possible, the loan interest rates can be low and the loan amount be more. You can opt for a collateral-based instant cash loan that requires neither a salary slip or an income statement. The interest rates for a gold loan can be as low as 0.89% every month and you can avail up to 75% of the market value of the pledged gold as loan.

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..

Can I take an instant loan with low credit score?

The credit score is often considered as the most accurate indication of your financial health. Usually, a score of 700 and above is regarded as a healthy score. The loan interest rate you get on your loan also depends on the credit score. However, the problem arises when your credit score falls below 700. To avail a loan with a low credit score, you should be prepared to shell out more as EMIs. A better option would be to apply for a collateral-based instant loan like a gold loan. By pledging an asset, you can increase the loan amount and decrease the interest rate. Remember to repay your EMIs on time, though. Repaying on time will improve your credit score.

What are the other types of short-terms loans I can take?

Thanks to added advantages such as instant loan approval and non-requirement of collateral that come along with short-term loans, they are becoming increasingly popular. Short-term loans are those loans whose repayment period does not span beyond one or two years. Typically, short-term loans are of four types. As the name suggests, bridge loans are those loans that can be availed whilst waiting for a high-value loan to be approved. Loan overdrafts are extensions of credit that lenders provide over existing credit. Demand loans are those loans that can be availed by pledging savings certificates or insurance policies to avail about 80% of it's market value as loan. The fourth kind are instant gold loans that require you to pledge your gold to avail instant loans at extremely low, transparent interest rates. Though gold loans indeed require collateral to be pledged against the loan, the instant nature of these loans gives it a premium position in the Indian market.

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