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Instant loan in malegaon

Malegaon is a city and a metropolitan council located in Nashik District in the province of Maharashtra. Malegaon is notable for being the Textile Hub of Maharashtra. Malegaon is the second biggest city of Nashik after Nashik city and perhaps the biggest city in entire North Maharashtra. It has a great network with close-by urban areas like Nashik, Manmad, Mumbai and Dhule. Malegaon is a significant centre for fabric weaving utilizing mid-twentieth-century power looms. Malegaon was one of the largest conventional handloom-weaving industries in Maharashtra. Fast processing and quick admittance to funds are the reasons as to why people choose instant loans in Malegaon.

Difference between instant loans and personal loans

While both instant loans and personal loans help serve the same purpose there are a few factors that set them apart. For starters, all personal loans are unsecured loans by nature which implies that it does not require any collateral to be pledged to avail a loan amount. Owing to this when you get a personal loan, you are required to submit relatively more documentation to confirm the borrower's financial health. An important factor when it comes to personal loans is a healthy credit score which is an important determinant as far as personal loan eligibility is concerned. Additionally, when it comes to personal loans, the maximum one can avail is INR 20 Lakhs. However, when it comes to instant loans, it can be classified as either secured or unsecured loans. In the case of a secured instant loan, the documentation required is extremely minimal as borrowers are anyway required to pledge an asset whose market value needs to be about 30% more than the loan amount. The upper cap when it comes to a secured instant loan is contingent on the collateral pledged. For example: If you pledge an asset worth 1 Lakh, you can avail a loan of 75 Lakhs maximum.

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.

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Frequently asked questions

Can I get an instant loan if I'm retired?

Retirement is the golden period where you get to finally tick off all your bucket list items, travel the world, settle in your retirement pad, pamper your grandchildren and fulfill all your lifelong dreams that you just never had the time for back in your youth. Having a lot of spare time in hand however, most likely implies that your income has now started to dwindle. But don't let this hold you back! Retired people are very much eligible to avail instant cash loans. All you'll need is a source of income such as a pension or any collateral security. You can get a loan online by placing a request on the lender's app by downloading it from PlayStore or by calling the lender on the customer care number. A certified representative of the lender will then arrive at your doorstep at a time as stipulated by you. Post document verification, your loan will be disbursed to you within an hour since your request was placed.

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

For the security of the instant loans that the lenders have lent to the borrowers and to prevent the non-repayment of the debt, the lenders evaluate the income-to-debt ratio of the borrower before giving the loan approval. It is only after making sure that the borrower has a steady source of enough income that the lenders approve the loan amount. The lenders make sure that the borrowers can pay off the loan, without the EMIs burning a hole in their pocket. The borrower has to earn a minimum amount of 18,000 to 21,000 every month to be eligible for the loan. Among the required documents that the borrower has to submit before the loan approval are the income statement and the salary slip. But you can dodge this requirement by opting for a collateral-based instant loan that does not require your salary slip or your income statement.

Can I take an instant loan for travel?

It is said that traveling is the best reality check you can ever give yourself. If you are an avid traveler whose travel plans keep getting foiled by budget constraints, worry not! Instant cash loans are the best way to ensure you don't skimp on your hotel stay or your buffet spread. You can avail fast loans online at favorable interest rates just with your credit score. A lot of factors such as your scope for negotiation, flexible repayment options are all determined by your credit score. A credit score of 650 or above is the standard credit score in order to avail the best personal rates. You will have to submit about 6-7 documents including your Aadhar card, PAN card, Bank Account Statements, etc.

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.

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