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Goa
mandrem
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Instant loan in mandrem

Mandrem is a coastal village in North Goa that falls under the Pernem sub district. The name Mandrem has been derived from the Arabic word Mudras. Mandrem is famous as a tourist destination in this part of the sub district. Its two main beaches, called Ashvem and Junas, are the major point of attraction for this village. Adorned with white sand and clear water, the beaches at Mandrem are located between Arambol and Morjim. The beaches support the small fishing community of the area. People in Mandrem live a simple life. Since the village doesn’t have much employment opportunities, the residents sometimes avail instant loan in Mandrem to meet their daily expenses.

Reasons to take an instant loan

The flexibility related to instant loan guarantees that it can be put to any use. People in Goa procure instant loans for a variety of reasons - whether the expenses are planned or unplanned. The funds procured through an instant loan can be used to pay off unprecedented medical bills. It can also be used to finance a tour or a vacation, or to meet other unexpected emergencies. Whether it is for a house renovation that you need funds for, or it is to start a small business or just about anything, instant cash loans do not stand in your way. You can also use them to pay off your credit card debts, to sponsor an event, or to conduct a grand marriage function. The flexibility offered by an instant cash loan makes sure that you can use your funds for whatever need, as long as it is not for speculative or illegal activities. In some cases, it is also possible to apply for tax rebates when you use an instant loan.

Eligibility to apply for an instant loan and documents required

Instant loans are typically of two types- Unsecured loans that don't require collateral security and secured loans that require the borrower to pledge collateral security against the loan. Borrowers that get a instant loan get access to various benefits as compared to those that borrow unsecured loans. For instance, borrowers that avail secured loans get to borrow a higher loan amount. Since borrowers are required to pledge an asset whose market value needs to be about 30% more than the loan amount, the eligibility criteria are also relaxed. To avail a secured loan, you'll only need basic documents such as PAN Card and Aadhaar Card. However, this isn't the case with unsecured loans. When you apply for an unsecured loan, your loan approval depends on several factors such as your debt-income ratio, existing credit profile, and income status. Additionally, to be eligible for an unsecured loan, as a borrower, you will need to have a minimum income of INR 21,000 per month. Along with this proof of income, you will also have to submit other documents such as PAN Card, Aadhaar Card, Age proof, Income tax file, Account transaction statement, and sometimes even a guarantor. If you are looking to avail a quick, hassle-free loan, secured loans are the way to go.

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Frequently asked questions

What is netbanking verification while applying for an instant loan?

As more and more users are increasingly accessing the internet through their phones, financial institutions are leveraging the data stored and linked to these phones to determine the borrower's credit profile and repayment capacities. Net banking verification is a black-box algorithm established by lenders to ascertain whether or not your salary has been getting credited to your salary account regularly. This is a secured, automated process and takes just a few minutes! However, if you are apprehensive of this process, when you are applying for an instant cash loan online you can submit your income statement and payslips along with the rest of your documents. In the presence of this proof, the lender will not have to verify your net banking transactions.

How to apply for an instant loan online

With the help of a smartphone or a computer and an internet connection, you can avail the service of an instant online loan. You can also seek their service through their customer care service. The entire transaction, from the placing of the application to the disbursal of the amount wouldn’t take more than an hour. After downloading the app from Play Store or by visiting the web portal of the lender, you can place a request for a loan. Within a few minutes from placing the application, a company representative will get in touch with you to seek an appointment. The company official will shortly arrive at the desired location to check the authenticity of your collateral as well as verify your documents. The loan will be approved after the loan amount and the interest rate has been agreed by both the parties, depending on your financial status. The transaction will be complete once the loan amount has been transferred to your account, which wouldn’t take more than five minutes from approval.

How is the repayment date calculated for an instant loan?

There are some eligibilty criteria associated with an instant cash loan. For example. the lender analyses your credit score and your income statement to be assured of the repayment of the loan amount. Only on passing at these fronts will you be granted the loan amount. These factors, apart from being the criteria for eligibility, also determine the loan interest rates as well as the term of the loan. When both the lender and the borrower come to an agreement regarding these terms, the documents are verfied. The borrower can get the instant-loan approval on the very same day. The EMIs commence after one month from the instant loan approval date. Some lenders offer some flexibility in the case of repayment of the loan. In some cases, the instant loan repayment can be done as a lump sum including the principal amount and the accumulated interest, at the end of the term.

What is the process of instant loan application online?

An instant loan is one of the most popular sources of funds available today. This is due to the flexibility associated with the loan as well as the quickness of the transaction. You can easily get an instant cash loan. First, you have to place an application for an instant loan either on the web portal of the lender or by downloading their app. You will then be required to submit a few documents such as your identity proof, address proof, and your income statement. In the case of a collateral-based loan, the lender will show up at your doorstep to check the authenticity of your collateral security as well as your documents. As soon as your documents and your collateral are approved, the lender will give the loan approval and the amount will be transferred to your account. The whole process can be completed in a matter of one hour if the documents and the collateral are in order.

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