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Instant loan in manesar

Manesar is an industrial hub in the National Capital Region (NCR) of Delhi. Its proximity to the burgeoning city of Gurgaon in recent years has resulted in rapid growth of this region. It has many factories, offices, hotels, IT parks and educational institutes. There are several sightseeing spots around the area, some overlapping with Gurgaon. Manesar is part of the Delhi–Mumbai Industrial Corridor Project (DMIC) on the Western Dedicated Freight Corridor (WDFC). The Industrial Model Township, Manesar, (IMT Manesar) is a large industrial area that forms part of the DMIC. This region has several financial schemes for the businesses. Instant loan in Manesar is one such scheme which is sought afer.

Eligibility to apply for an instant loan and documents required

There are two types of instant loans

A collateral-based instant loan 

This type of loan is secured against a collateral property of the borrower. There are many benefits to a secured loan, such as minimal paperwork, lower interest rates, and high-value loans. Usually, the borrower is only required to present their identity and address proofs. 

A collateral-free loan

This type of loan is unsecured. The borrower doesn’t have to pledge his property with the lender for obtaining the funds. However, the borrower will be expected to have a high credit score and a stable source of income, usually above INR 21,000 per month. The lenders like to make sure that the debt to income ratio is appropriate for the loan so that the borrower can make the repayments on time. The borrower will also have to submit documents that prove their financial health, such as a salary slip or an income statement, their credit score, and sometimes even a guarantor.

For these reasons, a collateral-based loan is more popular among the lenders. 

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 Gurgaon. 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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Frequently asked questions

Can I take an instant loan for travel?

Travelling to near and far can set you free from the mundane affairs of life. It prepares you to deal with routine tasks in a better way. However, there are times when money plays a hindrance between you and your travel dreams. An instant cash loan online is the best financial instrument that you can apply for when you need urgent cash. To avail an instant loan at attractive terms and interest rates, you must have a credit score of 650 and above. Credit score determines your repayment capability and can enable you to negotiate with your lender. To avail an instant loan, you have to submit documents like PAN Card, Aadhaar Card, income statement, bank account statement, and a few other documents.

How long is the tenure to repay an instant loan?

The reason instant cash loans are considered so flexible is since it is highly customizable depending on the borrower's profile. The tenure of an instant loan is subject to change contingent on the borrower's existing credit profile, repayment capacity, and credit score. Usually, the maximum tenure you can avail a loan for is 5 years while the minimum is a month. Loan tenure also dictates the EMI. That is, a shorter tenure implies a higher EMI and vice versa. It is noteworthy that the longer your loan tenure, the more you will end up paying on interest whereas if your loan tenure is short, the loan interest rate will be much lesser. If you are to indeed opt for a short-term loan, you will receive a lot of incentives such as a specially determined interest rate or a lesser loan interest rebate. Availing a short-term loan also presents you with a better scope to repay your loan (interest + principal) earlier, hence enhancing your credit score.

Can I take an instant loan for education?

The cost of education is sky-rocketing day by day. The money you had safely set aside for your education or your children's education may turn out to be insufficient. The best way to tackle this unprecedented fund requirement is by obtaining an instant cash loan. It is very easy to procure an instant loan online, as long as you have the required documents to prove your identity, address and income, such as a PAN Card, Aadhaar Card, income statement, etc. When you take an instant cash loan, you can use the loan amount for any purpose, as long as it is not something illegal. Instant online loans disburse quick funds and you can meet your requirements in no time.

How long will the application process take?

One of the best perks of an Instant Cash Loan is how quickly it can be availed. All you need to do is place a loan request on the web portal Alternatively, you can also download the lender's app to place your request. Typically, a relationship manager will get in touch with you within few minutes of submitting your application to set up an appointment for document verification following which an approved loan officer will visit your house or workplace at the stipulated time. While the verification for collateral-free loans is carried out online, officers reach the location as stated by the per your convenience within 30 minutes of placing the loan request. Once the documents have been verified, the officer will approve the loan and oversee its subsequent transfer to your account. This entire process end-end will typically take no more than 60 minutes!

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