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Instant loan in manimajra

Manimajra is a popular, historical town situated in the beautiful city of Chandigarh. Some parts of the famous Hollywood movie, Zero Dark Thirty, were directed here. The locality has now been renamed as Sector 13. This locality is primarily a residential area with many complexes such as Rajeev Vihar, Modern Housing Complex and Uppal’s Marble Arch. Instant loan in Manimaja is well sought-after by the residents here. For entertainment and shopping purposes, there are two buildings, Fun Republic and DT Mall, that are located in close proximity to the society. In addition to the residential and shopping complexes, there also exist commercial buildings in Manimajra. Giant organizations such as Airtel, Tech Mahindra and Infosys, have constructed their campuses in Manimajra. The Rajiv Gandhi IT Park is also to be constructed in this society.

Features of an instant loan

Instant loans are one of the most popular forms of credit in India. Instant cash loans come equipped with several perks and features that make it the most preferred form of credit or most borrowers. There are several reasons why Instant loans have been a roaring hit. The first and foremost reason would have to be its flexibility. It can be availed within a matter of hours, with or without collateral, with or without a healthy credit score, and can be spent as per the discretion of the borrower. Secondly, the speed at which these loans are approved. It is usually only a matter of an hour before these loans are approved. The third reason would have to be the loan application process which can be done both online as well as offline and is an extremely hassle-free process. Last but not the least, the reason instant loans are most borrowers' go-to choice of credit is because of the minimal documentation that is required. Depending on the type of instant loan the borrower is looking to avail, the documents required will vary but are minimal nevertheless.

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.

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Frequently asked questions

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.

Which is the best loan to take for a marriage ceremony?

A marriage ceremony is a one-time affair, and, naturally, you would want it to be an event to remember. However, most often, money plays a spoiler when your dreams are grand. Worry no more, as an instant cash loan online can still make your event as extravagant as you would like it to be. An instant loan can provide you with money when you need it. Hence, you do not have to sacrifice your present-day dreams to create a corpus for the future. You may as well plan everything and apply for the loan just a day before the event. The instant loan approval usually takes no more than an hour. What's more, you can apply for instant loan only by submitting your Aadhaar card and collateral security.

Is it safe to take an instant loan online?

It is absolutely safe to take an instant loan online. Under Section 45 IA of the Reserve Bank of India Act 1934, the Reserve Bank of India has the authority to authorize the lenders who offer lending services in India. It is sufficient to check the lender's Certificate of Registration and the validity of it before submitting your details, to be assured of your safety and the security of your funds. Once it is confirmed that the lender is registered with the RBI, you do not have to worry about the security of your personal and your bank details. Most lenders use 256-bit encryption and international-standard threat mitigation technologies such as SSL technology. If you are looking for quick funds, an instant online loan is always the best option at your disposal. This is because you can beat the time, effort, and energy that it takes to complete the procedures in person. From the loan application to the loan repayment, every process takes place online. Further, you can also benefit from lower interest rates by taking an instant online loan.

What is the process of instant loan application online?

Instant loans are designed such that they can be seamlessly availed online. All you'll need is a smartphone/computer with a steady internet connection, some basic documents, and collateral if you are applying for a secured loan. You will have to download the app from PlayStore and create an account for yourself with your preferred user ID and password. Next, you'll have to select an appropriate loan category, state the loan amount and loan term you wish to avail, and place your request. If you are applying for an unsecured loan you can submit the documents required online for verification. In case of a secured loan, a lender appointed representative will visit you at your preferred location and time as stipulated by you to value your collateral and verify your documents. The loan amount will be transferred to you within 60 minutes of your loan application provided the verification process goes smoothly and both parties are in agreement with the terms of the loan.

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