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Nagpur
mankapur
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Instant loan in mankapur

Mankapur is a locality in the city of Nagpur in the Indian state of Maharashtra. The locality belongs to the Vidarbh region. Marathi is the local language of this locality. Some of the nearby localities to Mankapur are Rms Colony, Borgaon, Pension Nagar, and Bupeshnagar. The locality has some good hospitals in the town, such as Alexis Multispeciality Hospital, Kunal Hospital, and D M Hospital. People here don't worry about their health. The Passport Seva Kendra is also located in this area. The locality has the National Academy of Direct Taxes of the Nagpur city.  The locality has some of the town's good colleges, thus making it simpler for the parents to educate their children. Parents do not face any trouble in arranging funds for the college fees because of the availability of instant loan in Mankapur.

Difference between instant loans and personal loans

Although both personal and instant loans provide the lender with emergency funds, certain features make them different from each other. These pertain to their nature, their requirements, and their loan amounts. 

Nature: While a personal loan is always unsecured, an instant cash loan can be either secured or unsecured.

Collateral requirement: Personal loans are always collateral-free while instant loans can be collateral-free as well as collateral-based.

Required documents: Personal loans require more paperwork to prove the financial health of the borrower. In the case of secured instant loans, the paperwork is minimal, consisting only of the borrower’s identity and address proof. However, when obtaining an unsecured instant loan, the borrower is required to submit documents to prove their financial health, such as their credit score and income statement.

Upper limit: Up to INR 20 lakh can be procured using a personal loan. When it comes to a secured instant loan, there is no upper limit in the loan amount that can be availed. The lender can receive up to 75% of the market value of the pledged collateral as the loan amount. On the other hand, not more than INR 5 lakh can be obtained as the loan using an unsecured instant loan.

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. 

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Frequently asked questions

How does an instant loan get disbursed?

An instant cash loan can be of two types - secured and unsecured. If you apply for a secured loan, the lender will send a loan officer to your doorstep to verify the original documents and collateral security before approving or rejecting the loan. If you apply for an unsecured loan, the lender would verify your documents online and approve or reject the loan. The loan approval, in this case, would depend mainly on your repayment history and financial profile. The loan application is approved it gets directly credited to your bank account on approval. Usually, the entire process from loan application to approval of the loan takes roughly 60 minutes.

Do you need any collateral to avail an instant loan?

An instant loan can be of two types - secured (with collateral) and unsecured (without collateral). When you avail a secured instant loan, the lender would ask you to deposit an asset. The loan amount would be finalized after evaluating the current market value of the asset. Generally, lenders approve up to 75% of the market value of the pledged asset. The lenders also charge a lower loan interest rate on collateral-based instant loans. If, however, you apply for an unsecured loan, the lender would impose an upper ceiling on the amount you may apply for. Generally, the upper ceiling is around INR 5 lakh. Moreover, the interest rate may be substantially higher than the secured loan. The borrower will also be asked to present their credit score and income statement or salary slip to depending on which the loan interest rate will be calculated.

How long will the application process take?

The best feature of an instant cash loan is its speed. To avail a loan, you have to download the lender's app or visit their web portal and place the loan request. Generally, within a few minutes of lodging the application, an official representative will call you and fix an appointment. After this, an approved loan officer would visit your house or office and verify the documents. However, in case of a collateral-free loan, lenders often carry out the verification online. In case of a collateral-based loan, the officer would reach the place of your convenience within 30 minutes of placing the loan request. After physical verification of documents, the officer would approve your loan and ensure seamless transfer of the loan amount to your account. Ideally, the entire process from loan application to loan disbursal takes no more than 60 minutes.

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.

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