Maredumilli is a village in the East Godavari district in the Indian state of Andhra Pradesh. The village is situated in the Bhadrachalam and Rajamundry highway. This village is considered as one of the best places to visit because of its natural beauty. The village is located in the dense forests of Eastern Ghats. The Forest department develops this village as an Eco-tourism Centre. The entire region is full of hills covered with green grasses and streams falling down from these hills is a treat to the eye. The government has built a resort near to the village for the tourists to stay and experience nature’s beauty. This resort is managed by the tribal people of Maredumilli village. Just take instant loan in Maredumilli and plan for a trip to this beautiful place.
People often turn to instant loans in Rajahmundry for several purposes.They can be classified into:
1) Unplanned expenses: Owing to how quickly it can be availed, instant cash loans are a convenient form of credit that comes very handy in case of financial emergencies. In scenarios such as hospitalization, sometimes the bill amount might exceed the insurance cover. Instant loans can be availed within an hour and are very helpful when one has to meet unplanned expenses.
2) Planned expenses: If you are looking to start or expand your business, you can avail an instant loan to help meet your fund requirements. The funds stemming from an instant loan can be spent as per the borrower's discretion. If you choose to spend the loan mount on business, construction, or renovation of your house you are even eligible for tax rebates. Be it a leisure trip or a wedding, instant loans can be availed for any reason.
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.
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Credit scores are the cornerstone of creditworthiness. Credit scores can make or break your loan application while applying for an instant loan. The loan interest rates, loan amount, and loan term all depend on the credit score of the borrower. Since 700 is considered an ideal credit score, any score lesser than a 700 puts you at a disadvantage. In such a scenario, you will still be able to avail an instant loan but at an increased EMI rate. Alternatively, if you choose to opt for a collateral-based loan and pledge an asset instead, you can benefit from this in more ways than one including an increased loan amount and a lower loan interest rate. Bear in mind that repaying your loan on time can go a long way in improving your credit score.
Placing a loan application with Rupeek is a smooth and hassle-free process. Rupeek’s procedure is very safe and transparent. When you apply for an instant loan with Rupeek, first, you have to download the app from Playstore or visit the web portal. You can also apply for a loan by calling their customer care desk. Once the loan has been requested, a company official will immediately get in touch with you to fix an appointment. Within thirty minutes from the loan request, the official will turn up at your doorstep to check the authenticity of your asset as well as to appraise your documents, such as your identity proof and address proof. Once they are validated by the company representative, your loan will be immediately approved. As soon as the loan approval is done, the loan amount will get transferred into your account. The whole process, from the placing of the loan request to the transfer of the loan amount, doesn’t take more than sixty minutes.
Loans whose loan term spans only up to one to two years is called a short term loan. Because of its features such as instant loan approval and collateral-free nature, these types of loans have been the most demanded in the market. The bridge loan is one type of short-term loan which the borrower can avail of while waiting for a high-value loan to be approved. There is another called a loan overdraft, which allows the lender to obtain another loan even when they have an already existing one. The third type, a demand loan is where you can obtain urgent loans against your savings certificates and insurance policies. There is also the collateral-based gold loan, where you can pledge your gold and obtain quick funds. You can get up to 75% of the market value of the gold as the loan amount. A gold loan is a collateral-based loan, but there are several benefits that are exclusive to it which makes it very popular with the Indian borrowers.
EMI amounts vary from one borrower to another. That is, the EMI is subject to change depending on the interest rate, loan term, and loan amount. Usually, in a repayment cycle, most of your repayment goes towards the interest, post which your payments gradually trust towards repayment of the principal amount. The loan amortization schedule shows the breakdown of the principal amount vs the interest component. For instance, if you get a loan of 10 lakhs with an agreed repayment tenure of 12 months at a 10% loan interest rate, then your monthly EMI will sum up to 87,920 -/ INR. Depending on the magnitude of each component the EMI amount will also vary. If the interest rate increases while the period remains the same, then you will have to pay more within the same time and hence the EMI will increase and vice versa.
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