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Instant loan in mawana

Mawana Kalan village is located in Mawana Tehsil of Meerut district in Uttar Pradesh, India. The name of the village comes from the word 'Muhana' which means gateway. It is supposedly the gateway of the royal Hastinapur kingdom during the Mahabharata period. People of Mawana are engrossed in small services, business, jobs, and cultivator and labour activity. Mawana hosts an annual fair Shaheed Chandrabhan Samiti and Mela Makhdumpur which is renowned as a Ganga-Snan festival. It is a small town where people are not very literate and tend to do marginal work to earn a living. Instant loan in Mawana is a blessing in disguise for people suffering because of financial crises.

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.

Reasons to take an instant loan

People often turn to instant loans in Meerut 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.

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Frequently asked questions

Can I get an instant loan using Aadhar card?

When you apply for an unsecured loan, you are asked to submit documents that prove your identity, your address, and your income statement. If you are applying for a secured loan, you are only required to submit your identity proof and your address proof. You are asked to submit your income statement in the first scenario because the lender likes to be assured that you have a stable income every month that will permit you to pay your EMIs and take care of your personal needs every month. If the only document that is available to you is your Addhaar Card, then you can opt for a secured loan. A secured loan is even better since it requires neither your credit score nor your income score. Your Aadhaar Card is the most conclusive proof of your citizenship and can act as both your identity and address proofs. It is hence possible to get an instant loan with only your Aadhaar Card.

Can you get tax benefits on an instant loan?

An instant loan is usually taken by the borrower for emergency fund requirements. But you can also use these funds for investment purposes. In that case, the Indian tax law also makes it possible for you to get tax benefits on the principal or the interest component of the instant cash loan. If you are using the loan amount for business purposes, it is possible to get tax benefits, but only on the interest component and not the principal component. If the funds are used to renovate or improve your house, it is possible to get up to INR 1.5 lakh on the principal component of the instant cash loan in a financial year. And if the acquired amount is used in constructing a house or in buying a property, up to INR 2 lakh on tax-deductions can be claimed on the interest component.

How many times can I take an instant loan?

The number of times that you can apply for an instant loan depends on your eligibility. When it comes to a collateral-free loan the lender will have to assess your creditworthiness based on your existing book of loans. Ideally, lenders do not sanction multiple personal loans at the same time. On the other hand, when it comes to secured loans there are no such restrictions. Secured AKA collateral loans can be of two types- Credit Line and Instant. When it comes to Credit Line, you are allowed to deposit the collateral once and withdraw money as and when required. Subsequently, the interest rate applies only to the amount you use up and not the entire amount. However, in case of an instant loan, the entire amount will be credited to you as soon as you deposit the collateral.

What type of loan can be taken for a medical emergency?

A medical emergency comes without any warning. Even when you have health insurance or a mediclaim policy, the amount you get might not be sufficient to take care of the hospital cost. An instant cash loan can come to your rescue during such times. An instant loan ideally takes no more than an hour to get approved. Some lenders also offer the facility to apply for a loan with just one document - the Aadhaar card. The amount you are eligible to receive as the loan amount, as well as the interest rate, depends on your financial profile and credit score. Applying for an instant cash loan is extremely simple. Simply download the lender's loan app and apply for the instant loan. Your EMIs will start after one month from the date of loan approval.

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