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Instant loan in mazgaon

Mazgaon is a place associated with the Portugues rule and is one of the wealthiest islands in Mumbai. The locality can be easily accessed from the Central Line's Byculla and Harbour Line's Dockyard Road stations. Mazgaon is famous for its various churches spread around all corners of the locality. The most prominent is St. Anne's Church, Our Lady of the Rosary Church, St. Joseph's Church, St. Peter's Church, Holy Cross Church of North India, and Christ Church. The renowned maritime organisations in the locality are the Mazagaon Dock Ltd. and Bombay Port Trust. There are several educational institutions and employment hubs near this area, which makes it a sought-after location for residential communities. People often avail instant loans in Mazgaon to fund their property purchases.

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

The flexibility related to instant loan guarantees that it can be put to any use. People in Mumbai procure instant loans for a variety of reasons - whether the expenses are planned or unplanned. The funds procured through an instant loan can be used to pay off unprecedented medical bills. It can also be used to finance a tour or a vacation, or to meet other unexpected emergencies. Whether it is for a house renovation that you need funds for, or it is to start a small business or just about anything, instant cash loans do not stand in your way. You can also use them to pay off your credit card debts, to sponsor an event, or to conduct a grand marriage function. The flexibility offered by an instant cash loan makes sure that you can use your funds for whatever need, as long as it is not for speculative or illegal activities. In some cases, it is also possible to apply for tax rebates when you use an instant loan.

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Frequently asked questions

How does an instant loan get disbursed?

The borrower can avail of two kinds of instant loans - collateral-based and collateral-free. The whole process, whether secured or unsecured, would not take more than an hour. If you have applied for a collateral-based instant cash loan, a company official will turn up at your doorstep to check the authenticity of your collateral and verify your documents. If you have applied for a collateral-free loan, you can upload your documents online which will then get immediately verified. As soon as the documents are approved, the loan amount will get transferred into your account which you can then use to meet your requirements.

What are the tips while applying for an instant loan in India?

An instant loan is one of the most convenient ways to get urgent funds. To get the best interest rates, however, you should keep a high credit score. The credit score shows your creditworthiness and puts you on a higher pedestal during interest rate negotiation. In India, you may apply for two types of instant loans - secured or unsecured. If your credit score is below the industry average and yet you want to get a low-interest loan, then opting for a secured loan would be a better option. If, however, your credit score is high and the debt to income ratio healthy, you may avail an unsecured instant loan at attractive interest rates. In both cases, the loan processing time is approximately one hour.

How is the EMI for an instant loan calculated?

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.

How to apply for an instant loan online

With the help of a smartphone or a computer and an internet connection, you can avail the service of an instant online loan. You can also seek their service through their customer care service. The entire transaction, from the placing of the application to the disbursal of the amount wouldn’t take more than an hour. After downloading the app from Play Store or by visiting the web portal of the lender, you can place a request for a loan. Within a few minutes from placing the application, a company representative will get in touch with you to seek an appointment. The company official will shortly arrive at the desired location to check the authenticity of your collateral as well as verify your documents. The loan will be approved after the loan amount and the interest rate has been agreed by both the parties, depending on your financial status. The transaction will be complete once the loan amount has been transferred to your account, which wouldn’t take more than five minutes from approval.

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