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Instant loan in Memnagar

Memnagar is a well-established residential settlement of Ahmedabad. Thanks to its proximity to the city centre (6.5 km) as well as to popular business parks like Infinity Growth (4km), Software Technology Parks of India (4km), Navratna Business Park (4km), Aaryans Corporate Park (5Km), etc. the area is witnessing rapid growth in the real estate sector. Memnagar enjoys excellent connectivity to almost all areas of the city via the SG Highway. The neighbourhood has a good mix of independent houses, high-rise residential apartments, educational institutions, banks, medical care centres, and other social infrastructure. Shopaholics can enjoy hours of retail therapy at popular malls like Ahmedabad One Mall, The Acropolis, R3 The Mall, and Himalaya Mall, all located within the vicinity of the neighbourhood. The easy access to instant loans in Memnagar makes sure that people of the area have a support system to manage their urgent financial needs.

Features of an instant loan

Thanks to the flexibility and the simplicity associated with an instant loan, it is the most popular and demanded source of funds in India. An instant loan offers many exclusive features that makes it a favorite among the borrowers in Ahmedabad. Listed below are some of the most attractive features of an instant loan:

Flexibility - The funds that are obtained through an instant loan can be put to any use, as long as it is not for speculative or illegal purposes.

Loan approval - Usually within an hour from the loan application, the loan amount will get disbursed into your account, just as the name suggests.

Loan application - An instant loan can be placed online as well as offline. The borrower can use the app, the website, or can also call the customer service desk to make a request for the loan. The procedure, from the loan application to the transfer of the amount remains smooth, transparent, and quick.

Minimal paperwork - One of the reasons why instant loans are so popular is that they hardly require any paperwork at all. Not more than five documents are to be uploaded under any circumstance.

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Eligibility to apply for an instant loan and documents required

An instant loan can be of two types - 

Secured instant loans- If you apply for a secured loan, i.e. an instant loan against collateral, you can get a higher loan amount. The eligibility criteria are also relaxed. Usually, it does not matter whether you can show income proof or not. You may also apply for a loan with only two documents - PAN Card and Aadhaar Card. 

Unsecured instant loans- If you apply for an unsecured instant loan, the lender would approve the loan based on your income and expenditure ratio, credit score, and the stability of income. To avail an unsecured loan, you have to satisfy the minimum monthly income criteria set by the lender and is usually above INR 21,000 per month. Moreover, you have to submit documents like PAN Card, Aadhaar Card, income proof, age proof, income tax file, bank account statement, and quite often, a guarantor.

 Hence, if you want a no-frills loan, it is prudent to apply for a secured instant cash loan online.

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Frequently asked questions

Can I repay my instant loan early?

The facility to make your loan repayment ahead of the stipulated due date is provided by almost all financial institutions, country-wide. While a premature repayment can reflect very well on your credit profile, bump up your eligibility, and give you an upper hand the next time you choose to avail a loan, the downside to an early loan repayment is the cost of such a provision. If you choose to prematurely end the term of your loan you may do so in two ways. You may either choose to opt for part prepayment and utilize any extra cash you might have to pay up a lump sum along with existing EMI. Or you can repay the entire amount in one go. The additional charges you'll have to bear in the former case is between 0%-1% and between 0%-3% in the case of the latter.

Can I get an instant loan if I'm retired?

As a retired person, you might need funds for sponsoring an event, paying medical bills, renovating your house, buying something special, or for any other purpose. An instant cash loan is a one-stop financial instrument for fulfilling all your funds-related needs. Just because they are no longer employed, the option of an instant loan is not closed to a retired person. As long as they have a steady source of income, like pension, or collateral, like gold, they can still get urgent loans. Applying for an instant loan is extremely easy and straightforward. All you should do is call the lender's customer care number and express your desire to apply for a loan. Alternatively, you may download the lender's app and place the request all by yourself. Before the loan approval, the lender might seek a few simple documents for identity, and address proof, and income statement. If the entire process goes as is expected, you may receive the funds in your account within an hour from the time of loan application.

Can I get an instant loan if I'm self-employed?

One of the main reasons why instant loans are so popular is because of how flexible they are. This implies that pretty much anybody can avail an instant loan. If you are a self-employed entrepreneur or a non-professional you are still eligible to avail a loan. All you need to do is prepare an income certificate that will display the net income of your entity. This is mainly for the lender to analyze your average expenditure as opposed to your income. A sure shot parameter to get your loan application approved is to ensure you have a healthy debt-income ratio and a respectable credit score. If at all your earnings are insufficient, you can always opt for an instant secured loan. Collateral based loans do not mandate you to submit salary slips, neither does it consider your credit score. All you'll need is collateral and a few basic documents. Quick and easy!

How do I take an instant loan without salary slips?

Before the instant loan approval and transfer of the loan amount, some financial institutions ask for your credit score as well as your salary slip or an income statement. Some lenders require these since the documents assure the lender about your ability to complete the loan repayment. A high credit score, ranging above or on 650 is the preferred credit score. The salary slip is proof of a steady source of income. Fortunately, some lenders still give loan approval even if you do not have a steady source of income, as long as your credit score is high. If you happen to have neither a steady source of income nor a high credit score, you can always opt for an instant cash loan by providing your property as a collateral. You can also apply for a loan as a co-applicant with another borrower who has a steady source of income.

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