Metagalli is a popular locality situated in Mysore in Karnataka. It is a residential area which offers a large numbers of amenities to its residents. Some of the nearby localities to Metagalli are Metagalli Extention, Brindavan Extention, Gokula Bannimantap Ontikoppal Gokulam and Devarajamohalla. Some of the amenities offered are shopping malls, police station, public and private hospitals, schools and financial instituitions such as banks and ATMs. Due to the presence of the shopping mall, people from other localities visit this area quite frequently. The banks in this region offer various lending and crediting scheme. The most sought after scheme is instant loan in Metagalli.
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 Mysore. 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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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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When you apply for an instant loan, you get funds for fulfilling your life's myriad aspirations. However, to avail the maximum benefits of an instant cash loan, you must satisfy the eligibility criteria. The eligibility criteria differ from lender to lender. Generally, to avail a collateral-free instant loan, your age must be 21. However, if you are applying for a collateral-based loan, e.g. a gold loan, the minimum age can be as low as 18. To prove your age, you may submit documents like birth certificate or secondary school examination admit card. Other than satisfying the age-related eligibility criteria, it would be best if you also meet other eligibilty criteria which might have an impact on the approval or rejection of the loan.
Whether or not you require collateral to avail a loan depends on the type of instant loan that you wish to avail. instant loans can be of two types- Collateral based and non-collateral based. If you apply for the latter which is a form of unsecured loan, you can at max only avail up to 5 lakhs. As these loan amounts are relatively low, the loan interest rates will also be correspondingly high. You will have to submit your credit profile, salary slips, and other such documents for evaluation based on which the loan amount and interest rate will be determined. On the other hand, when you avail collateral-based also know as a secured loan, you are expected to pledge an asset or collateral against your loan. These secured loans equip you with an array of advantages as your loan amount can go up to 75% of the asset value and you will only be charged a relatively low loan interest rate.
The interest rate of an instant loan depends mainly on your credit profile and income status. Generally, lenders carefully evaluate your financial documents and determine your financial capability before finalising the loan interest rates. Sometimes, the loan amount also plays a significant role in deciding the loan interest rates. For example, when you apply for a loan amount of INR 5 lakh or more, the loan interest rates may start from 0.89% every month and may go up to 1.39%. If the amount is between INR 2 lakh and 5 lakh, the interest rate may start from 0.99% per month to 1.59%. If the amount is less than INR 2 lakh, the loan interest rates may start from 1.29% and may go up to 1.65%.
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.
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