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Instant loan in Mettur

Mettur is a popular town situated in the Salem district in Tamil Nadu. The town enjoys a nice blend of industrial and tourism aspects. Mettur is popular due to the presence of Mettur Dam, which is one of the largest dam in South India. From the industrial angle, Mettur is well-known for chemical manufacturing, aluminium production and power generation. Mettur dam solves most of the challenges relating to water requirements for irrigation. For tourism purposes, Mettur is blessed with presence of different parks such as the snake park and deer park near the dam. Nerinjipettai, a hill station, is approximately 4 kilometres from Mettur. Instant loan in Mettur is easily available to residents.

Eligibility to apply for an instant loan and documents required

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. 

Reasons to take an instant loan

The flexibility related to instant loan guarantees that it can be put to any use. People in Salem 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

Should I take an instant loan to start a small business?

The first thought that strikes the mind when one thinks about starting a business has to be 'investment'. If you are looking to source funds to start your own business, the best option available at your disposal is an instant business loan. This instant loan can be spent at your discretion on any business line or purpose of your choice. Availing credit from certified authorities is recommended when a fledgling business is concerned. The process to avail these easy loans is as simple as ever! All you need to do is download the lender's app, save your personal details on your profile, upload the required documents, and voila! The amount will be transferred to your account in a jiffy. Not only is it very easy to get instant loans, but repaying these on time boosts the individual's credit score. Consequently, a commendable credit score ensures the individual is eligible for better terms and interest rates in the future.

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

Medical emergencies happen out of the blue. They are unexpected and even though we try to secure ourselves and our expenses using various policies such as health insurance or a Mediclaim policy, sometimes, the expenses tend to overflow. What can be of great help during those times is an instant loan. instant loans can be obtained within an hour from the time of the instant loan approval. Obtaining an urgent loan using instant loans is so simple that sometimes, the only document that is required is the Aadhar Card. The loan amount, as well as the loan interest rates, depend on your credit score and your financial profile. The only requirement is that you have an excellent credit score and a stable source of income. In a situation where you have neither, you can opt for an instant gold loan, which added to these merits, also offer lower interest loans as well as flexible loan repayment schemes.

What should be my credit score for an instant loan eligibility?

Credit scores are the lifeblood of a borrower. It is the most important determinant that decides a lot of the terms of the loan. While the standard credit score is considered to be 700, there are lenders that approve loan applications even if the borrower has a credit score of 10. But in such a case, the lender will have the upper hand in the negotiation and the borrower will have to be in agreement with the terms as dictated by the lender. As a borrower, if you are looking to avail a low-interest rate loan despite a poor credit score, your best choice would be to opt for a secured loan such as a gold loan. The maximum loan amount you can avail in case of a secured instant loan is up to 75% of the value of the asset at market value. In conclusion, your credit score plays a vital role if you are looking to avail an unsecured loan, but this is not the case when you are looking to avail a secured loan.

Can I get an instant loan without any documentation?

Address proof, identity proof, age proof, and income proof are some of the basic documents that need to be submitted while availing any kind of a loan. But worry not! You can still avail an instant loan even if you don't possess the above documents. However, availing a loan without any document verification might require some additional measures on the borrower's part. For instance, the borrower might have to have an extraordinarily high credit score. A squeaky clean track record as far as prior loan repayments are concerned, an extremely healthy debt to income ratio such that your income generously accounts for the EMI payments are some of the factors that guarantee the lender that you will be able to repay the loan on time. Maintaining a healthy relationship with your lender also restores faith in the lender that the institution can disburse a loan to the borrower sans any documents.

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