Mirza is a major town located in the Kamrup Rural district of Assam. Situated on the south bank of River Brahmaputra, Mirza stands at a distance of about 18 km from Guwahati. The town is the educational hub of South Kamrup region and has a literacy rate of 94%. NETES Institute of Technology & Science Mirza, also known as NITS Mirza, is located in this town along with several other government and private educational institutions. Students often apply for instant loans in Mirza to bear their educational expenses. Mirza is served by the Mirza Railway Station. The Guwahati Airport, located about 9 km away, is the nearest air transport facility to reach the town. Regular bus service connects Mirza to Guwahati and the nearby areas.
Instant loans are typically of two types- Unsecured loans that don't require collateral security and secured loans that require the borrower to pledge collateral security against the loan. Borrowers that get a instant loan get access to various benefits as compared to those that borrow unsecured loans. For instance, borrowers that avail secured loans get to borrow a higher loan amount. Since borrowers are required to pledge an asset whose market value needs to be about 30% more than the loan amount, the eligibility criteria are also relaxed. To avail a secured loan, you'll only need basic documents such as PAN Card and Aadhaar Card. However, this isn't the case with unsecured loans. When you apply for an unsecured loan, your loan approval depends on several factors such as your debt-income ratio, existing credit profile, and income status. Additionally, to be eligible for an unsecured loan, as a borrower, you will need to have a minimum income of INR 21,000 per month. Along with this proof of income, you will also have to submit other documents such as PAN Card, Aadhaar Card, Age proof, Income tax file, Account transaction statement, and sometimes even a guarantor. If you are looking to avail a quick, hassle-free loan, secured loans are the way to go.
People often turn to instant loans in Guwahati 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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Equated Monthly Installment, or EMI, is a combination of principal and interest and is calculated by factoring in the loan amount, loan interest rate, and loan term. During the early part of the repayment tenure, you pay more towards the interest, and as the end of the tenure approaches, the interest component comes down, and you start repaying the principal. The loan amortization schedule is a tabular list which shows the break-up of the principal and the interest component. For example, if you are applying for a loan amount of INR 10 lakh for a repayment tenure of 12 months at an interest rate of 10%, your monthly EMI would be INR 87,920. The EMI is linked to the loan term and the interest rate. Hence, if the interest rate increases and the period remain the same, the EMI would increase. Similarly, if the term decreases and the interest rate remains the same, the EMI would increase.
An instant loan is an entirely flexible financial instrument which allows you to get funds whenever you need it the most. Generally, the funds get credited to your account within 60 minutes from the time of loan application. To avail an instant cash loan online, you have to download the lender's app and create an account by entering your preferred user ID and password. The next step is to select an appropriate loan category, select the loan amount and term and place the loan request. Usually, a lender approved loan officer would verify your documents and collateral security (in case of a secured loan) and approve the loan. Once approved, you would get the amount in your account within five minutes.
As a borrower, you need to pay keen attention to your repayment pattern as this can make or break your credit score. At any point during your loan tenure, if you have surplus funds you might feel tempted to pre-close your loan. Prepayment can be of 3 types. They are:
1) Bullet Payment: When both the principal and the interest are paid as one lump sum at the end of the loan tenure it is known as a bullet payment. In case of a bullet payment, you will not be charged any penalty.
2) Partial Payment- Partial payment is when you pay a little more than the stipulated EMI amount. In this case, you will be charged a penalty ranging from 0% to 2%
3)Full Prepayment- If you opt to close the entire loan before the end of its term, it is known as full prepayment. You will be charged between 0% and 3% as penalty in this case.
When it is about choosing the right financial instrument for getting cash instantly, people often choose credit cards, without realising that the penalty for non-payment can often be detrimental for their financial profile. Credit card debt often causes irreparable damage to the credit rating of a borrower, thereby reducing the chances to apply for a new loan. However, by availing an instant cash loan online, you can settle off your existing card debts and start your financial journey afresh. By settling off your credit card debts, you can partially offset the damage caused to your credit score. And, as the instant loan interest rates are usually lower than credit cards, you may save a substantial amount by paying off your card dues with an instant loan.
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