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Instant loan in modakurichi

Modakurichi is a locality and a Block in Tamil Nadu's Erode District. It comes under the Modakkurichi assembly constituency and Erode parliamentary constituency. The neighbouring localities are Manjakattuvalasu, Aluthu Palayam, Ayya Goundan Palayam, and Kulur. The nearest railway stations are Chavadipalaiyam and Pasur. The popular places of religious interest in the locality are Vinayagar Temple, Vinayagar Kovil, Sri Annamar Swami Temple, Kariakali Amman Temple, Jummah Masjid, and Engineering College Masjid. Modakurichi also has several reputed educational institutions like Sarah Educational Institutions, Sara College of Education For Women, AL AMEEN Polytechnic College, Al Ameen Engineering College, Govt High School, Government Elementary School, and Panchayat Union Primary School. Being a Block, people from neighbouring villages often come here for various reasons and apply for instant loans in Modakurichi, as it is the most convenient way to get urgent cash in the locality.

Difference between instant loans and personal loans

Difference between instant loans and personal loans

While both instant loans and personal loans serve the same purpose, that is to provide you with cash, there are some differences between the two.

Difference

Personal Loan

Instant Loan

Nature

A personal loan is an unsecured loan.

An instant loan can be either secured or unsecured.

Collateral
Requirement

You do not need to submit any collateral guarantee to avail the loan.

If you opt for a secured loan you will have to pledge collateral, which isn’t the case if you apply for an unsecured loan.

Documents Requirement

Due to its unsecured nature, lenders require various documents that prove the stability of your income and keep the loan amount low.

You only need to submit certain basic documents such as identity proof in case of a secured loan. Documentation requirement is low as you will anyway be pledging collateral. In case of an unsecured loan you will have to submit documents such as income statements, payslips. address proof, etc

Maximum Limit

The limit of an unsecured personal loan or an unsecured instant loan is typically up to INR 20 lakh.

In the case of a secured loan, the limit depends on the collateral pledged. If you apply for a secured instant loan, the lender would sanction up to 75% of the collateral’s market value. Hence, if you deposit collateral whose market value is INR 1 crore, you may get a loan of up to INR 75 lakh. In case of an unsecured instant loan, the limit is INR 5 lakhs.

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 Erode. 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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Frequently asked questions

What are the documents required for an instant loan?

An instant loan is one of the best options to obtain immediate cash or urgent loan from. The loan amount can be procured by submitting a few necessary documents, that can be used as your identity proof, your address proof and your income proof. These documents include your PAN Card, Aadhar Card, credit score, income statement, etc. If you do not have a steady source of income and is unable to meet the requirement of your income statement or your credit score, you can always procure the desired funds using a gold loan. A gold loan is one of the easiest and most efficent ways to obtain funds at a quick notice. Apart from being one of the low interest rate loans in the market, a gold loan also makes it possible for you to avail of the maximum funds by pledging your gold. Further, you are also not required to present your salary slip or your credit score. Most lenders also provide a flexible loan repayment option with the provision of various schemes.

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

A medical emergency comes without any warning. Even when you have health insurance or a mediclaim policy, the amount you get might not be sufficient to take care of the hospital cost. An instant cash loan can come to your rescue during such times. An instant loan ideally takes no more than an hour to get approved. Some lenders also offer the facility to apply for a loan with just one document - the Aadhaar card. The amount you are eligible to receive as the loan amount, as well as the interest rate, depends on your financial profile and credit score. Applying for an instant cash loan is extremely simple. Simply download the lender's loan app and apply for the instant loan. Your EMIs will start after one month from the date of loan approval.

Can I repay my instant loan early?

Almost all lenders in India offer the facility to close the instant cash loan before the end of its term. What makes them different is the charges they levy for providing such a facility. You may prematurely close the account in two ways. The first is by paying the entire amount in full before the end of the loan term. Usually, the lender charges anywhere between 0% and 3% for full loan repayment. You may also avail the facility of part prepayment and use any extra cash in your hand to pay a lump sum in addition with the existing EMI. In this case, the lender may charge an amount which is 0% to 1% of the lump sum amount. By clearing the dues early, you may enhance your credit score and become eligible to apply for a new high-value loan.

What is netbanking verification while applying for an instant loan?

As more and more users are increasingly accessing the internet through their phones, financial institutions are leveraging the data stored and linked to these phones to determine the borrower's credit profile and repayment capacities. Net banking verification is a black-box algorithm established by lenders to ascertain whether or not your salary has been getting credited to your salary account regularly. This is a secured, automated process and takes just a few minutes! However, if you are apprehensive of this process, when you are applying for an instant cash loan online you can submit your income statement and payslips along with the rest of your documents. In the presence of this proof, the lender will not have to verify your net banking transactions.

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