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Meerut
mohiuddinpur
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Instant loan in mohiuddinpur

Mohiuddinpur is a census town in Ambedkarnagar district in the Indian state of Uttar Pradesh. Mohiuddinpur is a proud city to have an average literacy rate of 63%, which is higher than the national average of 59.5%. The scope of education is large and provides many job and academic opportunities. Agricultural status is also huge which comprise of cultivators, main workers, agricultural labourers, household industries and other marginal workers. Instant loan in Mohiuddinpur is a much needed support for many who want to delve in the abundant prospects. The people of the district thrive on small scale businesses and agricultural produce to raise their standard of living. It also immensely contributes to the overall economy of the city Meerut and the state, UP as it is faring well in education and industry.

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 Meerut. 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

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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Frequently asked questions

What is the process of instant loan application online?

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.

What can an instant loan be used for?

instant loans are the most flexible and speedy financial instruments available. One of the major perks of availing an instant loan is that it can be spent as per your discretion. This amount can be spent to meet your household expenses, unexpected medical emergencies, education expenses, or any other cause as per your will provided it doesn't involve speculative activities such s gambling. What's more, this even makes you eligible to receive tax benefits. For example, if you are availing a loan to build a house you are eligible to receive up to 2 Lakhs INR. On the other hand, if the money is being utilized to renovate your home, you will then be eligible to receive up to 1.5 Lakh INR tax benefits. Entrepreneurs or professionals that are self-employed leverage these loans to meet their working capital requirements. You can also invest these funds in buying a vehicle for the family or any electronic items.

How long will the application process take?

One of the best features of the instant cash loan is the speed of the transaction. You can place a request to get a loan either by downloading the app or by visiting the web portal of the lender. After placing a request, within a few minutes, a representative will get in touch with you to fix an appointment. In case of a collateral-free loan, the entire process can be carried online. However, if it is a collateral-based loan that you have opted, an offcial representative will visit you wihtin 30 minutes from setting the appointment to check the authenticity of your collateral and verify the documents. After the approval of the loan, the loan amount would get transferred to your account. The entire process is very simple and convenient. It wouldn't take more than 60 minutes to carry out the entire process from the loan application to the disbursal of the funds.

What happens if I miss a payment while paying off my instant loan?

It is hard to miss an EMI payment on an instant loan since the lender sends automated reminder messages to make sure that you pay your EMIs on time and to keep your credit score intact. But if you miss a payment due to other reasons, you will be imposed with a penalty on your next payment. Failure to meet that payment will force the lender to hand over your case to a third-party agent. The agent may force the borrower in various ways to recover the loan amount. The credit score of the borrower would also fall, making it difficult for them to obtain further loan amounts in the future. As a borrower, it is required that sufficient resources be arranged for the payment of the EMIs before taking an loan.

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