Mohana is a village in Gwalior Tehsil in Gwalior district in Madhya Pradesh. It is 60 km from the Gwalior city and comes under Bhtarwar assembly and Gwalior parliamentary constituency. There is one waterfall, around 7 kms from the village named Sultangarh. On 5 acres land, Garhi is built, including a temple, tunnel and water reservoir. Local language of Mohana is Hindi and the literacy rate is less than national literacy rate. Nearest railway stations to Mahana are Panihar Railway station and Ghatigaon Railway station. Colleges near Mohana are Government Collage, Bhitarwar, Jiwaji University of Engineering. KKITM, The Academy of Nursing sciences and hospital.
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.
The flexibility in the end-use of an instant loan makes it one of the most popular loans in India. Denizens often avail instant loans in Gwalior for various reasons. The first reason why people avail an instant loan is to address sudden financial emergencies. Sometimes, in case of hospitalisation, the bill amount may exceed the available cash. An instant loan provides urgent money, which one can use on anything related to health. Another reason why people apply for an instant loan is to set up a business. In some cases, using the instant loan amount for business may also enable you to apply for tax rebates. Many borrowers also avail an instant loan to sponsor a vacation or a tour. The fourth reason why people apply for an instant cash loan is to spend it on sponsoring a big event like a marriage.
The two types of instant loans are - loans that are secured with a collateral and loans that are not secured. In the case of a loan that requires a collateral, you have to pledge your property to procur the funds from the lender. A gold loan is an example of a secured loan, where the gold is the collateral. An unsecured personal loan, on the other hand, is unsecured as it does not require a collateral. But a secured loan provides the borrower with many benefits that an unsecured loan doesn't. For one thing, the loan interest rate charged on an unsecured loan is much higher than the interest rate charged on a secured loan. The loan amount that can be obtained against a collateral is also higher than the amount that can be obtained through an unsecured loan. While a collateral-free loan requires the lender to submit their income statement and their credit score, a collateral-based loan do not require those documents. There are also many flexible loan repayment options that are available to a secured loan unlike an unsecured loan.
An instant loan is one of the most preferred loans as it provides immense flexibility. It is also the easiest solution for emergency funds. But, if it is an unsecured instant loan that you have opted, you will be charged with a high loan interest rate. On the other hand, secured instant loans have lower interest rates. The maximum amount that can be obtained by an unsecured loan is 5 lakhs. As the loan amount decreases, the loan interest rate also increases. If you are looking for an instant cash loan that has no upper limit, you should try a secured, or a collateral-based instant loan. A collateral-based instant loan not only provides lower interest rates, but they also disburse amounts up to 75% of the market value of the collateral, such as gold, that you have pledged with them. You can enjoy the low loan interest rate as well as the high-value loan amount in case of a collateral-based instant loan. This is because of the security, the liquidity, and the LTV (loan to value) ratio of gold when kept as collateral.
Most of the lenders in the market allow the closure of the loan before it reaches the end of the loan term. The only difference is that the charges that they levy when providing these facilities may differ. One of the two ways by which you can repay the loan amount prematurely and close the debt is by paying the entire amount before the loan term comes to an end. For the full loan pre-payment, you may be charged anywhere between 0% and 3%. The other way is by part pre-payment and paying the existing EMI together with the extra cash in your hand in a lump sum. You may be charged anywhere between 0% to 1% of the lump sum amount in this case. There are many benefits to clearing your debts early. Your credit score will get a boost and you will be eligible to get high-value loans in the future.
An instant cash loan online is one of the most flexible loan instruments that Indian lenders offer. An instant loan can be either secured or unsecured. In case of an unsecured loan, there is a limit to how much loan amount you can avail. However, in the case or a secured loan, the amount can be up to 75% of the value of your pledged asset. When you avail a low-value loan, lenders usually charge a higher loan interest rate, primarily to cover the costs of loan processing. If you apply for a high-value loan, the interest rate might be lower. For example, if you are applying for a gold loan for a loan value of INR 20 lakh, the loan interest rate may be around 0.90% per month. If, however, the loan amount is less than INR 5 lakh, the interest rate may hover around 1.50% every month. Even though the interest rates charged on small amounts may be high, an instant cash loan can still be preferred since it is the best option for a quick funds. You can also try getting an unsecured instant cash loan as loans against collateral, such as gold, as always charged lower interest rates.
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