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Instant loan in Mohol

Mohol is a residential neighbourhood in Maharashtra's Solapur district. It is also a Block which is at a distance of 38kms from the district headquarters. The area comes under the Mohol assembly constituency and Solapur parliamentary constituency. The famous Nagnath Temple is located in Mohol. People of Nagesh community live here. The Solapur - Pune Highway passes through the locality. The principal source of occupation for the people living here is agriculture. The Sina River passes through the area. Mohol is surrounded by Ashte, Pokharapur, Yawali, Najik Pimpari, and Wadwal. The nearest railway stations are Mohol and Malikpeth. People living in the locality often apply for instant loans in Mohol to take care of their financial needs.

Features of an instant loan

Instant loans are one of the simplest and most popular loans in India. Out of all loans offered by Indian lenders, instant loans are the most feature-rich and easy loan you can avail. Some of the prominent features of an instant loan are:

Flexibility- The first feature that makes an instant loan unique is its flexibility. You may use the loan amount for any purpose you want to. 

Loan approval- The second feature is the speed at which instant loan approvals occur. Usually, an instant loan gets approved within an hour of the loan application. 

Ease of loan application- The third feature is that you can apply for an instant loan online or offline. The entire process, from application to approval, is transparent, quick, and painless and is hassle-free when it comes to gold repayment. 

Minimal documentation-Last but not the least, instant loans are so popular due to the minimum documentation required to apply for an instant loan. You need to upload no more than five to six documents to submit your loan application.

Eligibility to apply for an instant loan and documents required

An instant loan can be of two types - 

Secured instant loans- If you apply for a secured loan, i.e. an instant loan against collateral, you can get a higher loan amount. The eligibility criteria are also relaxed. Usually, it does not matter whether you can show income proof or not. You may also apply for a loan with only two documents - PAN Card and Aadhaar Card. 

Unsecured instant loans- If you apply for an unsecured instant loan, the lender would approve the loan based on your income and expenditure ratio, credit score, and the stability of income. To avail an unsecured loan, you have to satisfy the minimum monthly income criteria set by the lender and is usually above INR 21,000 per month. Moreover, you have to submit documents like PAN Card, Aadhaar Card, income proof, age proof, income tax file, bank account statement, and quite often, a guarantor.

 Hence, if you want a no-frills loan, it is prudent to apply for a secured instant cash loan online.

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Frequently asked questions

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

Medical emergencies have a 100% track record of cropping up unannounced. One can never be too prepared to handle such situations. Though the individual may be insured, most hospitals expect the payment to be made upfront whereas insurance companies take a considerable amount of time to turnaround. In such situations, instant loans prove to be handy as they barely take an hour to be approved. Not all lenders demand end-end documentation. Some even approve loans with just an Aadar card. Availing an instant cash loan only requires a couple of steps. All you need to do is download the lender's app, submit your personal details, and apply for the instant loan. Your eligibility amount and interest rate will both depend on your credit score and your EMIs will commence exactly a month since the date of loan approval.

What is netbanking verification while applying for an instant loan?

Net banking verification is a relatively recent mechanism through which Indian lending institutions determine the borrower's financial health and repayment capability. Through net banking verification, algorithms set by the lenders get access to the salary account of the borrower and check whether the salary has been credited to the salary account of the borrower on the payday or not. The entire process is automated and secured and takes no more than a few minutes. When you apply for an instant cash loan online, the lender gives you two options. The first is to apply for the loan through net banking. The other is by uploading your documents. If you choose the former, the lender will verify your account through net banking and approve the loan.

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?

An instant loan is a highly flexible source of funds, which makes it one of the most popular sources of funds. The borrower can use the acquired funds for any purpose, as per his requirements, except for illegal and speculative activities. Most people take an instant cash loan for business requirements or to meet other capital requirements. People also use the acquired funds to renovate their house, which can make them eligible to obtain tax benefits up to INR 1.5 lakh. If the funds have been acquired for the construction of a house, the borrower can receive tax benefits up to 2 lakh. The funds obtained through an instant cash loan can also be used to purchase electronic equipment or a motor vehicle. The borrower may also borrow money to meet unprecedented expenses such as a medical emergency.

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