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Kanchipuram
Mugalivakkam
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Instant loan in Mugalivakkam

Mugalivakkam is a fast-growing suburb in Southwest Chennai. It is a part of the Chennai District, Alandur assembly constituency, and Sriperumbudur parliamentary constituency. The locality is surrounded by Porur, Meenambakkam, and Ramapuram. Guindy, Porur Junction, and Kathipara Junction are the closest railway stations. There are several reputed educational institutions in the area, which include Omega International School, Padma Seshadri Bala Bhavan, Velammal Bodhi Campus, St. Ann's Matriculation Higher Secondary School, M.K.M. Matriculation Hr.Sec. School, St. Christopher's Nursery & Primary School, and David Primary School. The major hospitals in the area are Amruth Orthopaedic Centre, Kedar Hospital, Hriday Hospital, St. Thomas Primary Health Center, and Nalam Hospital. An instant loan in Mugalivakkam is often considered as the best way to get urgent funds.

Reasons to take an instant loan

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 Kanchipuram 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.

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

Foreseeing the possibility of this happening, most lenders offer features that dispatch automated reminder messages as the due date of the instant loan's EMI payment nears. Despite that, borrowers at times tend to miss out on EMI payments every now and then. For whatever reason, if the EMI payment is skipped, the lender will charge the borrower a penalty that needs to be paid along with the next payment. This will consequently inflate the amount due in the following month. If these defaults keep occurring, not only will this adversely affect the borrower's credit rating, it will also make further loan applications difficult. As a borrower it is very important to be accountable for your timely EMI payments and make provisions for the same even before applying for instant loans online as in extreme cases, lenders even hire third party loan recovery agents who might force the borrower to make the payment.

Can I take an instant loan with low credit score?

Credit scores are the cornerstone of creditworthiness. Credit scores can make or break your loan application while applying for an instant loan. The loan interest rates, loan amount, and loan term all depend on the credit score of the borrower. Since 700 is considered an ideal credit score, any score lesser than a 700 puts you at a disadvantage. In such a scenario, you will still be able to avail an instant loan but at an increased EMI rate. Alternatively, if you choose to opt for a collateral-based loan and pledge an asset instead, you can benefit from this in more ways than one including an increased loan amount and a lower loan interest rate. Bear in mind that repaying your loan on time can go a long way in improving your credit score.

Can I get an instant loan if I'm a homemaker?

It is possible to get an instant cash loan even if you are a homemaker. There are two types of instant cash loans - collateral-based and collateral-free instant cash loans. In the case of the latter, the borrower has to be able to prove that they have a steady source of income and a high credit score. Since that option is not available to a homemaker, an even better option is still available to them. A collateral-based loan is an excellent source of quick funds as they require neither an income statement, nor a salary slip. The main requirement is the collateral, such as gold. The borrower can get up to 75% of the market value of the gold as the loan amount and can enjoy one of the lowest loan interest rates in the market. The borrower, alongside the collateral will also have to submit their identity proof and address proof.

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.

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