Mumbai Central is a prominent place in Mumbai in the Indian state of Maharashtra. The area is famous for the Mumbai Central Railway Station, which is an important place of transit for the people of Mumbai as well as outsiders visiting the state. The station comes under the Western line of Mumbai Railway division. The chief designer of the station building was the British architect Claude Batley. There is also a Metro station in the area. The Mumbai Central area is an important commercial zone and people from all across Mumbai come to the area for shopping. There are a few upscale residential properties and shopping malls near the station. Businesspersons frequently apply for instant loan in Mumbai Central to fund their business needs.
Instant loans are one of the most popular forms of credit in India. Instant cash loans come equipped with several perks and features that make it the most preferred form of credit or most borrowers. There are several reasons why Instant loans have been a roaring hit. The first and foremost reason would have to be its flexibility. It can be availed within a matter of hours, with or without collateral, with or without a healthy credit score, and can be spent as per the discretion of the borrower. Secondly, the speed at which these loans are approved. It is usually only a matter of an hour before these loans are approved. The third reason would have to be the loan application process which can be done both online as well as offline and is an extremely hassle-free process. Last but not the least, the reason instant loans are most borrowers' go-to choice of credit is because of the minimal documentation that is required. Depending on the type of instant loan the borrower is looking to avail, the documents required will vary but are minimal nevertheless.
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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Whether or not you can change the loan term after the loan approval depends on the type of loan you have opted for and your lender. There are two types of loans when it comes to instant cash loans - an unsecured instant loan and a secured instant loan. In the case of an a secured loan, since the loan is flexible, it is possible to change the loan term after the loan approval. A secured loan is where the borrower has to pledge an asset in the form of collateral with the lender. In the second type of loan, in an unsecured instant loan, whether or not you can change the loan term depends on the lender. In any case, it is always better to be clear about your financial health and choose the best EMI available to you after careful deliberation.
It is one hundred percent safe to take an instant loan online. The Reserve Bank of India authorises almost all lenders offering lending services in India under Section 45 IA of the Reserve Bank of India Act, 1934. You should always check the lender's Certificate of Registration and its validity before keying in your details online. Regarding the security of your personal and bank details, many reputed online lenders use 256-bit encryption and international-standard threat mitigation technologies, like the SSL technology, to make your data completely safe and secure. Hence, you can stay fully assured about the safety of your financial data. An instant cash loan online is one of the best ways to fulfil your aspirations without bearing the additional pain of making the rounds of the lender. Starting from application to EMI payments, every process is online. Additionally, online lenders offer much lower interest rates than many brick and mortar lenders.
The EMIs or the Equated Monthly Installment that the borrower pays every month comprises of the principal loan amount as well as the interest. The EMI is calculated after consideration of the loan amount, the loan interest rate as well as the loan term. During the early months of loan repayment through EMIs, the amount paid is the interest. It is towards the end of the loan term that the principal amount is repaid. There is a tabular list called the loan amortization that shows the principal amount as well as the loan interest components. If a borrower takes gets a loan amount of INR 10 lakh whose loan term stretches over 12 months and the loan interest rate charged is 10%, the monthly EMI of the borrower would come to INR 87,920. The EMI has a direct relationship with the loan interest rate. If the loan interest rate increases and the loan term remains the same, the EMI will increase. On the other hand, EMI has an indirect relationship with the loan term. If the loan term increases and the loan interest remains the same, the EMI will decrease.
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The eligibility criteria for loans differ from one lender to another. Most majors are eligible for these instant loans. The terms of these loans are contingent on certain aspects such as age, income profile, and continuity, etc. To apply for an instant loan the borrower needs to be anywhere between 21-68 years old to be eligible to apply for an instant loan. While it is typically expected of the borrower to have a stable source of income, you may still apply even if you don't. In such a case, the borrower will either have to apply along with a borrower who can produce an income statement or deposit gold as collateral instead. The standard credit score expected is 650. If your score is lesser than 650, you will still be eligible for an instant loan but for a relatively smaller amount at an increased interest rate.
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