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Kanyakumari
nagercoil
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Instant loan in nagercoil

Nagercoil is a quaint town situated in the southernmost part of Kanyakumari district, Tamil Nadu. Formerly known as Kottar, the location is encompassed by beautiful mountain ranges of the Western Ghats and the Arabian Sea. Hence, Nagercoil attracts visitors through its serenity and natural beauty. It boasts several tourist attractions like Udayagiri Fort, Vattakottai Fort, Thirunandhikarai Cave Temple, Our Lady of Ransom Church, Muttom Beach, Rajas Picture Palace, Nagaraja Temple, Keeriparai Reserve Forest, Thiruparrapu Waterfalls, Sanguthurai Beach, and much more. There is something for every kind of traveler. The booming tourism in the town has even created more business opportunities for the locals for which they look out for an instant loan in Nagercoil. The place is well-connected with all the major cities of the state. The cheapest and fastest means of reaching Nagercoil is via road from Kanyakumari, which is at a proximity of 20 Km from the town.

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 Kanyakumari. 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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Reasons to take an instant loan

People often turn to instant loans in Kanyakumari for several purposes.They can be classified into:

1) Unplanned expenses: Owing to how quickly it can be availed, instant cash loans are a convenient form of credit that comes very handy in case of financial emergencies. In scenarios such as hospitalization, sometimes the bill amount might exceed the insurance cover. Instant loans can be availed within an hour and are very helpful when one has to meet unplanned expenses.

2) Planned expenses: If you are looking to start or expand your business, you can avail an instant loan to help meet your fund requirements. The funds stemming from an instant loan can be spent as per the borrower's discretion. If you choose to spend the loan mount on business, construction, or renovation of your house you are even eligible for tax rebates. Be it a leisure trip or a wedding, instant loans can be availed for any reason.

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Frequently asked questions

How is the EMI for an instant loan calculated?

EMI amounts vary from one borrower to another. That is, the EMI is subject to change depending on the interest rate, loan term, and loan amount. Usually, in a repayment cycle, most of your repayment goes towards the interest, post which your payments gradually trust towards repayment of the principal amount. The loan amortization schedule shows the breakdown of the principal amount vs the interest component. For instance, if you get a loan of 10 lakhs with an agreed repayment tenure of 12 months at a 10% loan interest rate, then your monthly EMI will sum up to 87,920 -/ INR. Depending on the magnitude of each component the EMI amount will also vary. If the interest rate increases while the period remains the same, then you will have to pay more within the same time and hence the EMI will increase and vice versa.

What is an instant cash loan?

An instant cash loan is an online collateral-free loan that usually takes no more than a few hours to process. As most of the loan application formalities take place digitally, customers can finish the entire process, from application to disbursal, online. However, as the loan does not require any collateral security, the loan amount is lesser and the interest rate higher than a collateral-based loan. To avail a high-value and low-interest collateral-based loan, you have to visit the lender's website and place a loan request. After applying for an instant cash loan online, the lender would send an official to your house or office within an hour, who would verify your documents, and disburse the amount instantly. By availing a collateral-based loan, customers can save as much as 65% on EMIs than conventional collateral-free loans.

Can I get an instant loan using Aadhar card?

When you want to apply for an instant loan in India, lenders often ask you to furnish a host of documents. However, you can also apply for an instant loan with just one document - the Aadhaar Card. Aadhaar is considered as the most conclusive proof of your citizenship, and serves as an identity and address proof. But, in most cases, you can get an instant cash loan with Aadhaar Card only when the loan is a secured loan, such as a gold loan. Because of collateral security, lenders do not need any other documents. You may also apply for a secured loan with a low credit score and no salary slips. Hence, it is possible to apply for an instant cash loan online only by producing your Aadhaar Card.

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.

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