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Guntur
namburu
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Instant loan in namburu

Namburu is a rural settlement located in the Guntur district of Andhra Pradesh. It is a part of Andhra Pradesh Capital Region and comes under the jurisdiction of Amaravati Metropolitan Region Development Authority (APCRDA). The area is locally governed by Namburu gram panchayat. It is a developing village that lays a lot of stress on education. The village has a good mix of government and private schools. Namburu also boasts of having reputed institutes of higher education like Acharya Nagarjuna University and Vasireddy Venkatadri Institute of Technology. A lot of students from the nearby villages take admission in these institutes. Many among them depend on instant loan in Namburu to meet their educational expenses. Namburu stands at a distance of about 15 km from Guntur city and remains well-connected through National Highway 16 and the Namburu Railway Station. .

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 Guntur 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.

Difference between instant loans and personal loans

Difference between instant loans and personal loans

While both instant loans and personal loans serve the same purpose, that is to provide you with cash, there are some differences between the two.

Difference

Personal Loan

Instant Loan

Nature

A personal loan is an unsecured loan.

An instant loan can be either secured or unsecured.

Collateral
Requirement

You do not need to submit any collateral guarantee to avail the loan.

If you opt for a secured loan you will have to pledge collateral, which isn’t the case if you apply for an unsecured loan.

Documents Requirement

Due to its unsecured nature, lenders require various documents that prove the stability of your income and keep the loan amount low.

You only need to submit certain basic documents such as identity proof in case of a secured loan. Documentation requirement is low as you will anyway be pledging collateral. In case of an unsecured loan you will have to submit documents such as income statements, payslips. address proof, etc

Maximum Limit

The limit of an unsecured personal loan or an unsecured instant loan is typically up to INR 20 lakh.

In the case of a secured loan, the limit depends on the collateral pledged. If you apply for a secured instant loan, the lender would sanction up to 75% of the collateral’s market value. Hence, if you deposit collateral whose market value is INR 1 crore, you may get a loan of up to INR 75 lakh. In case of an unsecured instant loan, the limit is INR 5 lakhs.

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What are the reasons to take an instant loan?

One of the most flexible sources from which you can get urgent loans is by getting an instant loan. You can use the amount obtained using an instant cash loan for any purpose. You can use it to set up a business, go for a trip, pay a medical bill, sponsor an event, construct a house, or just about anything - except for speculative or illegal activities. You can get an instant loan approval pretty quickly, usually not taking more than an hour. Thus it makes the best solution as far as emergency funds or urgent loans are concerned. You will have to have an excellent credit score and an income statement to obtain an instant cash loan. If neither are at your disposal, you can procure instant cash loans with the help of a gold loan. Gold loans offer many benefits such as flexible loan repayment options and lower interest rates.

What are the other types of short-terms loans I can take?

Thanks to added advantages such as instant loan approval and non-requirement of collateral that come along with short-term loans, they are becoming increasingly popular. Short-term loans are those loans whose repayment period does not span beyond one or two years. Typically, short-term loans are of four types. As the name suggests, bridge loans are those loans that can be availed whilst waiting for a high-value loan to be approved. Loan overdrafts are extensions of credit that lenders provide over existing credit. Demand loans are those loans that can be availed by pledging savings certificates or insurance policies to avail about 80% of it's market value as loan. The fourth kind are instant gold loans that require you to pledge your gold to avail instant loans at extremely low, transparent interest rates. Though gold loans indeed require collateral to be pledged against the loan, the instant nature of these loans gives it a premium position in the Indian market.

What are the tips while applying for an instant loan in India?

instant loans are the best source to avail funds if you are in urgent requirement of the same. However, to have a significant say in the terms of the loan, the borrower needs to be in possession of a high credit score. This credit score is a direct reflection of your past repayment pattern. The higher the credit score, the better your chances of availing a loan as per your terms. 700 is considered an ideal credit score, anything north of that gives you an upper hand as the borrower. There are two types of instant loans- Secured and Unsecured. In case of a low credit score, the borrower can always opt for a secured loan, in which case the credit score will not majorly influence the terms of the loan as collateral is involved. However, if the borrower has a commendable debt-income ration, then he/she can leverage that and opt for an unsecured instant loan at an attractive interest rate. Irrespective of which loan one chooses to avail, it will not take more than an hour to receive these funds.

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