Nanded is a historic city in Maharashtra that stands on the banks of river Godavari. It was ruled by different dynasties at different times, including the Nanda dynasty, the Satvahanas, and the Maurya Empire. While the city became a part of Nizam’s Hyderabad in 1725, it was included into the newly formed state of Maharashtra in 1960. Guru Gobind Singh, the 10th Sikh Guru, had made Nanded his permanent home and had transferred the Guruship to the sacred Sikh scripture, Guru Granth Sahib at this place. This has turned Nanded into a major Sikh pilgrimage site. The city was the birthplace of Marathi poet-saints Raghunath Shesa, Vishnupant Shesa, and Vaman Pandit. While the city draws a major chunk of its revenue from tourism, it is also supported by agriculture. Instant loan in Nanded is the most preferred type of loan for business owners and individuals. Kaleshwar Temple, Siddheshwar Temple, Hazur Sahib, and Nanded Fort are some of the tourist hotspots in the city.
People often turn to instant loans in Nanded 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.
While both instant loans and personal loans help serve the same purpose there are a few factors that set them apart. For starters, all personal loans are unsecured loans by nature which implies that it does not require any collateral to be pledged to avail a loan amount. Owing to this when you get a personal loan, you are required to submit relatively more documentation to confirm the borrower's financial health. An important factor when it comes to personal loans is a healthy credit score which is an important determinant as far as personal loan eligibility is concerned. Additionally, when it comes to personal loans, the maximum one can avail is INR 20 Lakhs. However, when it comes to instant loans, it can be classified as either secured or unsecured loans. In the case of a secured instant loan, the documentation required is extremely minimal as borrowers are anyway required to pledge an asset whose market value needs to be about 30% more than the loan amount. The upper cap when it comes to a secured instant loan is contingent on the collateral pledged. For example: If you pledge an asset worth 1 Lakh, you can avail a loan of 75 Lakhs maximum.
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An instant loan is usually taken by the borrower for emergency fund requirements. But you can also use these funds for investment purposes. In that case, the Indian tax law also makes it possible for you to get tax benefits on the principal or the interest component of the instant cash loan. If you are using the loan amount for business purposes, it is possible to get tax benefits, but only on the interest component and not the principal component. If the funds are used to renovate or improve your house, it is possible to get up to INR 1.5 lakh on the principal component of the instant cash loan in a financial year. And if the acquired amount is used in constructing a house or in buying a property, up to INR 2 lakh on tax-deductions can be claimed on the interest component.
instant loans are the most flexible and speedy financial instruments available. One of the major perks of availing an instant loan is that it can be spent as per your discretion. This amount can be spent to meet your household expenses, unexpected medical emergencies, education expenses, or any other cause as per your will provided it doesn't involve speculative activities such s gambling. What's more, this even makes you eligible to receive tax benefits. For example, if you are availing a loan to build a house you are eligible to receive up to 2 Lakhs INR. On the other hand, if the money is being utilized to renovate your home, you will then be eligible to receive up to 1.5 Lakh INR tax benefits. Entrepreneurs or professionals that are self-employed leverage these loans to meet their working capital requirements. You can also invest these funds in buying a vehicle for the family or any electronic items.
The best feature of an instant cash loan is its speed. To avail a loan, you have to download the lender's app or visit their web portal and place the loan request. Generally, within a few minutes of lodging the application, an official representative will call you and fix an appointment. After this, an approved loan officer would visit your house or office and verify the documents. However, in case of a collateral-free loan, lenders often carry out the verification online. In case of a collateral-based loan, the officer would reach the place of your convenience within 30 minutes of placing the loan request. After physical verification of documents, the officer would approve your loan and ensure seamless transfer of the loan amount to your account. Ideally, the entire process from loan application to loan disbursal takes no more than 60 minutes.
An instant loan often charges a high loan interest rate to offer the convenience and flexibility that comes with it. However, there are ways in which you can reduce loan interest rates. And the ways are not too difficult. The first thing you should do is to increase your credit score and aim for a credit score near 900. The best way you can increase your credit score is by repaying your EMIs on time. The second thing you can do is to apply with someone who has a stable source of income. If both the applicants have high net monthly income, then the loan interest rate can drop substantially. If none of the above methods applies to you, then the best thing you can do is to apply for a secured loan, like a gold loan. The interest rates of secured loans can be as low as 0.89% per month.
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