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Amravati
nandgaon khandeshwar
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Instant loan in nandgaon khandeshwar

Nandgaon Khandeshwar is a city and a civil council situated in Amravati region in the state of Maharashtra. Nandgaon Khandeshwar is one of the three talukas (Other two are Dhamangaon Railway and Chandur Railway) in Chandur (Railway) area in Amravati district. Nandgaon Khandeshwar is a Taluka in Amravati District. Khandeshwar temple is acclaimed ancient spot in Nandgaon Khandeshwar which was constructed by Hemadpantis. During Mahashivratri is a fair every year at the Khandeshwar Temple which is large occasion for all the Nandgaon Khandeshwar residents. This occasion is celebrated for 7 days by the entire Nandgaon Khandeshwar city. It features great network of roads and is close to Samrudhi Highway and Navnagar. To pay for their kids' education, locals often choose instant loans in Nandgaon Khandeshwar.

Difference between instant loans and personal loans

Although both personal and instant loans provide the lender with emergency funds, certain features make them different from each other. These pertain to their nature, their requirements, and their loan amounts. 

Nature: While a personal loan is always unsecured, an instant cash loan can be either secured or unsecured.

Collateral requirement: Personal loans are always collateral-free while instant loans can be collateral-free as well as collateral-based.

Required documents: Personal loans require more paperwork to prove the financial health of the borrower. In the case of secured instant loans, the paperwork is minimal, consisting only of the borrower’s identity and address proof. However, when obtaining an unsecured instant loan, the borrower is required to submit documents to prove their financial health, such as their credit score and income statement.

Upper limit: Up to INR 20 lakh can be procured using a personal loan. When it comes to a secured instant loan, there is no upper limit in the loan amount that can be availed. The lender can receive up to 75% of the market value of the pledged collateral as the loan amount. On the other hand, not more than INR 5 lakh can be obtained as the loan using an unsecured instant loan.

Reasons to take an instant loan

People often turn to instant loans in Amravati 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

What are the interest rates of an instant loan?

The interest rate at which instant loans are availed differs from one borrower to another. This is determined by his/her income status and credit score. Lenders follow a streamlined procedure to disburse an instant loan which involves document verification and ascertaining the borrower's financial capabilities. Often, the loan amount also plays a key role in determining the loan interest rates. For instance, interest rates may vary between 1.29% to 1.65% if the loan amount is under 2 lakhs. If the amount ranges between 2 to 5 lakhs, subsequently the interest rates will also vary between 0.99% to 1.59%. Interest rates may vary between 0.89% and 1.39% provided the loan amount is either 5 lakhs or more. It is because of these interest rate slabs, you are required to assess your repaying capacity before availing for a loan as default in loan repayments reflect badly on credit scores.

What type of loan can be taken for a medical emergency?

A medical emergency comes without any warning. Even when you have health insurance or a mediclaim policy, the amount you get might not be sufficient to take care of the hospital cost. An instant cash loan can come to your rescue during such times. An instant loan ideally takes no more than an hour to get approved. Some lenders also offer the facility to apply for a loan with just one document - the Aadhaar card. The amount you are eligible to receive as the loan amount, as well as the interest rate, depends on your financial profile and credit score. Applying for an instant cash loan is extremely simple. Simply download the lender's loan app and apply for the instant loan. Your EMIs will start after one month from the date of loan approval.

How long will the application process take?

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.

Will an instant loan help pay off credit card debt?

Credit cards are the most sought after instrument of debt. Since credit cards essentially enable an individual to spend money they don't yet have, it often leads to debt compilation which reflects poorly on the individual's creditworthiness. Post such a debacle, even if the individual chooses to opt for a loan, a low credit rating will continue to affect the individual's loan interest rate, loan amount, and other terms of the loan. The individual can redeem himself/herself by availing instant cash loans online. The individual can seek to curb the damage caused to his/her credit rating as the funds stemming from an instant loan can be used to settle existing credit card debts. Since instant loan interest rates are usually lower than that of credit cards, it is advisable to leverage an instant loan to settle credit card dues.

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