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Instant loan in nanpura

Nanpura is a bustling locality in the city of Surat. Located about 4 km from the Surat Railway Station, the area remaisn well-connected with all parts of the city. It is a historic locality. Flanked by the Tapi River on one side, Nanpura is known for its monuments and statues. The Dutch Garden landscaped in the European style has mausoleums of British and Dutch traders as well as colonialists who once ruled over this region. Dotted with trendy eateries, street food stalls, and shops selling knick-knacks, Nanpura presents a vibrant picture to the visitors. To set up such businesses, individuals often apply for instant loans in Nanpura.

Reasons to take an instant loan

People often turn to instant loans in Surat 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.

Eligibility to apply for an instant loan and documents required

Instant loans are typically of two types- Unsecured loans that don't require collateral security and secured loans that require the borrower to pledge collateral security against the loan. Borrowers that get a instant loan get access to various benefits as compared to those that borrow unsecured loans. For instance, borrowers that avail secured loans get to borrow a higher loan amount. Since borrowers are required to pledge an asset whose market value needs to be about 30% more than the loan amount, the eligibility criteria are also relaxed. To avail a secured loan, you'll only need basic documents such as PAN Card and Aadhaar Card. However, this isn't the case with unsecured loans. When you apply for an unsecured loan, your loan approval depends on several factors such as your debt-income ratio, existing credit profile, and income status. Additionally, to be eligible for an unsecured loan, as a borrower, you will need to have a minimum income of INR 21,000 per month. Along with this proof of income, you will also have to submit other documents such as PAN Card, Aadhaar Card, Age proof, Income tax file, Account transaction statement, and sometimes even a guarantor. If you are looking to avail a quick, hassle-free loan, secured loans are the way to go.

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Frequently asked questions

How does an instant loan get disbursed?

An instant cash loan can be of two types - secured and unsecured. If you apply for a secured loan, the lender will send a loan officer to your doorstep to verify the original documents and collateral security before approving or rejecting the loan. If you apply for an unsecured loan, the lender would verify your documents online and approve or reject the loan. The loan approval, in this case, would depend mainly on your repayment history and financial profile. The loan application is approved it gets directly credited to your bank account on approval. Usually, the entire process from loan application to approval of the loan takes roughly 60 minutes.

Do you need any collateral to avail an instant loan?

You don’t always need collateral to obtain an instant cash loan. There are two types of instant cash loans - a collateral-based instant loan and a collateral-free instant loan. A collateral-based instant loan is secured against an asset of the borrower, such as gold. When an instant cash loan is procured against an asset, the borrower can enjoy some benefits including lower loan interest rates, higher loan amounts, etc. Loan amounts can be disbursed up to 75% of the market value of the asset. When a loan is taken against collateral, the borrower is also not required to submit their credit score or their income statement. In the case of an unsecured instant loan, although the borrower is not required to pledge his asset, he will have to pay a higher loan interest rate. They will also have to present their credit score and income statement or salary slips, depending on which, the loan approval will be done. The loan interest rate will be calculated depending on their financial health. Unlike the case of a collateral-based loan, a collateral-free loan also has an upper limit of 5 lakhs.

How can I get instant loan in one day?

You don’t have to worry about getting an instant loan in a day. As long as you have the necessary documents ready at hand, you can get the loan in an hour. An instant cash loan gets its popularity as it is one of the easiest and the quickest loans that anyone can apply for. All you have to do is visit the website of the lender or download their app and apply for an instant loan. You can also call at their desk to place a loan. If you have applied for an unsecured loan, you have to upload documents that prove your identity, address, and income. If you have applied for a secured loan, the representative from the organization will arrive at your doorstep to check the authenticity of your collateral as well as to verify your documents. As soon as your loan approval is done, the amount will get transferred to your account with no delay.

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.

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