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Instant loan in naroda

Once a neglected industrial area of Ahmedabad, Naroda today has turned into one of its desirable residential localities. Being strategically located near the intersection of National Highways 8 and 59 and on the emerging Gandhinagar-Ahmedabad-Vadodara corridor, the area enjoys excellent connectivity. It stands within a 9 km range of the Sardar Vallabhbhai Patel International Airport and the Ahmedabad Railway Station. The flourishing locality is divided into two parts: Old Naroda and New Naroda. Majority of the residents are Hindus and Jains. A considerable number of Sindhis also live in Naroda. The locality is home to the Naroda GIDC industrial park, which hosts multinational and national companies like PepsiCo, Reliance Industries Ltd., Dresser Industries, Ingersoll-Rand, Lubi Elcectronics, Arvind Mills, Nirman Textile, and many others. People often take the help of instant loans in Naroda to fulfil their business ambitions. Naroda houses several religious attractions, such as the historic Lord Sankar temple, Hanumanji Mandir, Satyanarayan and Padmavati Mataji's Jain Temple, and Mahaprabhuji's Bethak, to name a few.

Features of an instant loan

Instant loans are one of the most popular forms of credit in India. Instant cash loans come equipped with several perks and features that make it the most preferred form of credit or most borrowers. There are several reasons why Instant loans have been a roaring hit. The first and foremost reason would have to be its flexibility. It can be availed within a matter of hours, with or without collateral, with or without a healthy credit score, and can be spent as per the discretion of the borrower. Secondly, the speed at which these loans are approved. It is usually only a matter of an hour before these loans are approved. The third reason would have to be the loan application process which can be done both online as well as offline and is an extremely hassle-free process. Last but not the least, the reason instant loans are most borrowers' go-to choice of credit is because of the minimal documentation that is required. Depending on the type of instant loan the borrower is looking to avail, the documents required will vary but are minimal nevertheless.

Difference between instant loans and personal loans

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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Frequently asked questions

Is Pan card compulsary to get an instant loan?

A PAN Card is one of the mandatory documents that a borrower has to submit with the lender in order to prove their financial security. It is possible to get an instant loan without a PAN Card. There are better chances of a loan approval if you have provided your PAN Card. It is easier to obtain a secured instant loan than an unsecured instant loan without a PAN Card. This is because, in the case of a secured loan, the lender is assured of the safety of the loan, thanks to the assest that he has procured in the form of collateral. If you are in need of an unsecured instant loan and if you do not have PAN Card, you need to have a high credit score. A high credit score is usually above 700. A high credit score is a mark of your financial health. The lender can also decide to give you an unsecured instant loan without a PAN Card if you have a stable income, which has to be proved with an income statement or with a copy of your bank account statement.

How is the repayment date calculated for an instant loan?

In order to sanction your instant loan, the loan officer needs to analyze your creditworthiness, financial documents, and loan eligibility subject to which the loan term and the loan interest rates are decided. If your eligibility criteria meets the lender's terms, upon verification of the corresponding documents, the instant loan approval is carried out. The date of repayment is also subject to instant loan approval. instant loans are typically approved on a same-day basis and the EMIs for this start from a month from this date. For instance, if you apply for a loan on the 5th of a month, the EMIs will be due on the 5th day of each subsequent month. Additionally, you can also leverage the option of repaying the principal amount along with the interest accumulated over the term as one lump sum at the end of the term of the loan.

Can I get an instant loan if I'm retired?

As a retired person, you might need funds for sponsoring an event, paying medical bills, renovating your house, buying something special, or for any other purpose. An instant cash loan is a one-stop financial instrument for fulfilling all your funds-related needs. Just because they are no longer employed, the option of an instant loan is not closed to a retired person. As long as they have a steady source of income, like pension, or collateral, like gold, they can still get urgent loans. Applying for an instant loan is extremely easy and straightforward. All you should do is call the lender's customer care number and express your desire to apply for a loan. Alternatively, you may download the lender's app and place the request all by yourself. Before the loan approval, the lender might seek a few simple documents for identity, and address proof, and income statement. If the entire process goes as is expected, you may receive the funds in your account within an hour from the time of loan application.

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.

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