Considered as the central commercial region for over 240 villages, Narsampet is a town situated in the Warangal district of Telangana. It is a historic town and was located in the state of Andhra Pradesh during Colonial times. It is the home to some beautiful monuments the Pakhal lake that provides the majority of drinking water to the nearby villages. Being a busy trade market, it has several colleges and mills. The locals are occupied in all sorts of major and minor mill businesses like oil, rice, Agriculture committee and departmental offices. The villagers take instant loans in Narsampet for promoting their agriculture produce and satisfying their daily needs. It is an important hub for the locals as well as for the people from the neighbouring villages.
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.
Instant loans are one of the simplest and most popular loans in India. Out of all loans offered by Indian lenders, instant loans are the most feature-rich and easy loan you can avail. Some of the prominent features of an instant loan are:
Flexibility- The first feature that makes an instant loan unique is its flexibility. You may use the loan amount for any purpose you want to.
Loan approval- The second feature is the speed at which instant loan approvals occur. Usually, an instant loan gets approved within an hour of the loan application.
Ease of loan application- The third feature is that you can apply for an instant loan online or offline. The entire process, from application to approval, is transparent, quick, and painless and is hassle-free when it comes to gold repayment.
Minimal documentation-Last but not the least, instant loans are so popular due to the minimum documentation required to apply for an instant loan. You need to upload no more than five to six documents to submit your loan application.
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Whether or not you require collateral to avail a loan depends on the type of instant loan that you wish to avail. instant loans can be of two types- Collateral based and non-collateral based. If you apply for the latter which is a form of unsecured loan, you can at max only avail up to 5 lakhs. As these loan amounts are relatively low, the loan interest rates will also be correspondingly high. You will have to submit your credit profile, salary slips, and other such documents for evaluation based on which the loan amount and interest rate will be determined. On the other hand, when you avail collateral-based also know as a secured loan, you are expected to pledge an asset or collateral against your loan. These secured loans equip you with an array of advantages as your loan amount can go up to 75% of the asset value and you will only be charged a relatively low loan interest rate.
Repaying the EMIs is easier than applying for a loan. When you are availing a collateral-based instant loan, such as a gold loan, rather than availing a personal loan or a credit card, you can enjoy the benefits of lower interest rate. There are three types of payments during the loan tenure period - the interest, closure and part payments. What you pay every month as EMI is what the interest consists of. What you pay for the release of your collateral is the closure payment and Part-payment is the amount that you pay more than what you pay as interest. You can pay the EMIs either by visiting the website of the lender or by downloading their app from PlayStore. You can also pay using Internet Banking, Debit Cards, UPI, NEFT, RTGS or IMPS. When you choose EMI as your monthly payment option, you will get notifications from the lender to remind you about the payment.
Due to an increasing number of arrears as far as loan repayment is concerned, lenders prefer to be vigilant while loan applications of those individuals that do not have a continued source of stable income. In such a scenario, salary slips are used to confirm the borrower's source of revenue on account of repayment of the instant loan. However, submitting salary slips is not mandatory. A variety of alternate proof of earnings can be submitted including Form 16, Income Tax Returns, Bank Account Statement, and Income Certificate. In case of an exceptionally high credit score, the borrower is given an exemption and lent an instant loan simply based on the Aadhar card. Alternately, the borrower can apply as a co-applicant along with another borrower with a stable source of income, or pledging collateral such as gold.
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.
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