Navlakhi is a locality in Vadodara in Gujarat. It is a residential area which offers abundant amenities to its residents such as police station, public and private hospitals, schools and financial instituitions such as banks and ATMs. The banks in this region offer various lending and crediting scheme. The most sought after scheme is instant loan in Navlakhi amongst the residents. The quick availability of funds make this loan so popular in this region. Such loans can also be availed through mobile applications of various financial institutions. This region also offers clean and connected environment to its residents and houses the popular Navlakhi ground and Navlakhi stepwell.
The flexibility in the end-use of an instant loan makes it one of the most popular loans in India. Denizens often avail instant loans in Vadodara for various reasons. The first reason why people avail an instant loan is to address sudden financial emergencies. Sometimes, in case of hospitalisation, the bill amount may exceed the available cash. An instant loan provides urgent money, which one can use on anything related to health. Another reason why people apply for an instant loan is to set up a business. In some cases, using the instant loan amount for business may also enable you to apply for tax rebates. Many borrowers also avail an instant loan to sponsor a vacation or a tour. The fourth reason why people apply for an instant cash loan is to spend it on sponsoring a big event like a marriage.
Thanks to the flexibility and the simplicity associated with an instant loan, it is the most popular and demanded source of funds in India. An instant loan offers many exclusive features that makes it a favorite among the borrowers in Vadodara. Listed below are some of the most attractive features of an instant loan:
Flexibility - The funds that are obtained through an instant loan can be put to any use, as long as it is not for speculative or illegal purposes.
Loan approval - Usually within an hour from the loan application, the loan amount will get disbursed into your account, just as the name suggests.
Loan application - An instant loan can be placed online as well as offline. The borrower can use the app, the website, or can also call the customer service desk to make a request for the loan. The procedure, from the loan application to the transfer of the amount remains smooth, transparent, and quick.
Minimal paperwork - One of the reasons why instant loans are so popular is that they hardly require any paperwork at all. Not more than five documents are to be uploaded under any circumstance.
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When you apply for an instant loan, the lender usually analyses your financial track record and credit score and considers your eligibility for the loan. They also determine the loan interest rates and the loan term, depending on your eligibility. When your eligibility criteria matches the lender's norms, they carry out the necessary document checks and approve the instant loan. Usually, the repayment date is calculated from the date of the instant-loan approval. As an instant loan is generally approved on the same day itself, the EMIs start from one month after the instant-loan approval date. Hence, if you apply for an instant loan on 1st January, the due date for the EMIs would be the 1st day of every month. However, some lenders offer the facility to repay the principal and the accumulated interest as one lump sum during loan repayment at the end of the term..
Foreseeing the possibility of this happening, most lenders offer features that dispatch automated reminder messages as the due date of the instant loan's EMI payment nears. Despite that, borrowers at times tend to miss out on EMI payments every now and then. For whatever reason, if the EMI payment is skipped, the lender will charge the borrower a penalty that needs to be paid along with the next payment. This will consequently inflate the amount due in the following month. If these defaults keep occurring, not only will this adversely affect the borrower's credit rating, it will also make further loan applications difficult. As a borrower it is very important to be accountable for your timely EMI payments and make provisions for the same even before applying for instant loans online as in extreme cases, lenders even hire third party loan recovery agents who might force the borrower to make the payment.
As more and more users are increasingly accessing the internet through their phones, financial institutions are leveraging the data stored and linked to these phones to determine the borrower's credit profile and repayment capacities. Net banking verification is a black-box algorithm established by lenders to ascertain whether or not your salary has been getting credited to your salary account regularly. This is a secured, automated process and takes just a few minutes! However, if you are apprehensive of this process, when you are applying for an instant cash loan online you can submit your income statement and payslips along with the rest of your documents. In the presence of this proof, the lender will not have to verify your net banking transactions.
There are two types of instant loans- Collateral free loans (also known as Unsecured loans) that do not require you to pledge any asset against the loan) and Collateral loans (also known as secured loans) that require you to pledge gold in exchange for the loan. In the case of a secured loan, the borrower has the latitude to request for a change in the loan tenure. This is not the case with unsecured loans as the lender may or may not allow the facility to change the tenure of the loan once the loan request has been screened and approved. While lenders are often willing to accommodate any changes the borrower might want to implement, it'll be rather prudent of the borrower to map this out in advance before applying for the loan.
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