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Instant loan in neelikonampalayam

Neelikonampalayam is an upcoming locality in the city of Coimbatore. SHS Colony Road and Neelikonampalayam Main Road are the two internal roads of the locality. Neelikonampalayam remains connected to the other parts of the city through the Trichy Road that passes through the locality and intersects the Kamaraj Road. Coimbatore International Airport is located about 8 km from the locality. Singanallur Railway Station is the nearest station to reach the locality and is about 3 km away. The main railway hub of the city, Coimbatore Junction Railway Station is situated about 11km from the locality. Many residential and commercial projects are coming up in Neelikonampalayam. The locality also has several small scale industries, schools, and hospitals. Instant loans in Neelikonampalayam is the most popular category of loans availed by the people here.

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.

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

Will an instant loan help pay off credit card debt?

When faced with some financial turbulence, it is common to find people opt for a credit card without realising the implications of failure of repayment of the debt. Although you can use an instant cash loan to pay off a credit card related debt, it is also advisable that rather than relying on a credit card for emergency funds, you can obtain urgent loans through an instant cash loan online since it is a better option. An instant loan is a better source for urgent loan for a variety of reasons. The loan interest rate on an instant cash loan is lower than that of credit cards.Credit card debt can also cause severe damage to your credit score, bringing down your eligibility for loans in the future.

Can I get an instant loan using Aadhar card?

When you want to apply for an instant loan in India, lenders often ask you to furnish a host of documents. However, you can also apply for an instant loan with just one document - the Aadhaar Card. Aadhaar is considered as the most conclusive proof of your citizenship, and serves as an identity and address proof. But, in most cases, you can get an instant cash loan with Aadhaar Card only when the loan is a secured loan, such as a gold loan. Because of collateral security, lenders do not need any other documents. You may also apply for a secured loan with a low credit score and no salary slips. Hence, it is possible to apply for an instant cash loan online only by producing your Aadhaar Card.

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.

What are the repayment options for an instant loan?

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.

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