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Vellore
odugathur
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Instant loan in odugathur

Odugathur is a fast developing locality in Vellore District in Tamil Nadu. The Krishnagiri Trunk Road passes through the locality. The other major roads are Vanniyar Road and Madhanur - Odugathur Road. There are picturesque mountains and hills around the locality. The Javadi foothills are close to the area. There is a 300-years' old Shiva Temple, where people from near and far come to offer prayers. Another ancient temple in the locality is the Perumal Temple, which is believed to be 1000 years old. Other famous temples in the locality are Saptharisheeswarar Temple, Mariamman Temple, and Gangai Amman Temple. The Indian Bank, Vellore District Co Op Bank, and State Bank of India have branches in the locality. As the residents often require money to tide over a crisis, sponsor a wedding, or set up a business, they apply for instant loans in Odugathur.

Eligibility to apply for an instant loan and documents required

An instant loan can be of two types - 

Secured instant loans- If you apply for a secured loan, i.e. an instant loan against collateral, you can get a higher loan amount. The eligibility criteria are also relaxed. Usually, it does not matter whether you can show income proof or not. You may also apply for a loan with only two documents - PAN Card and Aadhaar Card. 

Unsecured instant loans- If you apply for an unsecured instant loan, the lender would approve the loan based on your income and expenditure ratio, credit score, and the stability of income. To avail an unsecured loan, you have to satisfy the minimum monthly income criteria set by the lender and is usually above INR 21,000 per month. Moreover, you have to submit documents like PAN Card, Aadhaar Card, income proof, age proof, income tax file, bank account statement, and quite often, a guarantor.

 Hence, if you want a no-frills loan, it is prudent to apply for a secured instant cash loan online.

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.

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Frequently asked questions

What are the reasons to take an instant loan?

An instant loan is probably the most flexible immediate loan you can avail when you need money. The best feature of an instant cash loan is that you can use it for any purpose, other than speculative activities. Hence, you may use it to construct a house, sponsor an event or a tour, set up a business, pay medical bills, or on anything which is legal and non-risky. An instant cash loan is usually approved in an hour, thus allowing you to take care of sudden emergencies. The interest rate depends on your credit profile and relation with the lender. Some lenders even allow the facility to pay the interest, along with the principal, at the time of maturity. Additionally, by repaying the instant loan EMIs on time, you may enhance your credit score, which may increase your eligibility to apply for a loan in future.

Is there a prepayment penalty for instant loan repayment?

That depends on the type of preclosure of the instant cash loans. There are three types in which a loan can be pre-closed. The first one is the bullet payment, where the whole amount - including the principal amount and the loan interest rate are paid together as a lump sum at maturity. For this option, the lender won’t charge a prepayment penalty. The second one is partial prepayment where the borrower pays a little more than their EMIs. This amount is towards the prepayment of the principal amount. For this prepayment option, charges are levied from the borrower and can range from 0% to 2% depending on the lender. The third option is the full repayment option where the borrower is charged across the range of 0% and 3%. This option is chosen if the borrower decides to close the loan before it reaches the end of the term.

Can I get an instant loan if I'm a student?

As a student, you cannot apply for many loans. However, an instant loan for education is one of the very few loans that anyone may apply for, and it does not matter whether you are a student or a professional. The best part is that you can use the loan amount for any purpose related to your studies or use it for sponsoring everyday expenses. Generally, lenders charge a little higher loan interest rate and reduce the loan amount if you cannot prove any stable source of income, which is needed to repay the EMIs on time. But if you apply with a co-applicant, who can show a steady source of income, your loan interest rates may be low. Alternatively, if you apply for a collateral-based loan, like a gold loan, the interest rates may start from as low as 0.89% per month.

What type of loan can be taken for a medical emergency?

Medical emergencies have a 100% track record of cropping up unannounced. One can never be too prepared to handle such situations. Though the individual may be insured, most hospitals expect the payment to be made upfront whereas insurance companies take a considerable amount of time to turnaround. In such situations, instant loans prove to be handy as they barely take an hour to be approved. Not all lenders demand end-end documentation. Some even approve loans with just an Aadar card. Availing an instant cash loan only requires a couple of steps. All you need to do is download the lender's app, submit your personal details, and apply for the instant loan. Your eligibility amount and interest rate will both depend on your credit score and your EMIs will commence exactly a month since the date of loan approval.

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