Pallavaram is a historical area located in South Chennai. It is primarily a residential area. The Pallavaram-Kundrathur-Poonamallee State Highway and Pallavaram - Thuraipakkam Radial State Highway originate from here. The British believed that the rock found in Pallavaram Hill has healing properties. The area is a part of the Pallavaram assembly constituency and Sriperumbudur parliamentary constituency. The nearest railway stations are Tirusulam and Pallavaram. Some major educational institutions in the locality are Vel's School Of Pharmacy, Vels Academy of Maritime Studies, Vels Institute of Science; Technology & Advanced Studies, Sri Sathya Sai Institute Of Educare, and KIDzGLO Playschool. People living here often apply for low-interest instant loans in Pallavaram to take care of sudden financial needs.
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 Kanchipuram 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.
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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When you are in need of an urgent loan, instant loans are the go-to. Since there are several lenders in the market from whom you can procur the funds, the eligibility criteria also differs from lender to lender. In general, the borrower is required to be above the age of 21. When you give an instant loan application, before the approval of the loan, you are also required to submit a few documents as your identity proof, address proof and your income proof. Only upon the verification of these documents, that include your PAN Card, Aadhar Card, your income statement, etc, will your loan amount be approved. Since most instant loans, such as an unsecured personal loan requires you to have a steady income, your income statement becomes mandatory. But fortunately, by availing of a secured loan or a collateral-based loan, such as a gold loan, you can obtain the funds. While most instant cash loans also require you to have a credit score of 650 and above, a gold loan doesn't require your credit score before sanctioning you the loan amount. It also charges a lower interest rate.
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.
An instant loan is one of the most preferred loans as it provides immense flexibility. It is also the easiest solution for emergency funds. But, if it is an unsecured instant loan that you have opted, you will be charged with a high loan interest rate. On the other hand, secured instant loans have lower interest rates. The maximum amount that can be obtained by an unsecured loan is 5 lakhs. As the loan amount decreases, the loan interest rate also increases. If you are looking for an instant cash loan that has no upper limit, you should try a secured, or a collateral-based instant loan. A collateral-based instant loan not only provides lower interest rates, but they also disburse amounts up to 75% of the market value of the collateral, such as gold, that you have pledged with them. You can enjoy the low loan interest rate as well as the high-value loan amount in case of a collateral-based instant loan. This is because of the security, the liquidity, and the LTV (loan to value) ratio of gold when kept as collateral.
instant loans are the best source to avail funds if you are in urgent requirement of the same. However, to have a significant say in the terms of the loan, the borrower needs to be in possession of a high credit score. This credit score is a direct reflection of your past repayment pattern. The higher the credit score, the better your chances of availing a loan as per your terms. 700 is considered an ideal credit score, anything north of that gives you an upper hand as the borrower. There are two types of instant loans- Secured and Unsecured. In case of a low credit score, the borrower can always opt for a secured loan, in which case the credit score will not majorly influence the terms of the loan as collateral is involved. However, if the borrower has a commendable debt-income ration, then he/she can leverage that and opt for an unsecured instant loan at an attractive interest rate. Irrespective of which loan one chooses to avail, it will not take more than an hour to receive these funds.
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