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Instant loan in olpad

Olpad is a rapidly growing town located to the northwest of Surat. It stands at a distance of around 21 km from Surat city centre. The Sena Creek divides the town into two parts, Olpad Main and Olpad Suburb. Olpad is a well-known location from where export of Tiger Shrimp takes place. The area has a well-developed social infrastructure that includes an industrial technical institute, colleges, court, banks, police station, government offices, etc. Olpad enjoys smooth road connectivity with Surat, Kim, Dandi, Sayan, Bhatgam, and Ankleshwar. Recently, Olpad has emerged as a cheap alternative to Surat for setting up industries or businesses. There is a high demand of instant loans in Olpad because of this.

Reasons to take an instant loan

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 Surat 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.

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.

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Frequently asked questions

Can I get an instant loan without a PAN card?

The most tedious part of availing loans, documentation is something you don't have to worry about when it comes to instant loans. The entire process right from loan application to loan repayment has been curated with the intent of keeping it to be hassle-free from end-end. Unlike bank loans, instant loans don't require you to submit pages and pages of documents. The only documents you'll need are essential documents such as ID proof, address proof, age proof, and income statement. As the name goes, the PAN card is recognized PAN India and is an essential document. However, the absence of one does not negate your chances of availing an instant loan. You can instead submit your Aadhar Card and the Form 60 along with your loan application. These documents will suffice in the absence of the PAN card.

How do I take an instant loan without salary slips?

Before the instant loan approval and transfer of the loan amount, some financial institutions ask for your credit score as well as your salary slip or an income statement. Some lenders require these since the documents assure the lender about your ability to complete the loan repayment. A high credit score, ranging above or on 650 is the preferred credit score. The salary slip is proof of a steady source of income. Fortunately, some lenders still give loan approval even if you do not have a steady source of income, as long as your credit score is high. If you happen to have neither a steady source of income nor a high credit score, you can always opt for an instant cash loan by providing your property as a collateral. You can also apply for a loan as a co-applicant with another borrower who has a steady source of income.

What is the minimal age requirement for an instant loan?

You can avail an instant loan and live life on your own terms! All you'll need is the app on your smartphone, the necessary documentation needless to say the right kind of eligibility. These eligibility criteria are usually subject to change from one lender to another. Typically, to avail a collateral-free instant loan, one needs to be minimum 21 years old. But in the case of a collateral-based loan that involves a security pledge, the minimum age requirement to meet the eligibility criteria is 18. In support of your age proof, you can either submit your birth certificate or the admit card from your secondary school examinations. It is noteworthy that meeting the minimum age requirement is only one of the eligibility criteria. To ensure that your loan application gets approved in the first attempt itself, you will have to ensure that you meet all the eligibility criteria involved.

What are the tips while applying for an instant loan in India?

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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