Paithan is located along the banks of the Godavari river, nearly 56 km south of Aurangabad. You can explore the majestic beauty of this small town on foot. This town earned its reputation in the world due to its historical landmarks and association with spiritual leaders of all faiths and ages. Some major tourist attractions of this city are - Eknath Maharaj Temple, Nathsagar Dam, Jayakwadi Bird Sanctuary, Jnanyeshwari Vatika, and the Paithani Kendra. The district is famous for its beautiful silk saris adorned with intricate silver and gold borders. Many traders look for instant loan in Paithan to establish their own sari warehouses and small shops. You can reach this town by reaching the nearest Aurangabad Railway Station and then taking a bus to Paithan. In case of any emergencies, you can contact the Paithan Police Station and Sai Hospital Paithan.
The flexibility related to instant loan guarantees that it can be put to any use. People in Aurangabad procure instant loans for a variety of reasons - whether the expenses are planned or unplanned. The funds procured through an instant loan can be used to pay off unprecedented medical bills. It can also be used to finance a tour or a vacation, or to meet other unexpected emergencies. Whether it is for a house renovation that you need funds for, or it is to start a small business or just about anything, instant cash loans do not stand in your way. You can also use them to pay off your credit card debts, to sponsor an event, or to conduct a grand marriage function. The flexibility offered by an instant cash loan makes sure that you can use your funds for whatever need, as long as it is not for speculative or illegal activities. In some cases, it is also possible to apply for tax rebates when you use an instant loan.
There are two types of instant loans -
A collateral-based instant loan
This type of loan is secured against a collateral property of the borrower. There are many benefits to a secured loan, such as minimal paperwork, lower interest rates, and high-value loans. Usually, the borrower is only required to present their identity and address proofs.
A collateral-free loan
This type of loan is unsecured. The borrower doesn’t have to pledge his property with the lender for obtaining the funds. However, the borrower will be expected to have a high credit score and a stable source of income, usually above INR 21,000 per month. The lenders like to make sure that the debt to income ratio is appropriate for the loan so that the borrower can make the repayments on time. The borrower will also have to submit documents that prove their financial health, such as a salary slip or an income statement, their credit score, and sometimes even a guarantor.
For these reasons, a collateral-based loan is more popular among the lenders.
Generally, an instant loan is used by borrowers to fulfil their immediate financial goals. However, if you are genuinely interested in using the funds for productive activities, then Indian tax laws allow you to claim tax benefits on the principal or interest component of the instant loan. The first tax benefit you can get on an instant loan is if you use it for business purposes. But you can only claim tax benefits on the interest component and not on the principal component. Furthermore, if you use the funds on home improvement, you may claim tax benefits of up to INR 1.5 lakh on the principal component in a financial year. Additionally, if you use the instant loan amount to construct a house or buy a new property, you may claim tax deductions on the interest component of up to INR 2 lakh.
For all kinds of emergency funds, an instant cash loan is the best option as it provides urgent loans. Even in the case of home renovations or repairs which can include plumbing works, electrical work or just about anything, as long as it is not illegal. You can use the obtained funds for your requirements - even if that is getting a new air conditioner or a television or any other gadget. The loan application process is very simple, which can be completed either by visiting the web portal of the lender or by downloading their app. The instant-loan approval, which requires the submission of a few documents doesn’t usually take more than an hour. The required documents include your Aadhar Card, PAN Card, etc, among a few others. The loan interest rate is determined by your credit score as well as your income. You can also opt for an instant cash loan against a collateral.
An instant cash loan online is one of the most flexible loan instruments that Indian lenders offer. An instant loan can be either secured or unsecured. In case of an unsecured loan, there is a limit to how much loan amount you can avail. However, in the case or a secured loan, the amount can be up to 75% of the value of your pledged asset. When you avail a low-value loan, lenders usually charge a higher loan interest rate, primarily to cover the costs of loan processing. If you apply for a high-value loan, the interest rate might be lower. For example, if you are applying for a gold loan for a loan value of INR 20 lakh, the loan interest rate may be around 0.90% per month. If, however, the loan amount is less than INR 5 lakh, the interest rate may hover around 1.50% every month. Even though the interest rates charged on small amounts may be high, an instant cash loan can still be preferred since it is the best option for a quick funds. You can also try getting an unsecured instant cash loan as loans against collateral, such as gold, as always charged lower interest rates.
Most of the lenders in the market allow the closure of the loan before it reaches the end of the loan term. The only difference is that the charges that they levy when providing these facilities may differ. One of the two ways by which you can repay the loan amount prematurely and close the debt is by paying the entire amount before the loan term comes to an end. For the full loan pre-payment, you may be charged anywhere between 0% and 3%. The other way is by part pre-payment and paying the existing EMI together with the extra cash in your hand in a lump sum. You may be charged anywhere between 0% to 1% of the lump sum amount in this case. There are many benefits to clearing your debts early. Your credit score will get a boost and you will be eligible to get high-value loans in the future.
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