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Instant loan in Perur

Perur is a neighbourhood located in the city of Coimbatore. It is situated in the western part of the city. Perur is famous for being the location of the Perur Pateeswarar Temple, one of the oldest temples in Tamil Nadu. This 2nd century Hindu temple is dedicated to Lord Shiva. Another point of attraction in Perur is the bank of Noyyal river that is just 500 m away from this temple. This place is visited by people from near and far all year long to perform traditions and rituals for their deceased relatives. Perur is located about 7 km from Coimbatore Junction and about 25 km from Coimbatore International Airport. The area is mainly an agricultural zone where crops like banana and coconut are grown. To finance their various agricultural needs, people often avail instant loans in Perur.

Reasons to take an instant loan

The flexibility related to instant loan guarantees that it can be put to any use. People in Coimbatore 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.

Difference between instant loans and personal loans

Difference between instant loans and personal loans

While both instant loans and personal loans serve the same purpose, that is to provide you with cash, there are some differences between the two.

Difference

Personal Loan

Instant Loan

Nature

A personal loan is an unsecured loan.

An instant loan can be either secured or unsecured.

Collateral
Requirement

You do not need to submit any collateral guarantee to avail the loan.

If you opt for a secured loan you will have to pledge collateral, which isn’t the case if you apply for an unsecured loan.

Documents Requirement

Due to its unsecured nature, lenders require various documents that prove the stability of your income and keep the loan amount low.

You only need to submit certain basic documents such as identity proof in case of a secured loan. Documentation requirement is low as you will anyway be pledging collateral. In case of an unsecured loan you will have to submit documents such as income statements, payslips. address proof, etc

Maximum Limit

The limit of an unsecured personal loan or an unsecured instant loan is typically up to INR 20 lakh.

In the case of a secured loan, the limit depends on the collateral pledged. If you apply for a secured instant loan, the lender would sanction up to 75% of the collateral’s market value. Hence, if you deposit collateral whose market value is INR 1 crore, you may get a loan of up to INR 75 lakh. In case of an unsecured instant loan, the limit is INR 5 lakhs.

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Frequently asked questions

Can an instant loan request be altered?

Generally, when you apply for an instant cash loan, the lender automatically assumes that you have carefully evaluated your needs and your loan repayment capability before you apply for a loan. However, they are also considerate of offering you the facility to alter your loan request. The first thing you may alter after placing the loan request is the loan amount. The second thing you may alter is the loan term. And the third thing you may change is the type of the loan. However, all of these changes need to be done before the loan approval. Generally, no loan alteration request, other than loan term, is entertained post the instant loan approval.

What is the process of instant loan application online?

An instant loan is an entirely flexible financial instrument which allows you to get funds whenever you need it the most. Generally, the funds get credited to your account within 60 minutes from the time of loan application. To avail an instant cash loan online, you have to download the lender's app and create an account by entering your preferred user ID and password. The next step is to select an appropriate loan category, select the loan amount and term and place the loan request. Usually, a lender approved loan officer would verify your documents and collateral security (in case of a secured loan) and approve the loan. Once approved, you would get the amount in your account within five minutes.

How to increase the chances of instant loan approval?

instant loans are one of the most flexible sources of quick funds. There are two types of instant cash loans - collateral-based and collateral-free loans. The requirements regarding these two loans vary. In the case of an unsecured instant loan, the factor that the lenders look for when giving the loan approval is your financial health. Your financial health is determined by your credit score and your income. If you have a high credit score - as high as 900, you have a high chance of loan approval. If your monthly income is steady as well as sufficient to make the EMI payments as well as to meet your personal requirements, the lender will sanction the loan. To increase your chances, you can also apply with a co-applicant who too has a steady source of income. In the case of a collateral-based loan, the loan approval doesn’t involve as many requirements as the lender is provided with the security of your collateral. By providing collateral, such as gold, whose market value is higher than the loan amount you are looking for, you can get quick funds. The interest rate is also lower in the case of a secured instant loan than an unsecured instant loan. If the lender is convinced about your financial health, the loan approval is only a matter that takes less than an hour.




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What is the minimal age requirement for an instant loan?

When you apply for an instant loan, you get funds for fulfilling your life's myriad aspirations. However, to avail the maximum benefits of an instant cash loan, you must satisfy the eligibility criteria. The eligibility criteria differ from lender to lender. Generally, to avail a collateral-free instant loan, your age must be 21. However, if you are applying for a collateral-based loan, e.g. a gold loan, the minimum age can be as low as 18. To prove your age, you may submit documents like birth certificate or secondary school examination admit card. Other than satisfying the age-related eligibility criteria, it would be best if you also meet other eligibilty criteria which might have an impact on the approval or rejection of the loan.

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