Piravom is a vividly scenic suburb of Kochi with rivers, hills and paddy fields that has a richer religiously history to its credit. Believed to be the birthplace of Adishankara, the ancient hindu worship places like Pazhoor Perumthrikkovil etc. equalizes the large number of classical churches like St.Mary's Orthodox Syrian Cathedral etc. Piravom is known to host a diverse population that also takes up multiple occupation and professional interests. They are connected to the nearby towns via major bus routes and rail connections. The large number of educational institutions here tends to bring the neighbouring population inward. People also commute for business and trade, and opt for instant loan in Piravom for any aid.
Instant loans are one of the simplest and most popular loans in India. Out of all loans offered by Indian lenders, instant loans are the most feature-rich and easy loan you can avail. Some of the prominent features of an instant loan are:
Flexibility- The first feature that makes an instant loan unique is its flexibility. You may use the loan amount for any purpose you want to.
Loan approval- The second feature is the speed at which instant loan approvals occur. Usually, an instant loan gets approved within an hour of the loan application.
Ease of loan application- The third feature is that you can apply for an instant loan online or offline. The entire process, from application to approval, is transparent, quick, and painless and is hassle-free when it comes to gold repayment.
Minimal documentation-Last but not the least, instant loans are so popular due to the minimum documentation required to apply for an instant loan. You need to upload no more than five to six documents to submit your loan application.
The flexibility related to instant loan guarantees that it can be put to any use. People in Kochi 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.
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Owing to how quickly an instant loan can be availed, these funds are usually used to meet urgent fund requirements. However, if you wish to use these funds for planned expenses you may certainly do so and how! If you opt to invest your instant cash loan in the construction of a house or to buy a new property, you are likely to receive tax benefits of op to INR 2 lakhs. Alternately, if the money is only to flip or renovate your house, you will be able to claim tax benefits up to INR 1.5 Lakhs. Last but not the least, if you are availing a loan to set up or expand your business you will be eligible for tax benefits. However, this can only be claimed on the interest component and not on the principal amount.
All you need, to avail an instant loan online is a smartphone or a computer with a stable internet connection. You can either place a loan request on the lender's website or download the app from Playstore to do the same. If you prefer getting in touch with an executive, you can call the lender's customer care number. Upon submitting your loan request, a representative will call to book an appointment with you for document verification following which a loan officer will visit you at your preferred location. The loan officer will then proceed to verify documents such as PAN card, Aadhar Card, and Financial Records to ascertain your loan eligibility which is contingent on your creditworthiness. If you are in agreement with the stipulated amount and the interest rate your loan will be processed. The amount typically gets transferred to your account within 5 minutes of approval.
While the PAN Card is considered as a very important document, several lenders do approve instant loans sans the PAN card. A foolproof way of applying for an instant loan without a PAN card and getting it approved is to apply for a secured loan. Secured loans are those loans that are availed by pledging an asset or collateral against the loan. In such a case you are likely to receive up t 75% of the collateral's market value as your loan amount. If you wish to apply for an unsecured loan without a PAN card, you may still do so. However, you will have a higher chance of getting your loan application approved if you have a healthy credit score- 700 being the ideal standard. The lender may also ask for other document proofs in place of your PAN card such as a copy of your income statement to prove the creditworthiness of the borrower.
Whether or not you require collateral to avail a loan depends on the type of instant loan that you wish to avail. instant loans can be of two types- Collateral based and non-collateral based. If you apply for the latter which is a form of unsecured loan, you can at max only avail up to 5 lakhs. As these loan amounts are relatively low, the loan interest rates will also be correspondingly high. You will have to submit your credit profile, salary slips, and other such documents for evaluation based on which the loan amount and interest rate will be determined. On the other hand, when you avail collateral-based also know as a secured loan, you are expected to pledge an asset or collateral against your loan. These secured loans equip you with an array of advantages as your loan amount can go up to 75% of the asset value and you will only be charged a relatively low loan interest rate.
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