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Instant loan in Pune City

Pune is one of the biggest and the most important cities in Maharashtra, contributing a massive portion to the economy of the state. The city has a lot of money in circulation due to its vast network of different industries ranging from IT, automobiles, and manufacturing firms. There are also numerous well-known hospitals in the area to care for people in need. Pune city is studded with high-quality educational institutions where both foreigners and Indian nationals come to study. The city has a lot of migrants who come to stay in the city, and also has a booming and prosperous real estate industry. There are many tourist attractions in Pune like the Aga Khan Palace, and Shivneri Fort. The cost of living in the city of Pune is higher compared to the national average. Sometimes, people require instant cash and turn to the option of instant loan in Pune city.

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 Pune 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

Instant loans are typically of two types- Unsecured loans that don't require collateral security and secured loans that require the borrower to pledge collateral security against the loan. Borrowers that get a instant loan get access to various benefits as compared to those that borrow unsecured loans. For instance, borrowers that avail secured loans get to borrow a higher loan amount. Since borrowers are required to pledge an asset whose market value needs to be about 30% more than the loan amount, the eligibility criteria are also relaxed. To avail a secured loan, you'll only need basic documents such as PAN Card and Aadhaar Card. However, this isn't the case with unsecured loans. When you apply for an unsecured loan, your loan approval depends on several factors such as your debt-income ratio, existing credit profile, and income status. Additionally, to be eligible for an unsecured loan, as a borrower, you will need to have a minimum income of INR 21,000 per month. Along with this proof of income, you will also have to submit other documents such as PAN Card, Aadhaar Card, Age proof, Income tax file, Account transaction statement, and sometimes even a guarantor. If you are looking to avail a quick, hassle-free loan, secured loans are the way to go.

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Frequently asked questions

What is the minimum monthly income needed for an instant loan?

To ascertain repayment capacity, lenders usually assess the proportion of the borrower's income to debt. Since this is an important eligibility criterion, the borrower's income must overshadow their debt so that the lender can trust that when the time comes the borrower will easily be able to return the principal amount along with the EMI. Ideally, the borrower is expected to earn around 18,000 - 21,000 per month. Only then is he/she eligible to apply for an instant loan. But in the case of a collateral-based loan, this requirement can be relaxed. All you'll have to do is pledge collateral such as gold and submit salary slips (irrespective of the amount) and appointment letter along with the loan application. In the case of self-employment, you will have to submit your income statement attested by a certified auditor.

What can an instant loan be used for?

An instant loan is a highly flexible source of funds, which makes it one of the most popular sources of funds. The borrower can use the acquired funds for any purpose, as per his requirements, except for illegal and speculative activities. Most people take an instant cash loan for business requirements or to meet other capital requirements. People also use the acquired funds to renovate their house, which can make them eligible to obtain tax benefits up to INR 1.5 lakh. If the funds have been acquired for the construction of a house, the borrower can receive tax benefits up to 2 lakh. The funds obtained through an instant cash loan can also be used to purchase electronic equipment or a motor vehicle. The borrower may also borrow money to meet unprecedented expenses such as a medical emergency.

Can I get an instant loan if I'm self-employed?

It is absolutely possible to get an instant loan even if you are self-employed. One of the two main things that the lender looks for, when you are applying for an instant cash loan is your financial health - which is determined by two things - your credit score, and your salary slip/ income statement. These two documents mark your financial health. If you are a self-employed person, while the option of the salary slip is closed to you, the option of the income statement is still widely open. It is to calculate your debt to income ratio and to make sure that you will be able to afford the EMIs as well as your other financial liabilities every month, that the lender asks for your income statement. If your income ratio is sufficient and your credit score is high enough, you can get an instant loan just as easily. Even if your income is not sufficient, you can still get an instant cash loan. There is always the option of a collateral-based instant loan which doesn’t require your credit score, your income statement or a salary slip.

How long is the tenure to repay an instant loan?

An instant loan is the simplest of all loans which lending institutions in India offer. The tenure of an instant loan depends on your financial profile and preferences. Generally, the lowest term which you may avail is one month, and the maximum tenure can be five years. Before deciding the loan tenure, you should calculate the EMI. A longer tenure might reduce your EMIs. But by opting for a long-term loan, you will have to pay more towards interest component. Instead, if you choose a short-term loan, the loan interest rate will be much lesser. Lenders often give special interest rate rebates when you choose a shorter tenure. Availing a short-term loan also gives you the opportunity to close your loan early, which can enhance your credit score.

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