Set on the banks of the holy river Devika, the village of Purmandal is a pliigrimage site for for Hindus who belive that bathing in the holy water of the river cleanses their soul. There are many temples present in Purmandal that add to its religious importance. The Purmandal temple dedicated to the Goddess Parvati, a number of temples dedicated to Lord Shiva and a large Haveli attract tourists and pilgrims. A mela is organized on a monthly basis where the devotes take a dip in the holy river. There are many small stalls that are set up with the help of instant loans in these melas.
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.
While both instant loans and personal loans help serve the same purpose there are a few factors that set them apart. For starters, all personal loans are unsecured loans by nature which implies that it does not require any collateral to be pledged to avail a loan amount. Owing to this when you get a personal loan, you are required to submit relatively more documentation to confirm the borrower's financial health. An important factor when it comes to personal loans is a healthy credit score which is an important determinant as far as personal loan eligibility is concerned. Additionally, when it comes to personal loans, the maximum one can avail is INR 20 Lakhs. However, when it comes to instant loans, it can be classified as either secured or unsecured loans. In the case of a secured instant loan, the documentation required is extremely minimal as borrowers are anyway required to pledge an asset whose market value needs to be about 30% more than the loan amount. The upper cap when it comes to a secured instant loan is contingent on the collateral pledged. For example: If you pledge an asset worth 1 Lakh, you can avail a loan of 75 Lakhs maximum.
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With the cost of quality education steadily increasing, there are chances that the money you have set aside for paying the education bills might fall short. An instant cash loan for education can be the easiest way to ensure an uninterrupted flow of fast funds required to pay the bills on time. Applying for an instant cash loan online is relatively easy. You can apply for an instant loan if you have PAN Card, Aadhaar Card, income statement, and a few other documents. The most significant benefit of an instant loan is that you can spend the loan amount on anything related to education, which may include capitation fees, tuition fees, admission fees, or other purposes. The EMIs start from a month after loan approval.
The eligibility criteria for loans differ from one lender to another. Most majors are eligible for these instant loans. The terms of these loans are contingent on certain aspects such as age, income profile, and continuity, etc. To apply for an instant loan the borrower needs to be anywhere between 21-68 years old to be eligible to apply for an instant loan. While it is typically expected of the borrower to have a stable source of income, you may still apply even if you don't. In such a case, the borrower will either have to apply along with a borrower who can produce an income statement or deposit gold as collateral instead. The standard credit score expected is 650. If your score is lesser than 650, you will still be eligible for an instant loan but for a relatively smaller amount at an increased interest rate.
An instant loan is the most popular loan in India due to the incredible flexibility it offers. You may use the instant loan amount for virtually any purpose you like, except speculative activities. Many borrowers use the instant loan amount to construct a house. Building a house also makes you eligible to receive tax benefits of up to INR 2 lakh. You may also use the loan amount to renovate your home, which would make you eligible to receive tax benefits of up to INR 1.5 lakh. Self-employed professionals often avail an instant loan to set up a business or meet working capital requirements. Alternatively, you may use the amount to buy a motor vehicle or an electronic gadget. An instant cash loan may also come in handy if you want to pay hospital bills in case of an emergency.
The borrower can avail of two kinds of instant loans - collateral-based and collateral-free. The whole process, whether secured or unsecured, would not take more than an hour. If you have applied for a collateral-based instant cash loan, a company official will turn up at your doorstep to check the authenticity of your collateral and verify your documents. If you have applied for a collateral-free loan, you can upload your documents online which will then get immediately verified. As soon as the documents are approved, the loan amount will get transferred into your account which you can then use to meet your requirements.
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