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Rajkot
Raiya Road
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Instant loan in Raiya Road

Same as Rajkot Raiya Road

Reasons to take an instant loan

People often turn to instant loans in Rajkot for several purposes.They can be classified into:

1) Unplanned expenses: Owing to how quickly it can be availed, instant cash loans are a convenient form of credit that comes very handy in case of financial emergencies. In scenarios such as hospitalization, sometimes the bill amount might exceed the insurance cover. Instant loans can be availed within an hour and are very helpful when one has to meet unplanned expenses.

2) Planned expenses: If you are looking to start or expand your business, you can avail an instant loan to help meet your fund requirements. The funds stemming from an instant loan can be spent as per the borrower's discretion. If you choose to spend the loan mount on business, construction, or renovation of your house you are even eligible for tax rebates. Be it a leisure trip or a wedding, instant loans can be availed for any reason.

Features of an instant loan

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.

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Frequently asked questions

How to apply for an instant loan online

With the help of a smartphone or a computer and an internet connection, you can avail the service of an instant online loan. You can also seek their service through their customer care service. The entire transaction, from the placing of the application to the disbursal of the amount wouldn’t take more than an hour. After downloading the app from Play Store or by visiting the web portal of the lender, you can place a request for a loan. Within a few minutes from placing the application, a company representative will get in touch with you to seek an appointment. The company official will shortly arrive at the desired location to check the authenticity of your collateral as well as verify your documents. The loan will be approved after the loan amount and the interest rate has been agreed by both the parties, depending on your financial status. The transaction will be complete once the loan amount has been transferred to your account, which wouldn’t take more than five minutes from approval.

What are the documents required for an instant loan?

Financial institutions are extremely flexible and usually willing to accommodate any shortcomings the borrower might have. The main institutions that disburse these loans are: 1) Commercial banks 2) Non-Banking Financial Companies (NBFCs) 3) Housing Finance Companies (HFC) Banks are severely governed by the central bank because of which there are several regulations they need to adhere to. This implies that they require the borrower to have a high credit score and submit all the necessary documents. This automatically drives most borrowers towards the more flexible options. That is, HFCs and NBFCs for their urgent fund requirements. Instant loans both secured and unsecured usually take up to just 60 minutes from loan application to disbursal. Unsecured loans can entirely be availed online whereas secured loans will require a lender appointed representative to visit you to verify your documents and value your collateral. Post successful approval, the loan amount is disbursed.

What are the repayment options for an instant loan?

If applying for a loan is easy, repaying the EMIs is easier, especially when you are availing a collateral-based instant loan, like a gold loan. Contrary to a collateral-free personal loan or credit card, lenders charge less interest rate on a collateral-based loan. You can make three types of payments during the loan tenure - interest, closure, and part. The interest payment is what you pay every month as EMI. Closure amount is what you pay to release your collateral and Part-payment is when you pay slightly more than what you are supposed to pay every month. To pay the EMIs, you have to either download the lender's app from PlayStore or visit their web portal. Generally, you may pay by using Internet Banking, Debit Cards, UPI, NEFT, RTGS, or IMPS. On choosing the monthly EMI payment mode, the lender would send you timely reminders about EMI payment.

How to avoid high interest rates offered by instant loans?

An instant loan, being one of the best options when it comes to an instant loan, offers many benefits and flexibility. One of the only drawbacks that they have is a high loan interest rate. But there are many ways in which the high loan interest can be tackled smartly. The loan interest rate is determined by the loan amount as well as by your financial health. It is your credit score and your income that comprise of your financial health. As long as you have a high credit score, as high as 900, your loan interest rate can be lower. Having a stable income is also significant. It assures the lenders of your loan repayment ability with other hardships. When you apply for an instant loan with a co-applicant, who also has a stable income, the loan interest rate can be reduced considerably. A collateral-based loan also provides instant cash loans against cheaper interest rates every month. This also can be an option since the interest rates for a secured loan can be as low as 0.89% per month.

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