Rajasansi is a small town in the Amritsar district in the Indian state of Punjab. It is also a Nagar panchayat. Rajasansi has a semiarid climate with an annual rainfall of about 703.4 millimeters. The Amritsar International Airport is situated in Rajasansi, called Sri Guru Ram Das Jee International Airport. The airport is on Ajnala-Rajasansi road which is well built and makes the commute very easy. If you are planning to shift near Rajasansi, the proximity of the airport will be helpful. The airport provided livelihood to many people of the town and stabilized their income. While looking for places to live, you can easily apply for an instant loan in Rajasansi if you are facing a financial crisis. Dargah Baba Hussain Shah Kadri is another major attraction of the town.
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.
Thanks to the flexibility and the simplicity associated with an instant loan, it is the most popular and demanded source of funds in India. An instant loan offers many exclusive features that makes it a favorite among the borrowers in Amritsar. Listed below are some of the most attractive features of an instant loan:
Flexibility - The funds that are obtained through an instant loan can be put to any use, as long as it is not for speculative or illegal purposes.
Loan approval - Usually within an hour from the loan application, the loan amount will get disbursed into your account, just as the name suggests.
Loan application - An instant loan can be placed online as well as offline. The borrower can use the app, the website, or can also call the customer service desk to make a request for the loan. The procedure, from the loan application to the transfer of the amount remains smooth, transparent, and quick.
Minimal paperwork - One of the reasons why instant loans are so popular is that they hardly require any paperwork at all. Not more than five documents are to be uploaded under any circumstance.
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Many borrowers often have the misconception that you need to produce salary slips to avail an instant loan. But nothing can be further from the truth. An instant loan is a fully flexible instrument, which means virtually anyone can apply for a loan. If you are a self-employed professional or non-professional, you may still apply for a loan. However, before applying for the loan, you must prepare an income certificate, which will show your net income. The lender would evaluate your income statement and try to understand your expense pattern, which includes existing liabilities. If your debt to income ratio is healthy and the credit score high, you may stay one hundred per cent assured about loan approval. You can also opt for a collateral-based instant cash loan if your income is not sufficient since it requires neither your income statement nor a salary slip. It also doesn’t require your credit score.
In India, an instant cash loan is one of the easiest and the most efficient sources of funds. An instant cash loan is of two types - a collateral-based loan and a collateral-free loan. Both these types of instant cash loans require the loan interest to be paid. The loan interest rate on a collateral-based loan is less than the loan interest rate on an unsecured loan. The loan interest rate depends on a few factors such as your credit score as well as your loan amount. In case of an unsecured loan, where your credit score is mandatory, the interest rate can be low if you have a high credit score. A high credit score is a mark of your financial health. When it comes to the case of the loan amount, yes, a low loan amount is likely to be charged a higher interest rate than a high-value loan. This happens because the processing charges have to be covered. But it is still advisable to get an instant cash loan since the disbursement of the funds is pretty quick. You can also avail of a lower interest rate, even on small loans by opting for a secured loan, such as a gold loan.
The two types of instant loans are - loans that are secured with a collateral and loans that are not secured. In the case of a loan that requires a collateral, you have to pledge your property to procur the funds from the lender. A gold loan is an example of a secured loan, where the gold is the collateral. An unsecured personal loan, on the other hand, is unsecured as it does not require a collateral. But a secured loan provides the borrower with many benefits that an unsecured loan doesn't. For one thing, the loan interest rate charged on an unsecured loan is much higher than the interest rate charged on a secured loan. The loan amount that can be obtained against a collateral is also higher than the amount that can be obtained through an unsecured loan. While a collateral-free loan requires the lender to submit their income statement and their credit score, a collateral-based loan do not require those documents. There are also many flexible loan repayment options that are available to a secured loan unlike an unsecured loan.
An instant loan is the best option there is in India, to get emergency loans. There are two types of instant cash loans in India, a collateral-based instant loan and a collateral-free instant loan. In the case of a collateral-based loan, you need to pledge your property with the lender in order to obtain the funds. The only documents you require are address proof and an identity proof. You can enjoy attractive interest rates on a secured loan. The other case is that of an unsecured loan where you don’t have to pledge your property with the lender but you need to have a high credit score and a stable income. The credit score has to be above 700 for the loan amount and the loan interest rate to be favorable. Both the type of instant cash loans are popular in India with both not taking more than an hour to process the loan.
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