The locality of Rajajinagar is at the centre of Bangalore and receives its name from C Rajagopalachari. The 1000 acres of land is divided into 500 acres of industrial land, and 500 acres of residential land. The industrial area under Rajajinagar employs people in its acres of textile mills, chemical plants, machinery manufacturing areas, and food production industries. Meanwhile, the residential area takes care of housing by providing 4000 housing plots to people in the region. Since people can easily stay and work nearby, many people settle in this locality. There is a lot of money movement in this area with numerous businesses in the region and various residential properties. However, people may require instant cash and take a instant loan in Rajajinagar.
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.
People often turn to instant loans in Bangalore 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.
Address proof, identity proof, age proof, and income proof are some of the basic documents that need to be submitted while availing any kind of a loan. But worry not! You can still avail an instant loan even if you don't possess the above documents. However, availing a loan without any document verification might require some additional measures on the borrower's part. For instance, the borrower might have to have an extraordinarily high credit score. A squeaky clean track record as far as prior loan repayments are concerned, an extremely healthy debt to income ratio such that your income generously accounts for the EMI payments are some of the factors that guarantee the lender that you will be able to repay the loan on time. Maintaining a healthy relationship with your lender also restores faith in the lender that the institution can disburse a loan to the borrower sans any documents.
As a student, your scope for a healthy credit score or a good debt-income ratio might be limited owing to which you might not be eligible to apply for several loan schemes. That's where instant cash loans for education swoop into your rescue! The highlight of availing an instant loan as a student is that the loan amount can be spent at the discretion of the borrower. You can either spend it on tuition, daily expenses, or academic material. Lenders prudently reduce the loan amount and charge a higher loan interest rate in certain cases where the borrower is unable to submit a stable proof of income. This is advisable and protects the interests of both parties involved. If you would prefer a higher loan amount, you can apply as a co-applicant and submit evidence of a steady income. Alternately, if you simply apply for a collateral-based loan, you can avail gold loans with interest rates are as low as 0.89% per month.
The credit score is often considered as the most accurate indication of your financial health. Usually, a score of 700 and above is regarded as a healthy score. The loan interest rate you get on your loan also depends on the credit score. However, the problem arises when your credit score falls below 700. To avail a loan with a low credit score, you should be prepared to shell out more as EMIs. A better option would be to apply for a collateral-based instant loan like a gold loan. By pledging an asset, you can increase the loan amount and decrease the interest rate. Remember to repay your EMIs on time, though. Repaying on time will improve your credit score.
The general notion when a borrower places an online loan application request is that he/she has taken stock of their needs and has placed their request only after careful consideration of their repayment capacities. Despite that, financial institutions are accomodating enough to facilitate alterations to the loan request. The components of the loan request that you may change include the loan amount, loan term, and type of loan request placed. Timing however plays a crucial role in the approval of alterations if any. Amendments to your instant loan can be implemented, provided they are stated before the loan approval stage. Post loan approval, the only alteration that can be accommodated happens to be a change in the stipulated loan term.
Your request has been received, our customer relationship manager has been notified and will call you shortly