Saligao is a census town in Goa, located just outside the beach-belt of North Goa. It stands in proximity to several prominent villages, such as Calangute, Candolim, Guirim, Porvorim, Sangolda, Parra, Nagoa, and Pilerne. Saligao stands at a distance of about 12 km from the state capital of Panaji. The Calangute Beach is located about 4 km away while the Candolim Beach is about 5.7 km away. It is a developed town that offers all kinds of civic amenities to the residents, including banks, markets, schools, restaurants, hotels, medical facilities, general stores, etc. Residents can easily avail instant loan in Saligao to meet their requirements for funds. One of Goa’s first English medium schools was set up in this town. Saligao is also home to several temples and the Mae de Deus Parish Church that dates back to 1873.
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 Goa. 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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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.
The interest rate of an instant loan depends mainly on your credit profile and income status. Generally, lenders carefully evaluate your financial documents and determine your financial capability before finalising the loan interest rates. Sometimes, the loan amount also plays a significant role in deciding the loan interest rates. For example, when you apply for a loan amount of INR 5 lakh or more, the loan interest rates may start from 0.89% every month and may go up to 1.39%. If the amount is between INR 2 lakh and 5 lakh, the interest rate may start from 0.99% per month to 1.59%. If the amount is less than INR 2 lakh, the loan interest rates may start from 1.29% and may go up to 1.65%.
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.
Short-term loans are loans that usually have a repayment period of not more than one to two years. Short-term loans have recently shot to fame due to features like instant loan approval and collateral-free nature. The first type of short-term loan is a bridge loan, which you may apply for while waiting for a high-value loan to be approved. The second type is a loan overdraft, which means you can apply for an additional loan if you have an existing loan. The third type of short-term loan is a demand loan, where you can pledge your savings certificates or insurance policies to get up to 75-80% loan. The fourth type is a gold loan, where you can pledge your gold to avail a loan at ultra-low interest rates. Although a gold loan is a collateral-based loan, the benefits of this type of loan makes it extremely popular with Indian borrowers.
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.
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