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Delhi
sarojini nagar
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Delhi

Instant loan in sarojini nagar

Sarojini Nagar is a very popular locality in Lucknow city in Uttar Pradesh. Zaidpur, Purwa and Unnao are the nearby cities to this region in Lucknow. This region has presence of several private and nationalised financial institutions such as HDFC bank, State Bank of India and Union Bank of India which provide several financial services. These institutions observe huge demand of instant loan in Sarojini Nagar as such loans guarantee quick access to funds. This region enjoys good connectivity with other regions in Lucknow as well as other cities via railway and roadways. Amausi railway station and Piparsand railway station are two nearby stations to this region.

Features of an instant loan

Instant loans are one of the most popular forms of credit in India. Instant cash loans come equipped with several perks and features that make it the most preferred form of credit or most borrowers. There are several reasons why Instant loans have been a roaring hit. The first and foremost reason would have to be its flexibility. It can be availed within a matter of hours, with or without collateral, with or without a healthy credit score, and can be spent as per the discretion of the borrower. Secondly, the speed at which these loans are approved. It is usually only a matter of an hour before these loans are approved. The third reason would have to be the loan application process which can be done both online as well as offline and is an extremely hassle-free process. Last but not the least, the reason instant loans are most borrowers' go-to choice of credit is because of the minimal documentation that is required. Depending on the type of instant loan the borrower is looking to avail, the documents required will vary but are minimal nevertheless.

Difference between instant loans and personal loans

Although both personal and instant loans provide the lender with emergency funds, certain features make them different from each other. These pertain to their nature, their requirements, and their loan amounts. 

Nature: While a personal loan is always unsecured, an instant cash loan can be either secured or unsecured.

Collateral requirement: Personal loans are always collateral-free while instant loans can be collateral-free as well as collateral-based.

Required documents: Personal loans require more paperwork to prove the financial health of the borrower. In the case of secured instant loans, the paperwork is minimal, consisting only of the borrower’s identity and address proof. However, when obtaining an unsecured instant loan, the borrower is required to submit documents to prove their financial health, such as their credit score and income statement.

Upper limit: Up to INR 20 lakh can be procured using a personal loan. When it comes to a secured instant loan, there is no upper limit in the loan amount that can be availed. The lender can receive up to 75% of the market value of the pledged collateral as the loan amount. On the other hand, not more than INR 5 lakh can be obtained as the loan using an unsecured instant loan.

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Frequently asked questions

Can I get an instant loan without any documentation?

Generally, to avail an instant cash loan online in India, you have to submit a few mandatory documents like identity, address, age proof, and income documents. However, you may still apply for an instant loan when you do not have any documents. To apply for an instant loan without documents, you must have an exceptionally high credit score. Additionally, you should prove to the lender that you have never missed out on EMI payments. Moreover, your debt to income ratio should be excellent, which means the amount you earn every month is more than enough to take care of your financial liabilities. Other than the things mentioned so far, you should also keep a healthy relationship with the lender. When there is an extraordinary level of trust between the lender and the borrower, loan approval is rarely a problem.

How to deal with a loan default?

Though most borrowers strive for timely payments to elevate their credit score, it does so happen that the borrower might end up intentionally or unintentionally default on an EMI. Arrears in payment are met with various consequences depending on the lender and this ranges between a hefty penalty on subsequent payments and legal recourse. As a prudent borrower, it is advisable to map out a rough budget to ascertain if accomodating repayment of loan along with the interest will be possible. This will help you assess where you stand financially and avail a loan amount and interest rate accordingly. Bear in mind that the terms of your loan can be amended if you might be at risk of default. In such a case, you can immediately contact your lender and request for the same. Additionally, lenders also offer the facility to switch from a monthly repayment mode to pay the principal and interest at the end of the loan tenure, which is the bullet repayment mode.

Can I repay my instant loan early?

The facility to make your loan repayment ahead of the stipulated due date is provided by almost all financial institutions, country-wide. While a premature repayment can reflect very well on your credit profile, bump up your eligibility, and give you an upper hand the next time you choose to avail a loan, the downside to an early loan repayment is the cost of such a provision. If you choose to prematurely end the term of your loan you may do so in two ways. You may either choose to opt for part prepayment and utilize any extra cash you might have to pay up a lump sum along with existing EMI. Or you can repay the entire amount in one go. The additional charges you'll have to bear in the former case is between 0%-1% and between 0%-3% in the case of the latter.

What is the process of instant loan application online?

Instant loans are designed such that they can be seamlessly availed online. All you'll need is a smartphone/computer with a steady internet connection, some basic documents, and collateral if you are applying for a secured loan. You will have to download the app from PlayStore and create an account for yourself with your preferred user ID and password. Next, you'll have to select an appropriate loan category, state the loan amount and loan term you wish to avail, and place your request. If you are applying for an unsecured loan you can submit the documents required online for verification. In case of a secured loan, a lender appointed representative will visit you at your preferred location and time as stipulated by you to value your collateral and verify your documents. The loan amount will be transferred to you within 60 minutes of your loan application provided the verification process goes smoothly and both parties are in agreement with the terms of the loan.

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