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Instant loan in sector 22 chandigarh

Sector 22 in Chandigarh is one of the earliest and oldest residential locality in the city. The first instance of residential activity started in early 1950s, that has helped the locality to stay ahead of its neighbors with respect to existence of residential activities. Sector 22 in Chandigarh was regarded as the epicentre of entertainment and was bustling with business activities in the 1950s. So much so that the locality had a hospital, cinema theatre, hotel, shopping centre, school and homes for government officers by 1950s itself. Sector 22’s pin code is 160022 and its postal head office is situated in Sector 35. Instant loan in Sector 22 in Chandigarh is popular amongst the residents.

Reasons to take an instant loan

The flexibility in the end-use of an instant loan makes it one of the most popular loans in India. Denizens often avail instant loans in Chandigarh for various reasons. The first reason why people avail an instant loan is to address sudden financial emergencies. Sometimes, in case of hospitalisation, the bill amount may exceed the available cash. An instant loan provides urgent money, which one can use on anything related to health. Another reason why people apply for an instant loan is to set up a business. In some cases, using the instant loan amount for business may also enable you to apply for tax rebates. Many borrowers also avail an instant loan to sponsor a vacation or a tour. The fourth reason why people apply for an instant cash loan is to spend it on sponsoring a big event like a marriage.

Eligibility to apply for an instant loan and documents required

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.

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Frequently asked questions

Can I get an instant loan without any documentation?

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.

What are the tips while applying for an instant loan in India?

instant loans are the best source to avail funds if you are in urgent requirement of the same. However, to have a significant say in the terms of the loan, the borrower needs to be in possession of a high credit score. This credit score is a direct reflection of your past repayment pattern. The higher the credit score, the better your chances of availing a loan as per your terms. 700 is considered an ideal credit score, anything north of that gives you an upper hand as the borrower. There are two types of instant loans- Secured and Unsecured. In case of a low credit score, the borrower can always opt for a secured loan, in which case the credit score will not majorly influence the terms of the loan as collateral is involved. However, if the borrower has a commendable debt-income ration, then he/she can leverage that and opt for an unsecured instant loan at an attractive interest rate. Irrespective of which loan one chooses to avail, it will not take more than an hour to receive these funds.

Can I change my tenure once I have applied for an instant loan?

When you apply for an instant loan online by entering the loan amount and loan term, the lender evaluates your credit profile and approves or rejects the loan. Generally, you may apply for two types of loans - secured and unsecured. A secured loan is one in which you need to deposit an asset as collateral security. When you apply for a secured loan, lenders usually allow the facility to change the tenure before or after the loan approval. In case of an unsecured loan, however, the lender might or might not allow the facility to change the term after the loan gets approved. Hence, although the lender allows you the facility to change the loan tenure, it is better if you decide the tenure in advance, which can avoid you from the hassles of restructuring your loan repayments.

How many times can I take an instant loan?

There are a few factors that determine how many times you can apply for an instant loan. If it is a collateral-free loan that you are applying for, the lender will check your credit score as well as your income statement and your current loan book. Two personal loans cannot be availed at the same time. But if it is a collateral-based loan that you are applying for, there is no limit to the number of collateral-loans you can take. This is because the lender is assured of the security of repayment, thanks to your collateral. There are two types of collateral-based loans - instant and credit line. In the case of instant, the entire amount will be disbursed to you at once and interest will be charged on the whole amount. In the case of a credit line, against your collateral, you can withdraw money as and when you wish to. The interest in this scenario only applies to the amount that you withdrew.

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