Once known as Theatre Road, Shakespeare Sarani is a street that passes through the central business district of Kolkata. It runs from Chowringhee Road (near Birla Planetarium) to Park Circus. The street was renamed as Shakespeare Sarani in 1964 to mark the legendary English poet and playwright’s fourth birth centenary. Dotted with a good mix of commercial establishments, shops, offices, and restaurants, it is regarded as a high street of the city. Several business owners opt for instant loan in Shakespeare Sarani to fund their commercial aspirations. This street intersects with several other prominent roads of Kolkata in the central business district, such as Camac Street, Acharya Jagadish Chandra Bose Road, Rawdon Street, and Loudon Street. Once Shakespeare Sarani moves past the Birla Planetarium to the west, it becomes Queen's Way.
Instant loans are one of the simplest and most popular loans in India. Out of all loans offered by Indian lenders, instant loans are the most feature-rich and easy loan you can avail. Some of the prominent features of an instant loan are:
Flexibility- The first feature that makes an instant loan unique is its flexibility. You may use the loan amount for any purpose you want to.
Loan approval- The second feature is the speed at which instant loan approvals occur. Usually, an instant loan gets approved within an hour of the loan application.
Ease of loan application- The third feature is that you can apply for an instant loan online or offline. The entire process, from application to approval, is transparent, quick, and painless and is hassle-free when it comes to gold repayment.
Minimal documentation-Last but not the least, instant loans are so popular due to the minimum documentation required to apply for an instant loan. You need to upload no more than five to six documents to submit your loan application.
The flexibility related to instant loan guarantees that it can be put to any use. People in Kolkata procure instant loans for a variety of reasons - whether the expenses are planned or unplanned. The funds procured through an instant loan can be used to pay off unprecedented medical bills. It can also be used to finance a tour or a vacation, or to meet other unexpected emergencies. Whether it is for a house renovation that you need funds for, or it is to start a small business or just about anything, instant cash loans do not stand in your way. You can also use them to pay off your credit card debts, to sponsor an event, or to conduct a grand marriage function. The flexibility offered by an instant cash loan makes sure that you can use your funds for whatever need, as long as it is not for speculative or illegal activities. In some cases, it is also possible to apply for tax rebates when you use an instant loan.
The credit score is the most significant score that determines your eligibility for an instant loan. The minimum credit score required to avail a loan depends on the lender. While some lenders want you to have a score above 700, others would sanction a loan even when your credit score is zero. Generally, when you apply for a collateral-free instant cash loan, the lender wants you to have a score of 700 and above. But, if your credit score is low, or you want to get low interest rates, then applying for a secured loan, like a gold loan, would be a better option. A secured loan disburses an amount of up to 75% of the asset's market value. To sum up, you will need a high credit score when you wish to avail a collateral-free loan, but in case of a secured loan, credit score often does not play a determining role.
Equated Monthly Installment, or EMI, is a combination of principal and interest and is calculated by factoring in the loan amount, loan interest rate, and loan term. During the early part of the repayment tenure, you pay more towards the interest, and as the end of the tenure approaches, the interest component comes down, and you start repaying the principal. The loan amortization schedule is a tabular list which shows the break-up of the principal and the interest component. For example, if you are applying for a loan amount of INR 10 lakh for a repayment tenure of 12 months at an interest rate of 10%, your monthly EMI would be INR 87,920. The EMI is linked to the loan term and the interest rate. Hence, if the interest rate increases and the period remain the same, the EMI would increase. Similarly, if the term decreases and the interest rate remains the same, the EMI would increase.
You can avail an instant loan and live life on your own terms! All you'll need is the app on your smartphone, the necessary documentation needless to say the right kind of eligibility. These eligibility criteria are usually subject to change from one lender to another. Typically, to avail a collateral-free instant loan, one needs to be minimum 21 years old. But in the case of a collateral-based loan that involves a security pledge, the minimum age requirement to meet the eligibility criteria is 18. In support of your age proof, you can either submit your birth certificate or the admit card from your secondary school examinations. It is noteworthy that meeting the minimum age requirement is only one of the eligibility criteria. To ensure that your loan application gets approved in the first attempt itself, you will have to ensure that you meet all the eligibility criteria involved.
When you are in need of an urgent loan, instant loans are the go-to. Since there are several lenders in the market from whom you can procur the funds, the eligibility criteria also differs from lender to lender. In general, the borrower is required to be above the age of 21. When you give an instant loan application, before the approval of the loan, you are also required to submit a few documents as your identity proof, address proof and your income proof. Only upon the verification of these documents, that include your PAN Card, Aadhar Card, your income statement, etc, will your loan amount be approved. Since most instant loans, such as an unsecured personal loan requires you to have a steady income, your income statement becomes mandatory. But fortunately, by availing of a secured loan or a collateral-based loan, such as a gold loan, you can obtain the funds. While most instant cash loans also require you to have a credit score of 650 and above, a gold loan doesn't require your credit score before sanctioning you the loan amount. It also charges a lower interest rate.
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