Standing on the northern bank of River Brahmaputra, Soalkuchi is a weaver’s village that has been preserving the age-old heritage of silk weaving in Assam. It is a block of Kamrup district, located about about 35 km from Guwahati. Soalkuchi has been declared a Handloom Heritage Village and is often called the Manchester of Assam, thanks to its famous handloom cottage industry. Most families in this village have hand operated looms for weaving. To meet the expenses of raw materials, they often avail instant loans in Soalkuchi. Mekhela Chador (the traditional attire of Assamese women) and Gamosa (towel) are the most popular items weaved here. The village remains connected to Guwahati and the neighbouring towns and cities through well-maintained roads.
The flexibility related to instant loan guarantees that it can be put to any use. People in Guwahati 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.
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.
As a student, you cannot apply for many loans. However, an instant loan for education is one of the very few loans that anyone may apply for, and it does not matter whether you are a student or a professional. The best part is that you can use the loan amount for any purpose related to your studies or use it for sponsoring everyday expenses. Generally, lenders charge a little higher loan interest rate and reduce the loan amount if you cannot prove any stable source of income, which is needed to repay the EMIs on time. But if you apply with a co-applicant, who can show a steady source of income, your loan interest rates may be low. Alternatively, if you apply for a collateral-based loan, like a gold loan, the interest rates may start from as low as 0.89% per month.
Instant cash loans are one of the most flexible and easiest sources of urgent loans or quick funds. We all are sometimes in need of funds to be able to sprout wings and soar high into the dreams that we have imagined for ourselves. Even though very flexible, there are some criteria that determine if you can avail of the instant loan or not. If it is a collateral-free loan that you are trying to obtain, you have to be at least of the age 21. On the other hand, if you are obtaining funds through a collateral-based loan, such as a gold loan, the minimum age requirement is as low as 18. As proof of your identity as well as your age, you will also have to submit certain documents - such as your birth certificate or the admit card of your secondary school examination. Other than meeting the eligibility criteria regarding your birth, you will also have to meet the other criteria as well, with the necessary documents.
The loan interest rate charged on an instant loan depends on many factors - such as your income as well as your credit score. As long as your credit score is high enough - above 700, you are likely to receive a low interest rate. It is after assessing your financial health as well as your financial documents that the lenders decide on your loan amount and the loan interest rates. It is best to have a high credit score to procure the best deals out of the loan. Loan interest rate is also decided by the loan amount. According to the norms set by the industry, if your loan amount is higher than or at INR 5 lakh, the loan interest rates will fall between 0.89% and 1.39%. When the amount is between INR 2 lakh and 5 lakh, the interest can range from 0.99% to 1.59% per month. If the loan amount is below INR 2 lakh, the interest rates can be somewhere between 1.29% and 1.65%.
The number of times that you can apply for an instant loan depends on your eligibility. When it comes to a collateral-free loan the lender will have to assess your creditworthiness based on your existing book of loans. Ideally, lenders do not sanction multiple personal loans at the same time. On the other hand, when it comes to secured loans there are no such restrictions. Secured AKA collateral loans can be of two types- Credit Line and Instant. When it comes to Credit Line, you are allowed to deposit the collateral once and withdraw money as and when required. Subsequently, the interest rate applies only to the amount you use up and not the entire amount. However, in case of an instant loan, the entire amount will be credited to you as soon as you deposit the collateral.
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