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Vadodara
soma talav
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Instant loan in soma talav

Soma Talav is a popular locality situated in Vadodara in Gujarat. It offers great amenities to its residents such as hospitals, schools, markets, malls, temples, parks, banks and ATMs. Some of the nearby localities to Soma Talav are Suryanagar, Pratapnagar and Kapurai Village. It is a good locality which has a good connectivity to Bharuch and Pune. It is also very close to restaurants and entertainment centres. The region offers good access to lending schemes from financial intuitions. Amongst the most popular schemes is the instant loan in Soma Talav. The region is also popular amongst its residents due to clean public areas and connectivity.

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.

Features of an instant loan

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 Vadodara. 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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Frequently asked questions

Do banks offer instant loans in India?

It is possible to get funds from the banks in India, although not directly in the form of instant cash loans. Banks in India are bound by many regulations which make it difficult for them to offer loan services to the people. They require borrowers to have very high credit scores. It is because of this reason that the borrowers generally prefer taking loans from Non-Banking Finance Companies, or NBFCs and from Housing Finance Companies, or HFCs. NBFCs and HCFs are opted by more borrowers when they require an instant loan. A secured loan such as a gold loan does not require more than an hour for the loan approval. As soon as the loan gets approved, it is immediately transferred to the account of the lender and he can use it to meet his urgent requirements.

How to increase the chances of instant loan approval?

instant loans are one of the most flexible sources of quick funds. There are two types of instant cash loans - collateral-based and collateral-free loans. The requirements regarding these two loans vary. In the case of an unsecured instant loan, the factor that the lenders look for when giving the loan approval is your financial health. Your financial health is determined by your credit score and your income. If you have a high credit score - as high as 900, you have a high chance of loan approval. If your monthly income is steady as well as sufficient to make the EMI payments as well as to meet your personal requirements, the lender will sanction the loan. To increase your chances, you can also apply with a co-applicant who too has a steady source of income. In the case of a collateral-based loan, the loan approval doesn’t involve as many requirements as the lender is provided with the security of your collateral. By providing collateral, such as gold, whose market value is higher than the loan amount you are looking for, you can get quick funds. The interest rate is also lower in the case of a secured instant loan than an unsecured instant loan. If the lender is convinced about your financial health, the loan approval is only a matter that takes less than an hour.




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Is Pan card compulsary to get an instant loan?

A PAN Card is one of the mandatory documents that a borrower has to submit with the lender in order to prove their financial security. It is possible to get an instant loan without a PAN Card. There are better chances of a loan approval if you have provided your PAN Card. It is easier to obtain a secured instant loan than an unsecured instant loan without a PAN Card. This is because, in the case of a secured loan, the lender is assured of the safety of the loan, thanks to the assest that he has procured in the form of collateral. If you are in need of an unsecured instant loan and if you do not have PAN Card, you need to have a high credit score. A high credit score is usually above 700. A high credit score is a mark of your financial health. The lender can also decide to give you an unsecured instant loan without a PAN Card if you have a stable income, which has to be proved with an income statement or with a copy of your bank account statement.

Can I get an instant loan if I'm self-employed?

It is absolutely possible to get an instant loan even if you are self-employed. One of the two main things that the lender looks for, when you are applying for an instant cash loan is your financial health - which is determined by two things - your credit score, and your salary slip/ income statement. These two documents mark your financial health. If you are a self-employed person, while the option of the salary slip is closed to you, the option of the income statement is still widely open. It is to calculate your debt to income ratio and to make sure that you will be able to afford the EMIs as well as your other financial liabilities every month, that the lender asks for your income statement. If your income ratio is sufficient and your credit score is high enough, you can get an instant loan just as easily. Even if your income is not sufficient, you can still get an instant cash loan. There is always the option of a collateral-based instant loan which doesn’t require your credit score, your income statement or a salary slip.

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