Tilak Marg is a busy road at the Ashok Nagar locality in Jaipur City. On both sides of the Marg, there are many important government buildings. The Marg begins at Bhawani Singh Road and terminates at Prithviraj Road. The area comes under the Bagru assembly constituency and Jaipur parliamentary constituency. The important offices situated on the Marg are the Institute Of Urology, Indira Gandhi Nahar Mandal, H.G. Infra Engineering Limited, Udyog Bhawan, ICICI Bank Tilak Marg, Van Bhavan, Yojana Bhawan, Secretariat Post Office, RMSC Head Office, and Swasthya Bhawan. Close to Tilak Mark are the Lokayukta Sachivalya, Rajasthan, Pant Krishi Bhawan, and Rajasthan High Court, and Kar Bhawan. The employees working in the various offices around the locality often rely on instant loans in Tilak Marg to get urgent money.
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 Jaipur 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.
There are two types of instant loans -
A collateral-based instant loan
This type of loan is secured against a collateral property of the borrower. There are many benefits to a secured loan, such as minimal paperwork, lower interest rates, and high-value loans. Usually, the borrower is only required to present their identity and address proofs.
A collateral-free loan
This type of loan is unsecured. The borrower doesn’t have to pledge his property with the lender for obtaining the funds. However, the borrower will be expected to have a high credit score and a stable source of income, usually above INR 21,000 per month. The lenders like to make sure that the debt to income ratio is appropriate for the loan so that the borrower can make the repayments on time. The borrower will also have to submit documents that prove their financial health, such as a salary slip or an income statement, their credit score, and sometimes even a guarantor.
For these reasons, a collateral-based loan is more popular among the lenders.
An instant loan offers unparalleled flexibility in choosing the loan amount according to your requirements. instant loans are of two types - with collateral and collateral-free loans. When you choose an instant collateral-free cash loan, the maximum loan amount would depend upon your credit score, monthly income, and income status. Generally, lenders offer up to INR 2 crore for business requirements. However, the interest rate of a collateral-free loan is much higher than a loan which needs collateral security. If you opt for a 'with collateral' loan, the lender would not only charge a lowers interest rate but may also offer you up to 75% of the pledged asset. The low rate of interest in a collateral-based loan helps in saving a hefty sum as loan EMIs.
An instant loan is a highly flexible source of funds, which makes it one of the most popular sources of funds. The borrower can use the acquired funds for any purpose, as per his requirements, except for illegal and speculative activities. Most people take an instant cash loan for business requirements or to meet other capital requirements. People also use the acquired funds to renovate their house, which can make them eligible to obtain tax benefits up to INR 1.5 lakh. If the funds have been acquired for the construction of a house, the borrower can receive tax benefits up to 2 lakh. The funds obtained through an instant cash loan can also be used to purchase electronic equipment or a motor vehicle. The borrower may also borrow money to meet unprecedented expenses such as a medical emergency.
Retired people also need funds the same as everyone else. They may need it for a variety of reasons, including paying their medical bills, to renovate their house, for unprecedented expenses, to buy some amenities, or to finance a trip. Even when retired people are unemployed, they can still obtain instant cash loans. As long as they have a steady pension, they can obtain an unsecured loan. If that is not the case, they can also get quick funds through collateral-based loans, such as an instant gold loan. Obtaining an instant cash loan is a very simple and easy process. You can call the customer care of the desired loan service, request for an instant loan, or place a request via the web portal or the app of the concerned lender. The borrower will have to present a few documents as their identity proof, their address proof, and an income statement before the lender. If all goes smoothly, the loan approval will be done within an hour.
There are some eligibilty criteria associated with an instant cash loan. For example. the lender analyses your credit score and your income statement to be assured of the repayment of the loan amount. Only on passing at these fronts will you be granted the loan amount. These factors, apart from being the criteria for eligibility, also determine the loan interest rates as well as the term of the loan. When both the lender and the borrower come to an agreement regarding these terms, the documents are verfied. The borrower can get the instant-loan approval on the very same day. The EMIs commence after one month from the instant loan approval date. Some lenders offer some flexibility in the case of repayment of the loan. In some cases, the instant loan repayment can be done as a lump sum including the principal amount and the accumulated interest, at the end of the term.
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