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Thiruvallur
tiruttani
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Instant loan in tiruttani

Tiruttani in Thiruvallur District's Tiruttani Block is home to the Pattabiramapuram Lake and Thiruthani Murugan Temple. It is a well-connected locality, with Kamarajar Street, Chennai-Thiruttani-Renigunta Highway, and Arakonam Road passing through the locality. Tiruttani comes under the Tiruttani assembly constituency and Arakkonam parliamentary constituency. The nearest railway stations are Tiruttani and Ponpadi. The locality has a TNSTC bus depot, from where buses leave for all parts of Tamil Nadu and its neighbouring states. Buses frequently ply between Tiruttani and Chennai, Bangalore, Vellore, Chittoor, Kanchipuram, Thiruvannamalai, Pothatturpettai, and Tirupati. The presence of various commercial centres, banks, schools, colleges, universities, and employment hubs around this area make this one of the most sought-after destinations in Tamil Nadu. People often avail instant loans in Tiruttani to take care of sudden financial emergencies.

Difference between instant loans and personal loans

Difference between instant loans and personal loans

While both instant loans and personal loans serve the same purpose, that is to provide you with cash, there are some differences between the two.

Difference

Personal Loan

Instant Loan

Nature

A personal loan is an unsecured loan.

An instant loan can be either secured or unsecured.

Collateral
Requirement

You do not need to submit any collateral guarantee to avail the loan.

If you opt for a secured loan you will have to pledge collateral, which isn’t the case if you apply for an unsecured loan.

Documents Requirement

Due to its unsecured nature, lenders require various documents that prove the stability of your income and keep the loan amount low.

You only need to submit certain basic documents such as identity proof in case of a secured loan. Documentation requirement is low as you will anyway be pledging collateral. In case of an unsecured loan you will have to submit documents such as income statements, payslips. address proof, etc

Maximum Limit

The limit of an unsecured personal loan or an unsecured instant loan is typically up to INR 20 lakh.

In the case of a secured loan, the limit depends on the collateral pledged. If you apply for a secured instant loan, the lender would sanction up to 75% of the collateral’s market value. Hence, if you deposit collateral whose market value is INR 1 crore, you may get a loan of up to INR 75 lakh. In case of an unsecured instant loan, the limit is INR 5 lakhs.

Features of an instant loan

Instant loans are one of the most popular forms of credit in India. Instant cash loans come equipped with several perks and features that make it the most preferred form of credit or most borrowers. There are several reasons why Instant loans have been a roaring hit. The first and foremost reason would have to be its flexibility. It can be availed within a matter of hours, with or without collateral, with or without a healthy credit score, and can be spent as per the discretion of the borrower. Secondly, the speed at which these loans are approved. It is usually only a matter of an hour before these loans are approved. The third reason would have to be the loan application process which can be done both online as well as offline and is an extremely hassle-free process. Last but not the least, the reason instant loans are most borrowers' go-to choice of credit is because of the minimal documentation that is required. Depending on the type of instant loan the borrower is looking to avail, the documents required will vary but are minimal nevertheless.

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Frequently asked questions

Will an instant loan help pay off credit card debt?

When it is about choosing the right financial instrument for getting cash instantly, people often choose credit cards, without realising that the penalty for non-payment can often be detrimental for their financial profile. Credit card debt often causes irreparable damage to the credit rating of a borrower, thereby reducing the chances to apply for a new loan. However, by availing an instant cash loan online, you can settle off your existing card debts and start your financial journey afresh. By settling off your credit card debts, you can partially offset the damage caused to your credit score. And, as the instant loan interest rates are usually lower than credit cards, you may save a substantial amount by paying off your card dues with an instant loan.

Can I get an instant loan using Aadhar card?

Applying for a Quick loan in India involves submitting a bunch of KYC documents. It is also possible to apply for an instant loan with the king of all documents in India- The Aadhaar Card. The Aadhaar functions as both an identity and address proof of the borrower's nationality. However, only Secured Loans, like Gold loans are approved with just a single document, as collateral is pledged in exchange for the loan. The security of this collateral suffices the lenders' requirements as the loan amount availed will anyway either be 75% of the value of the collateral or lesser. Secured loans are also a go-to choice when the borrower has a low credit score and no salary slips. In summary, yes it is possible to apply for an instant cash loan online using just your Aadhaar card.

How to deal with a loan default?

None of us want to skip our EMI payments. But there might be situations when we may have to skip the EMIs because of unprecedented difficulties. The failure of payment of an EMI can result in dire consequences. The lender will impose a heavy penalty on the future payments on you. The lender is also likely to resort to harsh modes for future repayments. There is no need to worry about it, as before you and your lender enter into a loan agreement regarding the EMIs and the loan interest rate, several measures are taken to prevent such an occurrence in the future. This is the reason why the lenders check if you have a stable income, assess your credit score, and calculate your debt to equity ratio. Since all these measures are taken beforehand, as a borrower, you are requested to keep your EMIs a priority. In case an unprecedented problem arises in loan repayment, you should contact your lender at the earliest and request to change your monthly payment to bullet payment.

What are the repayment options for an instant loan?

If you think applying for a loan is easy, repaying your loan is even easier! Especially when it comes to gold loans or any other collateral-based loan. As opposed to a Collateral-free personal loan or credit card, the interest charged is much lesser when it comes to collateral-based loans. The types of payment you can avail are- in part, as interest or at closure. Part-payment is where you pay slightly more than what is to be paid every month. Interest payment is what you pay every month, namely EMI. Closure is the amount paid to release your collateral. Download the Lender's app from PlayStore or visit their web portal to make EMI payments. Additionally, you can also pay by using Internet UPI, Debit Cards, RTGS, Internet Banking, IMPS, or NEFT. The lender sends you timely reminders about your EMI payments as and when they are due, provided that's the mode of payment you have chosen.

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