Tiruvanmiyur is mainly a residential neighbourhood in Chennai. Thanks to its proximity to the Tidel Information Technology Park, SP Infocity, Ramanujan IT City, Ascendas IT Park, and other such IT employment hubs, many professionals working in these IT Parks prefer to live in Tiruvanmiyur. This has given a big boost to the economy of Tiruvanmiyur. The neighborhood remains well-connected to the other areas of Chennai through prominent roads like the Rajiv Gandhi IT Expressway, Old Mahabalipuram Road and East Coast Road. Residents who are not employed in the IT Parks find instant loans in Tiruvanmiyur an ideal choice to fund their commercial plans. Prestigious educational institutions like the Indian Institute of Technology (IIT) Madras and National Institute of Business Management (NIBM) are located in its vicinity. Tiruvanmiyur beach or RTO Beach, Valmiki temple, Puthuranganni Amman Temple and Pamban Swamigal Temple are some of the major attractions of Tiruvanmiyur.
The flexibility related to instant loan guarantees that it can be put to any use. People in Chennai 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.
While both instant loans and personal loans help serve the same purpose there are a few factors that set them apart. For starters, all personal loans are unsecured loans by nature which implies that it does not require any collateral to be pledged to avail a loan amount. Owing to this when you get a personal loan, you are required to submit relatively more documentation to confirm the borrower's financial health. An important factor when it comes to personal loans is a healthy credit score which is an important determinant as far as personal loan eligibility is concerned. Additionally, when it comes to personal loans, the maximum one can avail is INR 20 Lakhs. However, when it comes to instant loans, it can be classified as either secured or unsecured loans. In the case of a secured instant loan, the documentation required is extremely minimal as borrowers are anyway required to pledge an asset whose market value needs to be about 30% more than the loan amount. The upper cap when it comes to a secured instant loan is contingent on the collateral pledged. For example: If you pledge an asset worth 1 Lakh, you can avail a loan of 75 Lakhs maximum.
Last Updated :
Last Updated :
Instant cash loans are advantageous in more ways than one. They are flexible, easy, quick, and cheap! Data suggests that borrowers stand to gain up to INR 12,000 on the interest component by availing an instant loan. The savings made by availing an instant loan is subject to change contingent on the discounts provided by the lender. All you'll need to do to avail an instant cash loan online is download the lender's app from PlayStore, fill out the loan application, submit the required documents, and voila! The amount will be transferred to your account within an hour since submission of the loan application. As far as the documents are concerned PAN Card, Aadhar card, income proof, bank account statement and a few other documents need to be submitted. Again, this requirement is also subject to change depending on the type of loan you are availing.
The interest rate at which instant loans are availed differs from one borrower to another. This is determined by his/her income status and credit score. Lenders follow a streamlined procedure to disburse an instant loan which involves document verification and ascertaining the borrower's financial capabilities. Often, the loan amount also plays a key role in determining the loan interest rates. For instance, interest rates may vary between 1.29% to 1.65% if the loan amount is under 2 lakhs. If the amount ranges between 2 to 5 lakhs, subsequently the interest rates will also vary between 0.99% to 1.59%. Interest rates may vary between 0.89% and 1.39% provided the loan amount is either 5 lakhs or more. It is because of these interest rate slabs, you are required to assess your repaying capacity before availing for a loan as default in loan repayments reflect badly on credit scores.
You don’t always need collateral to obtain an instant cash loan. There are two types of instant cash loans - a collateral-based instant loan and a collateral-free instant loan. A collateral-based instant loan is secured against an asset of the borrower, such as gold. When an instant cash loan is procured against an asset, the borrower can enjoy some benefits including lower loan interest rates, higher loan amounts, etc. Loan amounts can be disbursed up to 75% of the market value of the asset. When a loan is taken against collateral, the borrower is also not required to submit their credit score or their income statement. In the case of an unsecured instant loan, although the borrower is not required to pledge his asset, he will have to pay a higher loan interest rate. They will also have to present their credit score and income statement or salary slips, depending on which, the loan approval will be done. The loan interest rate will be calculated depending on their financial health. Unlike the case of a collateral-based loan, a collateral-free loan also has an upper limit of 5 lakhs.
Generally, to avail an instant cash loan online in India, you have to submit a few mandatory documents like identity, address, age proof, and income documents. However, you may still apply for an instant loan when you do not have any documents. To apply for an instant loan without documents, you must have an exceptionally high credit score. Additionally, you should prove to the lender that you have never missed out on EMI payments. Moreover, your debt to income ratio should be excellent, which means the amount you earn every month is more than enough to take care of your financial liabilities. Other than the things mentioned so far, you should also keep a healthy relationship with the lender. When there is an extraordinary level of trust between the lender and the borrower, loan approval is rarely a problem.
Your request has been received, our customer relationship manager has been notified and will call you shortly