The coastal area of Ullal is a quaint little town near Mangalore in the Dakshina Kannada district of Karnataka. Also known as Ullala, this sea town serves as an educational, industrial, and commercial hub in the district. Located about 7 km away from Mangalore city centre, Ullal stands as one of the oldest towns in the country. It boasts of a rich history, traces of which can be still seen here. Being located on the shores of the Arabian Sea, the town serves as an important centre for trading of fish and fish manure. The easy availability of instant loan in Ullal helps residents to set up their trade in this field. Ullal Juma Masjid and Sayed Madani Dargah, Sri Cheerumba Bagavathi Temple, Someshwar Beach, and Someshwara Temple are some of the major tourist attractions situated in and around this town.
An instant loan can be of two types -
Secured instant loans- If you apply for a secured loan, i.e. an instant loan against collateral, you can get a higher loan amount. The eligibility criteria are also relaxed. Usually, it does not matter whether you can show income proof or not. You may also apply for a loan with only two documents - PAN Card and Aadhaar Card.
Unsecured instant loans- If you apply for an unsecured instant loan, the lender would approve the loan based on your income and expenditure ratio, credit score, and the stability of income. To avail an unsecured loan, you have to satisfy the minimum monthly income criteria set by the lender and is usually above INR 21,000 per month. Moreover, you have to submit documents like PAN Card, Aadhaar Card, income proof, age proof, income tax file, bank account statement, and quite often, a guarantor.
Hence, if you want a no-frills loan, it is prudent to apply for a secured instant cash loan online.
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 Mangalore 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.
An instant cash loan online is one of the most popular and easiest loans you may apply for when you need urgent cash. The best feature of an instant loan is the speed with which it gets approved. To apply for an instant loan, you have to download the lender's app or call their customer service desk. If you apply for a collateral-free instant loan, the KYC verification process will take place online. If, however, you apply for a secured loan, a loan officer would visit your location within thirty minutes for physical KYC and collateral verification. After successful validation, the lender would approve the loan and transfer the loan amount to your bank account. Generally, the entire process takes about one hour. Hence, an instant loan makes sure that the shortage of funds will never be an issue anymore.
Whether or not your instant loan gets approved depends on several factors such as your nationality as per your identity proof, existing credit profile, debt-Income ratio, repayment capacity, to name a few. Though instant loans are designed to be flexible, speedy and hassle-free lenders are still vigilant when it comes to loan approval. There are a few measures you can follow to ensure that your instant loan gets approved. Ensure you have a respectable credit score (700 is considered the standard credit score). If not, this can be improved by ensuring timely repayment of prior credit. Alternately, if you apply as a co-applicant with someone with a steady source of income, this can strengthen your position as a borrower. the best and foolproof way of ensuring that your loan gets approved is to opt for a secured loan and pledge collateral that is at least 30% higher in value than the loan amount you are looking to avail. Once the basic eligibility criteria has been met, it is only a matter of minutes before your loan amount is disbursed.
The credit score is the most significant score that determines your eligibility for an instant loan. The minimum credit score required to avail a loan depends on the lender. While some lenders want you to have a score above 700, others would sanction a loan even when your credit score is zero. Generally, when you apply for a collateral-free instant cash loan, the lender wants you to have a score of 700 and above. But, if your credit score is low, or you want to get low interest rates, then applying for a secured loan, like a gold loan, would be a better option. A secured loan disburses an amount of up to 75% of the asset's market value. To sum up, you will need a high credit score when you wish to avail a collateral-free loan, but in case of a secured loan, credit score often does not play a determining role.
Whether or not you can change the loan term after the loan approval depends on the type of loan you have opted for and your lender. There are two types of loans when it comes to instant cash loans - an unsecured instant loan and a secured instant loan. In the case of an a secured loan, since the loan is flexible, it is possible to change the loan term after the loan approval. A secured loan is where the borrower has to pledge an asset in the form of collateral with the lender. In the second type of loan, in an unsecured instant loan, whether or not you can change the loan term depends on the lender. In any case, it is always better to be clear about your financial health and choose the best EMI available to you after careful deliberation.
Your request has been received, our customer relationship manager has been notified and will call you shortly