Umarwada is a major commercial area in Surat. It is home to several textile markets in the city that are known for doing retail and wholesale businesses. One of the prominent and popular markets of the locality is the Bombay Market. This busy market has rows and rows of shops selling a wide variety of garments, especially sarees and dress materials of all kinds. Buyers and sellers use a lot of cash while dealing in this market and often opt for instant loans in Umarwada to avail ready cash. Umarwada is located just 2 km from the Surat Railway Station, the main rail hub of the city.
The flexibility related to instant loan guarantees that it can be put to any use. People in Surat 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.
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.
Whether or not you need to have a high credit score depends on the type of loan you are applying for (collateral-based or collateral-free instant cash loan) and on your lender. You are required to have a credit score only as long as you are opting for a collateral-free instant loan. If you are opting for a collateral-based instant cash loan, you are not required to have a credit score. A credit score is requested by the lenders as it is a mark of your financial health. Your credit score and your financial health are directly proportional to each other. On the other hand, if you are placing an application for a gold loan with Rupeek, your credit score is not required. This is because of the security of the collateral that you have pledged with the lender. This also enables the lender (as per the RBI regulations) to disburse amounts equal to 75% of the market value of the pledged gold to the borrower. Besides, you can also get lower loan interest rates with Rupeek.
A marriage ceremony is a one-time affair, and, naturally, you would want it to be an event to remember. However, most often, money plays a spoiler when your dreams are grand. Worry no more, as an instant cash loan online can still make your event as extravagant as you would like it to be. An instant loan can provide you with money when you need it. Hence, you do not have to sacrifice your present-day dreams to create a corpus for the future. You may as well plan everything and apply for the loan just a day before the event. The instant loan approval usually takes no more than an hour. What's more, you can apply for instant loan only by submitting your Aadhaar card and collateral security.
For the security of the instant loans that the lenders have lent to the borrowers and to prevent the non-repayment of the debt, the lenders evaluate the income-to-debt ratio of the borrower before giving the loan approval. It is only after making sure that the borrower has a steady source of enough income that the lenders approve the loan amount. The lenders make sure that the borrowers can pay off the loan, without the EMIs burning a hole in their pocket. The borrower has to earn a minimum amount of 18,000 to 21,000 every month to be eligible for the loan. Among the required documents that the borrower has to submit before the loan approval are the income statement and the salary slip. But you can dodge this requirement by opting for a collateral-based instant loan that does not require your salary slip or your income statement.
An instant loan is one of the most popular sources of funds available today. This is due to the flexibility associated with the loan as well as the quickness of the transaction. You can easily get an instant cash loan. First, you have to place an application for an instant loan either on the web portal of the lender or by downloading their app. You will then be required to submit a few documents such as your identity proof, address proof, and your income statement. In the case of a collateral-based loan, the lender will show up at your doorstep to check the authenticity of your collateral security as well as your documents. As soon as your documents and your collateral are approved, the lender will give the loan approval and the amount will be transferred to your account. The whole process can be completed in a matter of one hour if the documents and the collateral are in order.
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