Valasapakala is famous for its Sai Ganesh Temple, Kanaka Durga Temple, Nataratnakala Mandirand the Sri Prasannanjaneya Swamy Vari Alayam And Sri Abhaya Shirdi Saibaba. Spirituality and pilgrimage attract a huge conglomerate of worshippers from all over India to visit these renowned temples. Valasapakala is situated in East Godavari district in Kakinada, in Andhra Pradesh State.Vakalapudi , Ramanayapeta , Sasikanth Nagar , Rayudupalem , Kakinada are the nearby Localities to Valasapakala. Telugu is the Local Language here. It is well connected with road and rail and constitutes small markets and industrial businesses. Instant loan in Valasapakala enables the locals to lead a better life with a higher standard of living.
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.
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.
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Your credit score requirement depends on the type of loan that you are taking. There are two types of instant cash loans that a lender may use – the first one is a collateral-free instant loan and the second one is a collateral-based instant loan. Which type of instant loans the borrowers want depends on their eligibility as well as their requirements. In the case of a collateral-free loan, the loan is unsecured. Such a type of loan requires the lender to have a high credit score – preferably 700 or higher. The credit score is the credit history of the borrower, depending on which the lender can assess the loan repayment ability of the borrower. In the case of a collateral-based loan, the loan is secured against a property of the borrower that has been pledged before the lender. This type of loan does not require a credit score because, in case of non-repayment of the loan, the lender will settle the debt by selling the property of the borrower.
EMI amounts vary from one borrower to another. That is, the EMI is subject to change depending on the interest rate, loan term, and loan amount. Usually, in a repayment cycle, most of your repayment goes towards the interest, post which your payments gradually trust towards repayment of the principal amount. The loan amortization schedule shows the breakdown of the principal amount vs the interest component. For instance, if you get a loan of 10 lakhs with an agreed repayment tenure of 12 months at a 10% loan interest rate, then your monthly EMI will sum up to 87,920 -/ INR. Depending on the magnitude of each component the EMI amount will also vary. If the interest rate increases while the period remains the same, then you will have to pay more within the same time and hence the EMI will increase and vice versa.
If applying for a loan is easy, repaying the EMIs is easier, especially when you are availing a collateral-based instant loan, like a gold loan. Contrary to a collateral-free personal loan or credit card, lenders charge less interest rate on a collateral-based loan. You can make three types of payments during the loan tenure - interest, closure, and part. The interest payment is what you pay every month as EMI. Closure amount is what you pay to release your collateral and Part-payment is when you pay slightly more than what you are supposed to pay every month. To pay the EMIs, you have to either download the lender's app from PlayStore or visit their web portal. Generally, you may pay by using Internet Banking, Debit Cards, UPI, NEFT, RTGS, or IMPS. On choosing the monthly EMI payment mode, the lender would send you timely reminders about EMI payment.
The credit score is one of the important factors that the lenders look for when they give loan approvals. A high credit score is a mark of your financial health. It is preferred to have a credit score of at least 650 or above. A credit score below 700 is a mark of poor financial stability. It is based on your credit score as well as your monthly income that the lender determines the loan amount as well as the loan interest rate. When your credit score is below the preferred range, your loan interest rate is likely to be higher and your loan amount is likely to be less. In this case, you can opt for a collateral-based instant loan since it provides many benefits including low-interest loans. They also do not require you to have a stable income or a high credit score.
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