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Patna
Veerchand Patel Road Area
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Instant loan in Veerchand Patel Road Area

Veerchand Patel Road Area in Patna is a beautiful area in Patna with must-visit landmarks in e locality like the Har Mandir Sahib and Patna Museum. This area is very close to the Phulwari Sharif station, Frazer Road and Danapur Nizamat. The Sultan Palace is also situated in this locality which will soon be an exotic hotel, which was once the home of eminent lawyer and judge Sir Sultan Ahmad. This place is in close vicinity to Patna University and Patna Medical College and Hospital – PMCH. A large influx of students from all over the country gathers here for higher education which also provides abundant opportunities to the locals to earn a living, Instant loan in Veerchand Patel Road Area helps the people to financially sustain themselves.

Reasons to take an instant loan

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 Patna 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.

Features of an instant loan

Thanks to the flexibility and the simplicity associated with an instant loan, it is the most popular and demanded source of funds in India. An instant loan offers many exclusive features that makes it a favorite among the borrowers in Patna. Listed below are some of the most attractive features of an instant loan:

Flexibility - The funds that are obtained through an instant loan can be put to any use, as long as it is not for speculative or illegal purposes.

Loan approval - Usually within an hour from the loan application, the loan amount will get disbursed into your account, just as the name suggests.

Loan application - An instant loan can be placed online as well as offline. The borrower can use the app, the website, or can also call the customer service desk to make a request for the loan. The procedure, from the loan application to the transfer of the amount remains smooth, transparent, and quick.

Minimal paperwork - One of the reasons why instant loans are so popular is that they hardly require any paperwork at all. Not more than five documents are to be uploaded under any circumstance.

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Frequently asked questions

Can I change my tenure once I have applied for an instant loan?

When you apply for an instant loan online by entering the loan amount and loan term, the lender evaluates your credit profile and approves or rejects the loan. Generally, you may apply for two types of loans - secured and unsecured. A secured loan is one in which you need to deposit an asset as collateral security. When you apply for a secured loan, lenders usually allow the facility to change the tenure before or after the loan approval. In case of an unsecured loan, however, the lender might or might not allow the facility to change the term after the loan gets approved. Hence, although the lender allows you the facility to change the loan tenure, it is better if you decide the tenure in advance, which can avoid you from the hassles of restructuring your loan repayments.

What should be my credit score for an instant loan eligibility?

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.

What is the process of instant loan application online?

Instant loans are designed such that they can be seamlessly availed online. All you'll need is a smartphone/computer with a steady internet connection, some basic documents, and collateral if you are applying for a secured loan. You will have to download the app from PlayStore and create an account for yourself with your preferred user ID and password. Next, you'll have to select an appropriate loan category, state the loan amount and loan term you wish to avail, and place your request. If you are applying for an unsecured loan you can submit the documents required online for verification. In case of a secured loan, a lender appointed representative will visit you at your preferred location and time as stipulated by you to value your collateral and verify your documents. The loan amount will be transferred to you within 60 minutes of your loan application provided the verification process goes smoothly and both parties are in agreement with the terms of the loan.

How is the EMI for an instant loan calculated?

The EMIs or the Equated Monthly Installment that the borrower pays every month comprises of the principal loan amount as well as the interest. The EMI is calculated after consideration of the loan amount, the loan interest rate as well as the loan term. During the early months of loan repayment through EMIs, the amount paid is the interest. It is towards the end of the loan term that the principal amount is repaid. There is a tabular list called the loan amortization that shows the principal amount as well as the loan interest components. If a borrower takes gets a loan amount of INR 10 lakh whose loan term stretches over 12 months and the loan interest rate charged is 10%, the monthly EMI of the borrower would come to INR 87,920. The EMI has a direct relationship with the loan interest rate. If the loan interest rate increases and the loan term remains the same, the EMI will increase. On the other hand, EMI has an indirect relationship with the loan term. If the loan term increases and the loan interest remains the same, the EMI will decrease.




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