Vengal Rao Nagar is locality situated in the northwest part of Hyderabad. The area comes under the Hyderabad Metropolitan Region. Vengal Rao Nagar stands at a distance of about 10 km from the heart of the city. It remains surrounded by the localities of Jawahar Nagar, Bapu Nagar, and Madhuranagar. Vengal Rao Nagar is dotted with several commercial establishments that serve as a source of livelihood for the local people. The residents of the area also avail instant loan in Vengal Rao Nagar to meet their financial requirements, like setting up a business or settling a huge medical bill. In terms of civic amenities, the area has schools, colleges, banks, post office, general stores, places of worship, healthcare centres, pharmacies, etc. The headquarters of the Drugs Control Administration in Telangana is located here. The area is also home to the Indian Institute of Health and Family Welfare.
Although both personal and instant loans provide the lender with emergency funds, certain features make them different from each other. These pertain to their nature, their requirements, and their loan amounts.
Nature: While a personal loan is always unsecured, an instant cash loan can be either secured or unsecured.
Collateral requirement: Personal loans are always collateral-free while instant loans can be collateral-free as well as collateral-based.
Required documents: Personal loans require more paperwork to prove the financial health of the borrower. In the case of secured instant loans, the paperwork is minimal, consisting only of the borrower’s identity and address proof. However, when obtaining an unsecured instant loan, the borrower is required to submit documents to prove their financial health, such as their credit score and income statement.
Upper limit: Up to INR 20 lakh can be procured using a personal loan. When it comes to a secured instant loan, there is no upper limit in the loan amount that can be availed. The lender can receive up to 75% of the market value of the pledged collateral as the loan amount. On the other hand, not more than INR 5 lakh can be obtained as the loan using an unsecured 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 Hyderabad. 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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Medical emergencies have a 100% track record of cropping up unannounced. One can never be too prepared to handle such situations. Though the individual may be insured, most hospitals expect the payment to be made upfront whereas insurance companies take a considerable amount of time to turnaround. In such situations, instant loans prove to be handy as they barely take an hour to be approved. Not all lenders demand end-end documentation. Some even approve loans with just an Aadar card. Availing an instant cash loan only requires a couple of steps. All you need to do is download the lender's app, submit your personal details, and apply for the instant loan. Your eligibility amount and interest rate will both depend on your credit score and your EMIs will commence exactly a month since the date of loan approval.
Almost all lenders in India offer the facility to close the instant cash loan before the end of its term. What makes them different is the charges they levy for providing such a facility. You may prematurely close the account in two ways. The first is by paying the entire amount in full before the end of the loan term. Usually, the lender charges anywhere between 0% and 3% for full loan repayment. You may also avail the facility of part prepayment and use any extra cash in your hand to pay a lump sum in addition with the existing EMI. In this case, the lender may charge an amount which is 0% to 1% of the lump sum amount. By clearing the dues early, you may enhance your credit score and become eligible to apply for a new high-value loan.
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.
Financial institutions prefer lending loans to citizens that reside within the same geographical bounds as them. Identity proofs are written, legal evidence of the borrower's nationality because of which they are considered mandatory if you want to apply for loan online. Some of the documents that are entertained as valid identity proof are:
*Electoral Photo Identity Card
*Life Insurance Policy Bond
*Student Photo Identity Card
The other documents that you have to submit include address proof, age proof documents, income proof, and salary slip in case you are availing an unsecured loan.
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