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Chennai
Vepery
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Instant loan in Vepery

Vepery is a suburb located in the northern part of Chennai. It stands in proximity to Park Town, the transportation hub of the city. Vepery counts itself amongst the oldest neighborhoods of Chennai. It was developed during the settlement of the colonial rulers in the erstwhile city of Madras. The Vepery Mission is believed to be the oldest mission in India related to the Church of England. Vepery remains connected to most areas of Chennai through extensive road and rail networks. The neighborhood is located 3.3 km from the Chennai Central Railway Station and 21.5 km from Chennai International Airport. Egmore Metro Station is the nearest access point for the metro network and is situated 1.6 km away. Residents often depend on instant loans in Vepery to tide over their sudden financial needs.

Reasons to take an instant loan

People often turn to instant loans in Chennai for several purposes.They can be classified into:

1) Unplanned expenses: Owing to how quickly it can be availed, instant cash loans are a convenient form of credit that comes very handy in case of financial emergencies. In scenarios such as hospitalization, sometimes the bill amount might exceed the insurance cover. Instant loans can be availed within an hour and are very helpful when one has to meet unplanned expenses.

2) Planned expenses: If you are looking to start or expand your business, you can avail an instant loan to help meet your fund requirements. The funds stemming from an instant loan can be spent as per the borrower's discretion. If you choose to spend the loan mount on business, construction, or renovation of your house you are even eligible for tax rebates. Be it a leisure trip or a wedding, instant loans can be availed for any reason.

Features of an instant loan

Instant loans are one of the simplest and most popular loans in India. Out of all loans offered by Indian lenders, instant loans are the most feature-rich and easy loan you can avail. Some of the prominent features of an instant loan are:

Flexibility- The first feature that makes an instant loan unique is its flexibility. You may use the loan amount for any purpose you want to. 

Loan approval- The second feature is the speed at which instant loan approvals occur. Usually, an instant loan gets approved within an hour of the loan application. 

Ease of loan application- The third feature is that you can apply for an instant loan online or offline. The entire process, from application to approval, is transparent, quick, and painless and is hassle-free when it comes to gold repayment. 

Minimal documentation-Last but not the least, instant loans are so popular due to the minimum documentation required to apply for an instant loan. You need to upload no more than five to six documents to submit your loan application.

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Frequently asked questions

Does an instant loan affect your credit score?

If you are looking to avail credit in any form now or in the future, it is very important to maintain a respectable credit score. Credit scores play a key role in determining your loan amount, loan term, and loan interest rate. The better your credit score, the higher your chances of having the upper hand when it comes to deciding the various terms of your loan. 700 is considered a healthy credit score. Anything south of 700 could cause mistrust in the minds of lenders. The most foolproof way of increasing your credit score is by availing an instant cash loan online and arriving at an EMI that you can afford to easily payback. Make sure to maintain a balanced debt-income ratio. For instance, if your credit score if very low, avail a loan of smaller value. This will enable you to repay it easily and also extend your credit limit for any loans you wish to avail of in the future.

What identity proof is valid for a instant loan?

Submitting an identity proof is mandatory when you wish to avail an instant cash loan online. An identity proof shows your nationality, which may determine your eligibility for the loan approval. To avail an instant loan, you have to submit address proof, age-related documents, income proof, and other documents, along with the identity proof. The documents that are valid as the identity proof are PAN Card, Aadhaar Card, Passport, Electoral Photo Identity Card, Driving License, Ration Card, Birth Certificate, Matriculation certification, Life Insurance policy bond, and Student Photo Identity Card. Out of all documents, PAN Card is the most important document that is most often considered a mandatory requirement.You may also be asked to present your income statement or a salary slip if you are availing of an unsecured loan as a proof of your financial security.

Is Pan card compulsary to get an instant loan?

PAN Card is often considered as a mandatory requirement for availing an instant cash loan online. Also, many lenders allow the facility to apply for an instant loan without the PAN Card. However, the chances of loan approval become high when you apply for a secured loan. A secured loan is a loan in which you pledge an asset to get a loan of up to 75% of the asset's value. If you want to apply for an instant loan without PAN Card, you should try to keep the credit score above 700, which is an accurate indication of your creditworthiness. Alternatively, the lender may ask for a copy of your bank account statement or income statement to prove the legibility of the loan application.

Can I repay my instant loan early?

The facility to make your loan repayment ahead of the stipulated due date is provided by almost all financial institutions, country-wide. While a premature repayment can reflect very well on your credit profile, bump up your eligibility, and give you an upper hand the next time you choose to avail a loan, the downside to an early loan repayment is the cost of such a provision. If you choose to prematurely end the term of your loan you may do so in two ways. You may either choose to opt for part prepayment and utilize any extra cash you might have to pay up a lump sum along with existing EMI. Or you can repay the entire amount in one go. The additional charges you'll have to bear in the former case is between 0%-1% and between 0%-3% in the case of the latter.

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