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Nellore
vinjamur
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Instant loan in vinjamur

The village of Vinjamur in Nellore is an aunthentic Andhra village marked by the fertile green lands that let agriculture thrive as the main occupation in the zone. The agricultural communities that live here benefit from the well-planned irrigation systems that add value to the natural irrigation available here. Yarraballipalem Pond and Pathur Pond serve as the natural water bodies in here. The people enjoy a good agricultural yield and consider financial aid or instant loan in Vinjamur as a boon to their growth. They are also in connection with the neighbouring population in the surrounding villages and towns such as Utukuru, Gottigunda, Nagasamudram etc. The somasila project has brought relief to the drought-hit parts of these villages.

Difference between instant loans and personal loans

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.

Features of an instant loan

Instant loans are one of the most popular forms of credit in India. Instant cash loans come equipped with several perks and features that make it the most preferred form of credit or most borrowers. There are several reasons why Instant loans have been a roaring hit. The first and foremost reason would have to be its flexibility. It can be availed within a matter of hours, with or without collateral, with or without a healthy credit score, and can be spent as per the discretion of the borrower. Secondly, the speed at which these loans are approved. It is usually only a matter of an hour before these loans are approved. The third reason would have to be the loan application process which can be done both online as well as offline and is an extremely hassle-free process. Last but not the least, the reason instant loans are most borrowers' go-to choice of credit is because of the minimal documentation that is required. Depending on the type of instant loan the borrower is looking to avail, the documents required will vary but are minimal nevertheless.

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Frequently asked questions

How long will the application process take?

One of the best perks of an Instant Cash Loan is how quickly it can be availed. All you need to do is place a loan request on the web portal Alternatively, you can also download the lender's app to place your request. Typically, a relationship manager will get in touch with you within few minutes of submitting your application to set up an appointment for document verification following which an approved loan officer will visit your house or workplace at the stipulated time. While the verification for collateral-free loans is carried out online, officers reach the location as stated by the per your convenience within 30 minutes of placing the loan request. Once the documents have been verified, the officer will approve the loan and oversee its subsequent transfer to your account. This entire process end-end will typically take no more than 60 minutes!

Does an instant loan affect your credit score?

Yes, an instant cash loan can help to increase your credit score. The credit score is one of the main factors that determine your financial health. When you apply for a loan, the lenders assess your financial health by checking the stability of your income as well as your credit score. If you have a credit score below 700, it means that you have a poor repayment record and the lender will charge a higher loan interest rate for you. On the other hand, if you have a good credit score, the lenders will charge lower interest rates. You will also be able to get higher value loans which otherwise wouldn’t be possible for you. When you take an instant cash loan and repay your EMIs on time, by each repayment your credit score will go higher. If you want to increase your credit score, you can take small loans and make the EMI payments on time.

Can I repay my instant loan early?

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.

How can I get instant loan in one day?

You don’t have to worry about getting an instant loan in a day. As long as you have the necessary documents ready at hand, you can get the loan in an hour. An instant cash loan gets its popularity as it is one of the easiest and the quickest loans that anyone can apply for. All you have to do is visit the website of the lender or download their app and apply for an instant loan. You can also call at their desk to place a loan. If you have applied for an unsecured loan, you have to upload documents that prove your identity, address, and income. If you have applied for a secured loan, the representative from the organization will arrive at your doorstep to check the authenticity of your collateral as well as to verify your documents. As soon as your loan approval is done, the amount will get transferred to your account with no delay.

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