The locality of Whitefield, spanning approximately 4000 acres, is a part of Bangalore with a vast community of Anglo Indians and Eurasians who settled in the early 1900s. The place receives its name from D. S. White, who was the founder of this community. Over the years, many people migrated to this region because of its proximity to various IT hubs. The Whitefield locality is also equipped with state of the art international schools and multi-national companies. Moreover, there are many five star restaurants, shopping malls, cinema halls, and parks in the area, making it an ideal place for food lovers, fashion freaks, and entertainment enthusiasts. While it may seem that everything is accessible easily in the area, the place also comes with high living costs. Hence, many people in the region opt for a instant loan in Whitefield.
The flexibility related to instant loan guarantees that it can be put to any use. People in Bangalore procure instant loans for a variety of reasons - whether the expenses are planned or unplanned. The funds procured through an instant loan can be used to pay off unprecedented medical bills. It can also be used to finance a tour or a vacation, or to meet other unexpected emergencies. Whether it is for a house renovation that you need funds for, or it is to start a small business or just about anything, instant cash loans do not stand in your way. You can also use them to pay off your credit card debts, to sponsor an event, or to conduct a grand marriage function. The flexibility offered by an instant cash loan makes sure that you can use your funds for whatever need, as long as it is not for speculative or illegal activities. In some cases, it is also possible to apply for tax rebates when you use an instant loan.
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.
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An instant cash loan is an online collateral-free loan that usually takes no more than a few hours to process. As most of the loan application formalities take place digitally, customers can finish the entire process, from application to disbursal, online. However, as the loan does not require any collateral security, the loan amount is lesser and the interest rate higher than a collateral-based loan. To avail a high-value and low-interest collateral-based loan, you have to visit the lender's website and place a loan request. After applying for an instant cash loan online, the lender would send an official to your house or office within an hour, who would verify your documents, and disburse the amount instantly. By availing a collateral-based loan, customers can save as much as 65% on EMIs than conventional collateral-free loans.
An instant cash loan gets its popularity as it is one of the easiest as well as one of the cheapest loans that are available. You can save up to INR 12,000 on interest expenses by using an instant loan. It is also the easiest loans available as all you need to obtain an instant cash loan is your identity proof, your address proof, and your income statement. You also need to have a good credit score. If it is a secured instant loan that you are procuring, there is no need for an income statement or of your credit score. A secured gold loan also has one of the lowest loan interest rates in the market. As long as you have your documents ready, the loan amount can get transferred into your account within one hour from the loan application.
Whether or not you can change the loan term after the loan approval depends on the type of loan you have opted for and your lender. There are two types of loans when it comes to instant cash loans - an unsecured instant loan and a secured instant loan. In the case of an a secured loan, since the loan is flexible, it is possible to change the loan term after the loan approval. A secured loan is where the borrower has to pledge an asset in the form of collateral with the lender. In the second type of loan, in an unsecured instant loan, whether or not you can change the loan term depends on the lender. In any case, it is always better to be clear about your financial health and choose the best EMI available to you after careful deliberation.
The most tedious part of availing loans, documentation is something you don't have to worry about when it comes to instant loans. The entire process right from loan application to loan repayment has been curated with the intent of keeping it to be hassle-free from end-end. Unlike bank loans, instant loans don't require you to submit pages and pages of documents. The only documents you'll need are essential documents such as ID proof, address proof, age proof, and income statement. As the name goes, the PAN card is recognized PAN India and is an essential document. However, the absence of one does not negate your chances of availing an instant loan. You can instead submit your Aadhar Card and the Form 60 along with your loan application. These documents will suffice in the absence of the PAN card.
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