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yercaud
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Instant loan in yercaud

Yercaud is a small, beautiful and popular hill station in Salem District of Tamil Nadu. Yercaud is situated in the Shevaroy hill range in the Eastern Ghats. It is approximately 30 kilometres from Salem city. Salem airport and Salem Junction railway station are approximately 40 kilometres from Yercaud. The hill station is regarded as a nice weekend getaway from Chennai. Yercaud has many small and big hotels for travellers. Shevaroy Hotel is one of the most hotel in the hill station. The hill station has a nice lake in its premises for travellers to enjoy boating. Instant loan in Yercaud is sough-after by the inhabitants.

Eligibility to apply for an instant loan and documents required

An instant loan can be of two types - 

Secured instant loans- If you apply for a secured loan, i.e. an instant loan against collateral, you can get a higher loan amount. The eligibility criteria are also relaxed. Usually, it does not matter whether you can show income proof or not. You may also apply for a loan with only two documents - PAN Card and Aadhaar Card. 

Unsecured instant loans- If you apply for an unsecured instant loan, the lender would approve the loan based on your income and expenditure ratio, credit score, and the stability of income. To avail an unsecured loan, you have to satisfy the minimum monthly income criteria set by the lender and is usually above INR 21,000 per month. Moreover, you have to submit documents like PAN Card, Aadhaar Card, income proof, age proof, income tax file, bank account statement, and quite often, a guarantor.

 Hence, if you want a no-frills loan, it is prudent to apply for a secured instant cash loan online.

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

Is taking an instant loan for a low amount a good idea?

One of the most beneficial perks of availing an instant cash loan online is its flexibility. instant loans are typically of two types secured or unsecured. While unsecured loans come with an upper cap, the maximum amount you can avail from a secured loan is contingent on your collateral. Ideally, it is up to 75% of the value of the pledged security. To cover the loan processing cost, lenders charge a higher loan interest rate for a low loan amount and vice versa. For instance, if your loan amount is 5 lakhs or below, you may be charged an interest rate of 1.50% per month whereas if your loan amount is 20 lakhs your loan interest rate will be around 0.90% per month. Though a small magnitude of the instant loan may come at a relatively high rate interest, the celerity at which these instant loans are processed completely out shadows it. Alternately, you can avail collateral-based instant cash loans as they have relatively low interest rates.

Can I get an instant loan if I'm retired?

Retired people also need funds the same as everyone else. They may need it for a variety of reasons, including paying their medical bills, to renovate their house, for unprecedented expenses, to buy some amenities, or to finance a trip. Even when retired people are unemployed, they can still obtain instant cash loans. As long as they have a steady pension, they can obtain an unsecured loan. If that is not the case, they can also get quick funds through collateral-based loans, such as an instant gold loan. Obtaining an instant cash loan is a very simple and easy process. You can call the customer care of the desired loan service, request for an instant loan, or place a request via the web portal or the app of the concerned lender. The borrower will have to present a few documents as their identity proof, their address proof, and an income statement before the lender. If all goes smoothly, the loan approval will be done within an hour.

How can I get instant loan in one day?

The benefits of instant loans are limitless. Instant cash loans are insanely popular is not just because of how flexible they are but also because of how swiftly it gets processed. All you need to avail an instant cash loan online is a smartphone.computer with a stable internet connection, some basic documents, and in case you wish to secure your loan, collateral. Alternatively, you can also place your request on the customer care number if you wish to directly contact the lender. If you are applying for an unsecured loan, your KYC can be completed online. If you are applying for a secured loan, a lender appointed representative will visit you at a time as stipulated by you for collateral valuation and document verification. In either case, post verification the loan amount will be transferred to your account. As the name rightly suggests, these 'instant' loans are disbursed in about an hour, rest assured itll be done in a day!

Is Pan card compulsary to get an instant loan?

While the PAN Card is considered as a very important document, several lenders do approve instant loans sans the PAN card. A foolproof way of applying for an instant loan without a PAN card and getting it approved is to apply for a secured loan. Secured loans are those loans that are availed by pledging an asset or collateral against the loan. In such a case you are likely to receive up t 75% of the collateral's market value as your loan amount. If you wish to apply for an unsecured loan without a PAN card, you may still do so. However, you will have a higher chance of getting your loan application approved if you have a healthy credit score- 700 being the ideal standard. The lender may also ask for other document proofs in place of your PAN card such as a copy of your income statement to prove the creditworthiness of the borrower.

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