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Aareymilk Colony
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Instant loan in Aareymilk Colony

Aarey Milk Colony is probably the only place in Mumbai that has many ghost stories associated with its name. Despite being a part of Mumbai, the Aarey Colony in Goregaon East is a different world in itself. The area is replete with greenery due to the Sanjay Gandhi National Park. The area is considered a mixed moist deciduous forest. Around 600 acres of the colony is classified as a reserved forest. The settlement was established in 1949 when Pandit Jawaharlal Nehru inaugurated a dairy at Aarey. There is a lake around the famous tourist destination Chhota Kashmir where people from all over Mumbai come for a picnic. People living here often depend on instant loans in Aarey Milk Colony to tide over any crisis.

Difference between instant loans and personal loans

Difference between instant loans and personal loans

While both instant loans and personal loans serve the same purpose, that is to provide you with cash, there are some differences between the two.

Difference

Personal Loan

Instant Loan

Nature

A personal loan is an unsecured loan.

An instant loan can be either secured or unsecured.

Collateral
Requirement

You do not need to submit any collateral guarantee to avail the loan.

If you opt for a secured loan you will have to pledge collateral, which isn’t the case if you apply for an unsecured loan.

Documents Requirement

Due to its unsecured nature, lenders require various documents that prove the stability of your income and keep the loan amount low.

You only need to submit certain basic documents such as identity proof in case of a secured loan. Documentation requirement is low as you will anyway be pledging collateral. In case of an unsecured loan you will have to submit documents such as income statements, payslips. address proof, etc

Maximum Limit

The limit of an unsecured personal loan or an unsecured instant loan is typically up to INR 20 lakh.

In the case of a secured loan, the limit depends on the collateral pledged. If you apply for a secured instant loan, the lender would sanction up to 75% of the collateral’s market value. Hence, if you deposit collateral whose market value is INR 1 crore, you may get a loan of up to INR 75 lakh. In case of an unsecured instant loan, the limit is INR 5 lakhs.

Eligibility to apply for an instant loan and documents required

There are two types of instant loans

A collateral-based instant loan 

This type of loan is secured against a collateral property of the borrower. There are many benefits to a secured loan, such as minimal paperwork, lower interest rates, and high-value loans. Usually, the borrower is only required to present their identity and address proofs. 

A collateral-free loan

This type of loan is unsecured. The borrower doesn’t have to pledge his property with the lender for obtaining the funds. However, the borrower will be expected to have a high credit score and a stable source of income, usually above INR 21,000 per month. The lenders like to make sure that the debt to income ratio is appropriate for the loan so that the borrower can make the repayments on time. The borrower will also have to submit documents that prove their financial health, such as a salary slip or an income statement, their credit score, and sometimes even a guarantor.

For these reasons, a collateral-based loan is more popular among the lenders. 

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Frequently asked questions

How long is the tenure to repay an instant loan?

An instant loan is one of the most flexible loans in the financial market. It is depending on your financial health as well as your preferences that the loan term and the EMIs are determined. The shortest span of a loan term can be one month and the longest can be up to 5 years. Which one you prefer depends on your financial health. When you opt for a long term loan, even though your EMIs may be a lesser amount, you will end up paying more, for the interest component. If your loan term is short, the EMIs will be a bigger amount but the amount you pay towards the loan component will be less. Paying the EMIs on time can enhance your credit score. It is advisable to pick the loan tenure depending on your EMIs, the interest rate as well as your financial state.

Is Pan card compulsary to get an instant loan?

A PAN Card is one of the mandatory documents that a borrower has to submit with the lender in order to prove their financial security. It is possible to get an instant loan without a PAN Card. There are better chances of a loan approval if you have provided your PAN Card. It is easier to obtain a secured instant loan than an unsecured instant loan without a PAN Card. This is because, in the case of a secured loan, the lender is assured of the safety of the loan, thanks to the assest that he has procured in the form of collateral. If you are in need of an unsecured instant loan and if you do not have PAN Card, you need to have a high credit score. A high credit score is usually above 700. A high credit score is a mark of your financial health. The lender can also decide to give you an unsecured instant loan without a PAN Card if you have a stable income, which has to be proved with an income statement or with a copy of your bank account statement.

Can I get an instant loan without a PAN card?

An instant loan is one of the most flexible sources of urgent funds or quick loans. There is great flexibility when it comes to a range of factors such as the purpose of the acquired funds, repayment options, etc. The documents that have to be submitted when you apply for an instant cash loan are proof of your income, address, and your identity. The documents include your Aadhaar Card, PAN Card, income statement, etc. PAN Card is one of the most necessary documents that you have to submit when applying for an instant loan. But fortunately, you can still make the request for an instant loan even if you do not have a PAN Card. All you have to do is fill, sign, and submit Form 60, along with your Aadhaar Card along with the rest of the necessary documents that you need for the instant loan application.

What is netbanking verification while applying for an instant loan?

When a person applies for some quick funds with the lender, one of the main things that the lender makes sure is that the borrower is financially stable enough to be able to pay off the EMIs without it burning a hole in their pocket. This is done in two ways. The first and usual method is where the borrower has to submit certain documents to prove their financial stability - which can be an income statement or a salary slip. The other recent mechanism is through net banking verification. These options are given beforehand by the lender and the borrower can pick the one he deems fit. In the net banking method, the lender uses some automated algorithms to check if the salary has been credited to the lender’s salary account on the payday or not.

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