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Guwahati
Amingaon
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Instant loan in Amingaon

Located along the banks of River Brahmaputra, Amingaon is a locality in North Guwahati. It is the district headquarter of Kamrup Rural district of Assam. The New Saraighat Bridge connects Amingaon to Guwahati across the River Brahmaputra. The nearest airport to reach the locality is the Guwahati Airport, located about 26 km away. Amingaon is home to one of the premier educational institutions of the country, Indian Institute of Technology Guwahati or IIT Guwahati. The Rajiv Gandhi Indoor Stadium is also located here. Several mega projects are coming up in this part of the city, which is causing many people to opt for instant loans in Amingaon to keep up with this momentum of growth and business expansion.

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.

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

What are the tips while applying for an instant loan in India?

instant loans are the best source to avail funds if you are in urgent requirement of the same. However, to have a significant say in the terms of the loan, the borrower needs to be in possession of a high credit score. This credit score is a direct reflection of your past repayment pattern. The higher the credit score, the better your chances of availing a loan as per your terms. 700 is considered an ideal credit score, anything north of that gives you an upper hand as the borrower. There are two types of instant loans- Secured and Unsecured. In case of a low credit score, the borrower can always opt for a secured loan, in which case the credit score will not majorly influence the terms of the loan as collateral is involved. However, if the borrower has a commendable debt-income ration, then he/she can leverage that and opt for an unsecured instant loan at an attractive interest rate. Irrespective of which loan one chooses to avail, it will not take more than an hour to receive these funds.

How much can I borrow in an instant loan?

An instant loan allows greater flexibility in disbursing the amounts according to your urgent loan requirements. There are two types of instant loans - one which requires collateral and the other which doesn’t require collateral. The loan amount that can be availed on a collateral-based loan can be upto 75% of the market value of the pledged asset. In the case of a collateral-based loan, since you have provided your asset as a security, you can enjoy the benefits of a low-interest loans. In the case of a collateral-free loan, the amount that will be disbursed, as well as the loan interest will depend on your credit score and the stability of your income. However, the loan interest charged on a collateral-free loan is higher than the interest charged on a collateral-based loan.

What are the interest rates offered by Rupeek for an online gold loan?

Rupeek not only offers a higher value for your gold but also offers ultra-low rates of interest, which can enable you to save more than INR 12,000 per lakh on interest. Additionally, you can get the highest LTV for your gold and a free insurance cover.

Rupeek offers four types of interest rates according to the loan amount and your location.

  1. If the amount that you are borrowing is above 20 lakh, the interest rate can range from 0.89% to 1.39%.
  2. If the amount you wish to avail is more than INR 5 lakh, then the lowest interest rate you can get is 0.89% per month and can go up to 1.39%.
  3. The interest rate can go up to 1.59% if the amount you wish to avail is between INR 2 and 5 lakh. The lowest interest rate can be 0.99%.
  4. For an amount of less than INR 2 lakh, the interest rate starts from 1.29% and goes up to 1.69%.

This is because Rupeek offers three types of schemes under these loan amounts - such as High Value Loan, Max Value Loan, and No Tension Max Value Loan. The interest rate offered by High Value Loan is the lowest and the No Tension Max Value Loan is the highest.

Can I get an instant loan if I'm a homemaker?

Homemakers are charged with the herculean task of managing household expenses, paying of planned expenses as well as bracing for expenses that might come up on an urgent basis. Instant cash loans can come handy in case of emergencies. instant loans only take about an hour to get disbursed. This implies that availing an instant loan online does not require detailed planning. As a homemaker, if you want to avail a loan, you will have to submit are a few documents such as PAN Card, Aadhar card, Age Proof, Proof of income, and your passport size photos and an asset as collateral. Subject to the magnitude and value of the loan, you are likely to receive about 75% of the value of the security as your loan amount.

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