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Salem
ammapettai salem
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Instant loan in ammapettai salem

Ammapettai Salem is a town situated in Salem, a city in the South Indian state of Tamil Nadu. Its pin code is 636003. The town is a popular residential locality and well sought-after by individuals living in and around Ammapettai. The average cost of a house here is approximately Rs. 4910 per square feet. The cost of a two BHK house for sale is approximately Rs. 25 Lacs whereas the cost of a two BHK house for rent is in the price range of Rs. 8,000 and Rs. 13,000. Some of the localities that are in close proximity to this town are Ponnammapet and Chinna Thirupathi. If individuals are seeking to own a house, Instant loan in Ammapettai Salem is easily and readily available for them.

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.

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.

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Frequently asked questions

Can I get an instant loan using Aadhar card?

When you apply for an unsecured loan, you are asked to submit documents that prove your identity, your address, and your income statement. If you are applying for a secured loan, you are only required to submit your identity proof and your address proof. You are asked to submit your income statement in the first scenario because the lender likes to be assured that you have a stable income every month that will permit you to pay your EMIs and take care of your personal needs every month. If the only document that is available to you is your Addhaar Card, then you can opt for a secured loan. A secured loan is even better since it requires neither your credit score nor your income score. Your Aadhaar Card is the most conclusive proof of your citizenship and can act as both your identity and address proofs. It is hence possible to get an instant loan with only your Aadhaar Card.

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

An instant loan is the best option there is in India, to get emergency loans. There are two types of instant cash loans in India, a collateral-based instant loan and a collateral-free instant loan. In the case of a collateral-based loan, you need to pledge your property with the lender in order to obtain the funds. The only documents you require are address proof and an identity proof. You can enjoy attractive interest rates on a secured loan. The other case is that of an unsecured loan where you don’t have to pledge your property with the lender but you need to have a high credit score and a stable income. The credit score has to be above 700 for the loan amount and the loan interest rate to be favorable. Both the type of instant cash loans are popular in India with both not taking more than an hour to process the loan.

How to apply for an instant loan online

To avail an instant loan online, you must have a smartphone or a computer with an internet connection. All you should do is to visit the lender's website or download the app from PlayStore and place a loan request. Alternatively, you may call the lender's customer care number. The loan application to loan disbursal process takes around 60 minutes. As soon as you request for a loan, a relationship manager would call you and seek appointment. After this, a company-approved loan officer would visit your place of residence or office and verify documents like Aadhar card, PAN Card, and other things. The Appraiser would also check your financial records to ascertain your repayment capability. Depending on your financial status, the officer would inform the loan amount you are eligible to receive. If you agree to the amount and the interest rate, the officer will process the loan. Generally, the amount gets transferred to your account within five minutes of loan approval.

How secure is my gold with Rupeek?

If you are worried about the safety of your collateral as well as of the personal details you have shared with the lender, all you have to do is check if the lender has been approved by the Reserve Bank of India. Rupeek is an approved lending institution that has been in the market since 2015, providing excellent services to its customers. Rupeek is one of the best instant gold loan lending institutions in India, gaining popularity, thanks to its quick, hassle-free services as well as for its doorstep loan services. Rupeek offers your collateral the maximum protection. As soon as you hand over your gold assets to Rupeek, it makes sure that your assets get a 100% free insurance cover. It also makes sure that the deposited gold is safe in the vaults of a partner bank where it is heavily guarded with round the clock security and real-time monitoring. The personal details that you share with Rupeek are also given equal protection. The details you enter are secured with 256-bit encryption and SSL technologies.

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