Instant Loan in Amritsar
Amritsar had initially been the settlement of a band of 52 traders and was founded by the late Sikh Guru Ramdass Ji. The city receives its name from the Amrit Sarovar lake inside the Golden Temple complex. It is a revered spiritual destination for Sikhs, Hindus, and Muslims from all over the world. The people from Amritsar are witnesses to one of the most brutal forced migrations of all time. Even today, some people have relatives on the other side of the border. Amritsar is a city where you can never go hungry due to the hospitable people in gurudwaras who will offer free food if you have no money. The main cuisine of Amritsar is kulchas and Lassi. The main tourist sites in Amritsar are the Golden Temple, Partition Museum, Gobindgarh Fort, the Jalinwala Bagh memorial, Maharaja Ranjit Singh Museum, and Jama Masjid Khairuddin, Durgiana Temple, Akal Takht, and Ram Tirath Ashram. An instant loan in Amritsar is the most availed loan.
We offer the highest per gram rate on our gold loans.
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Difference between instant loans and personal loans
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 on 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 a loan using an unsecured instant loan.
Eligibility to apply for an instant loan and documents required
Instant loans are typical of two types- Unsecured loans that don't require collateral security and secured loans that require the borrower to pledge collateral security against the loan. Borrowers that get an instant loan get access to various benefits as compared to those that borrow unsecured loans.
For instance, borrowers that avail of secured loans get to borrow a higher loan amount. Since borrowers are required to pledge an asset whose market value needs to be about 30% more than the loan amount, the eligibility criteria are also relaxed. To avail of a secured loan, you'll only need basic documents such as PAN Card and Aadhaar Card. However, this isn't the case with unsecured loans.
When you apply for an unsecured loan, your loan approval depends on several factors such as your debt-income ratio, existing credit profile, and income status. Additionally, to be eligible for an unsecured loan, as a borrower, you will need to have a minimum income of INR 21,000 per month. Along with this proof of income, you will also have to submit other documents such as PAN Card, Aadhaar Card, Age proof, Income tax file, Account transaction statement, and sometimes even a guarantor. If you are looking to avail a quick, hassle-free loan, secured loans are the way to go.
Frequently asked questions
Can I change my tenure once I have applied for an instant loan?
There are two types of instant loans- Collateral free loans (also known as Unsecured loans) that do not require you to pledge any asset against the loan) and Collateral loans (also known as secured loans) that require you to pledge gold in exchange for the loan. In the case of a secured loan, the borrower has the latitude to request a change in the loan tenure. This is not the case with unsecured loans as the lender may or may not allow the facility to change the tenure of the loan once the loan request has been screened and approved. While lenders are often willing to accommodate any changes the borrower might want to implement, it'll be rather prudent of the borrower to map this out in advance before applying for the loan.
What is the minimum monthly income needed for an instant loan?
For the security of the instant loans that the lenders have lent to the borrowers and to prevent the non-repayment of the debt, the lenders evaluate the income-to-debt ratio of the borrower before giving the loan approval. It is only after making sure that the borrower has a steady source of enough income that the lenders approve the loan amount. The lenders make sure that the borrowers can pay off the loan, without the EMIs burning a hole in their pocket. The borrower has to earn a minimum amount of 18,000 to 21,000 every month to be eligible for the loan. Among the required documents that the borrower has to submit before the loan approvals are the income statement and the salary slip. But you can dodge this requirement by opting for a collateral-based instant loan that does not require your salary slip or your income statement.
How secure is my gold with Rupeek?
Rupeek is a Reserve Bank of India-approved lending institution that has provided instant gold loans to millions of borrowers since 2015. Rupeek has carved a niche in the gold loan industry due to its unique business model, which includes providing doorstep loan services to its borrowers. When you deposit gold bars or ornaments with Rupeek, you get 100% free insurance cover on the deposited gold. All gold bars and ornaments you deposit with Rupeek are stored in a partner bank vault with round-the-clock security and real-time monitoring. Not only the gold but also the details you enter on the app are secured with 256-bit encryption and SSL technologies, thereby guaranteeing you 100% safety of your personal data.
What are the documents required for an instant loan?
An instant loan is one of the best options to obtain immediate cash or an urgent loan from. The loan amount can be procured by submitting a few necessary documents, that can be used as your identity proof, your address proof, and your income proof. These documents include your PAN Card, Aadhar Card, credit score, income statement, etc. If you do not have a steady source of income and are unable to meet the requirement of your income statement or your credit score, you can always procure the desired funds using a gold loan. A gold loan is one of the easiest and most efficient ways to obtain funds at quick notice. Apart from being one of the low-interest rate loans in the market, a gold loan also makes it possible for you to avail of the maximum funds by pledging your gold. Further, you are also not required to present your salary slip or your credit score. Most lenders also provide a flexible loan repayment option with the provision of various schemes.
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