The bustling Arnia border town is located 26 KM away from Jammu. In recent years Arnia has been subject to various border conflicts like cease fire violations by Pakistan that led to the killing of innocent civiliand and destruction of their property. To escape this persecution many some people take instant loans in order to move away to a safer place. Like the rest of Jammu there is religious diversity in this village majority of the population is Hindu that coexist with a few Sikhs and Muslims.This small village is of great military value as it is an international border.
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.
The flexibility related to instant loan guarantees that it can be put to any use. People in Jammu procure instant loans for a variety of reasons - whether the expenses are planned or unplanned. The funds procured through an instant loan can be used to pay off unprecedented medical bills. It can also be used to finance a tour or a vacation, or to meet other unexpected emergencies. Whether it is for a house renovation that you need funds for, or it is to start a small business or just about anything, instant cash loans do not stand in your way. You can also use them to pay off your credit card debts, to sponsor an event, or to conduct a grand marriage function. The flexibility offered by an instant cash loan makes sure that you can use your funds for whatever need, as long as it is not for speculative or illegal activities. In some cases, it is also possible to apply for tax rebates when you use an instant loan.
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An instant loan is an entirely flexible financial instrument which allows you to get funds whenever you need it the most. Generally, the funds get credited to your account within 60 minutes from the time of loan application. To avail an instant cash loan online, you have to download the lender's app and create an account by entering your preferred user ID and password. The next step is to select an appropriate loan category, select the loan amount and term and place the loan request. Usually, a lender approved loan officer would verify your documents and collateral security (in case of a secured loan) and approve the loan. Once approved, you would get the amount in your account within five minutes.
Placing a loan application with Rupeek is a smooth and hassle-free process. Rupeek’s procedure is very safe and transparent. When you apply for an instant loan with Rupeek, first, you have to download the app from Playstore or visit the web portal. You can also apply for a loan by calling their customer care desk. Once the loan has been requested, a company official will immediately get in touch with you to fix an appointment. Within thirty minutes from the loan request, the official will turn up at your doorstep to check the authenticity of your asset as well as to appraise your documents, such as your identity proof and address proof. Once they are validated by the company representative, your loan will be immediately approved. As soon as the loan approval is done, the loan amount will get transferred into your account. The whole process, from the placing of the loan request to the transfer of the loan amount, doesn’t take more than sixty minutes.
If you are looking to avail credit in any form now or in the future, it is very important to maintain a respectable credit score. Credit scores play a key role in determining your loan amount, loan term, and loan interest rate. The better your credit score, the higher your chances of having the upper hand when it comes to deciding the various terms of your loan. 700 is considered a healthy credit score. Anything south of 700 could cause mistrust in the minds of lenders. The most foolproof way of increasing your credit score is by availing an instant cash loan online and arriving at an EMI that you can afford to easily payback. Make sure to maintain a balanced debt-income ratio. For instance, if your credit score if very low, avail a loan of smaller value. This will enable you to repay it easily and also extend your credit limit for any loans you wish to avail of in the future.
Credit scores are the lifeblood of a borrower. It is the most important determinant that decides a lot of the terms of the loan. While the standard credit score is considered to be 700, there are lenders that approve loan applications even if the borrower has a credit score of 10. But in such a case, the lender will have the upper hand in the negotiation and the borrower will have to be in agreement with the terms as dictated by the lender. As a borrower, if you are looking to avail a low-interest rate loan despite a poor credit score, your best choice would be to opt for a secured loan such as a gold loan. The maximum loan amount you can avail in case of a secured instant loan is up to 75% of the value of the asset at market value. In conclusion, your credit score plays a vital role if you are looking to avail an unsecured loan, but this is not the case when you are looking to avail a secured loan.
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