Famous for the work of Bell metal, the town of Balakati is at a distance of 10 km from Bhubaneswar, Odisha. The village has had a chance to grow under the Small Industry Cluster Development Programme. The village also goes by the name of Pratap Sasan and lies on the banks of river Daya and comes under the jurisdiction of the Balianta Police station. Its bell metal products have been popular since the 14th century. The National level Research Institute of Central Institute of Fishery Aquarium is situated nearby. Despite being a village, it is well provided with educational institutes, telephone facilities, post offices and rail and bus transport facilities. Locals frequently avail instant loans in Balakati to invest in their bell metal businesses.
Instant loans are typically 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 a instant loan get access to various benefits as compared to those that borrow unsecured loans. For instance, borrowers that avail 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 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.
Instant loans are one of the simplest and most popular loans in India. Out of all loans offered by Indian lenders, instant loans are the most feature-rich and easy loan you can avail. Some of the prominent features of an instant loan are:
Flexibility- The first feature that makes an instant loan unique is its flexibility. You may use the loan amount for any purpose you want to.
Loan approval- The second feature is the speed at which instant loan approvals occur. Usually, an instant loan gets approved within an hour of the loan application.
Ease of loan application- The third feature is that you can apply for an instant loan online or offline. The entire process, from application to approval, is transparent, quick, and painless and is hassle-free when it comes to gold repayment.
Minimal documentation-Last but not the least, instant loans are so popular due to the minimum documentation required to apply for an instant loan. You need to upload no more than five to six documents to submit your loan application.
One of the best perks of an Instant Cash Loan is how quickly it can be availed. All you need to do is place a loan request on the web portal Alternatively, you can also download the lender's app to place your request. Typically, a relationship manager will get in touch with you within few minutes of submitting your application to set up an appointment for document verification following which an approved loan officer will visit your house or workplace at the stipulated time. While the verification for collateral-free loans is carried out online, officers reach the location as stated by the per your convenience within 30 minutes of placing the loan request. Once the documents have been verified, the officer will approve the loan and oversee its subsequent transfer to your account. This entire process end-end will typically take no more than 60 minutes!
instant loans are of two types - with collateral and collateral-free. The collateral-free loan does not require you to deposit anything with the lender, and hence, is an unsecured form of a loan. An unsecured personal loan is an example of a collateral-free loan. A gold loan, on the other hand, is secured with the gold that you pledge as the collateral. However, the personal loan interest rates are often higher than that of the secured gold loan. The most significant benefit of a gold loan is that the loan amount is much higher than that of a collateral-free loan. Additionally, the interest rate of a gold loan is much lower than all other conventional instant loan interest rates. Another benefit of a gold loan is that many lenders offer the facility to repay the entire principal and interest without any additional charges. Hence, if you need urgent cash at low-interest rates, then a gold loan can suit you more than an instant collateral-free loan.
The interest rate of an instant loan depends mainly on your credit profile and income status. Generally, lenders carefully evaluate your financial documents and determine your financial capability before finalising the loan interest rates. Sometimes, the loan amount also plays a significant role in deciding the loan interest rates. For example, when you apply for a loan amount of INR 5 lakh or more, the loan interest rates may start from 0.89% every month and may go up to 1.39%. If the amount is between INR 2 lakh and 5 lakh, the interest rate may start from 0.99% per month to 1.59%. If the amount is less than INR 2 lakh, the loan interest rates may start from 1.29% and may go up to 1.65%.
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.
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