close btn

Service Update- (Covid-19)

In accordance with the respective state government’s directive, we’ve resumed operations in all the cities. However, a few services will remain affected while others will continue as usual. To read about the services or moratorium updates, Click here

Instant loan in balipatna

The birthplace of the great saint and poet Sishu Ananta, Balipatana lies in the Balipatna Tehsil in Khurda district in the state of Odisha. It is located towards the east of District Headquarters of Khurda. Pampalo, Turintira, Majhihara are some nearby villages. The Balianta Tehsil surrounds it in the west and Baranga Tehsil in the North. The Odisha State Museum is in the vicinity. The museum dates back to 1932 and is home to the collection of archaeological treasures collected by two historians, Prof. N. C Banerjee and Prof. Ghanshyam Dash of Ravenshaw College. It was later transformed into a museum by the government of Odisha. The locals are very proud of their history and often opt for instant loans in Balipatna to run small businesses and keep the history alive.

Difference between instant loans and personal loans

Difference between instant loans and personal loans

While both instant loans and personal loans serve the same purpose, that is to provide you with cash, there are some differences between the two.

Difference

Personal Loan

Instant Loan

Nature

A personal loan is an unsecured loan.

An instant loan can be either secured or unsecured.

Collateral
Requirement

You do not need to submit any collateral guarantee to avail the loan.

If you opt for a secured loan you will have to pledge collateral, which isn’t the case if you apply for an unsecured loan.

Documents Requirement

Due to its unsecured nature, lenders require various documents that prove the stability of your income and keep the loan amount low.

You only need to submit certain basic documents such as identity proof in case of a secured loan. Documentation requirement is low as you will anyway be pledging collateral. In case of an unsecured loan you will have to submit documents such as income statements, payslips. address proof, etc

Maximum Limit

The limit of an unsecured personal loan or an unsecured instant loan is typically up to INR 20 lakh.

In the case of a secured loan, the limit depends on the collateral pledged. If you apply for a secured instant loan, the lender would sanction up to 75% of the collateral’s market value. Hence, if you deposit collateral whose market value is INR 1 crore, you may get a loan of up to INR 75 lakh. In case of an unsecured instant loan, the limit is INR 5 lakhs.

Features of an instant loan

Thanks to the flexibility and the simplicity associated with an instant loan, it is the most popular and demanded source of funds in India. An instant loan offers many exclusive features that makes it a favorite among the borrowers in Bhubaneswar. Listed below are some of the most attractive features of an instant loan:

Flexibility - The funds that are obtained through an instant loan can be put to any use, as long as it is not for speculative or illegal purposes.

Loan approval - Usually within an hour from the loan application, the loan amount will get disbursed into your account, just as the name suggests.

Loan application - An instant loan can be placed online as well as offline. The borrower can use the app, the website, or can also call the customer service desk to make a request for the loan. The procedure, from the loan application to the transfer of the amount remains smooth, transparent, and quick.

Minimal paperwork - One of the reasons why instant loans are so popular is that they hardly require any paperwork at all. Not more than five documents are to be uploaded under any circumstance.

Generate div table elements with this table generator, a free online tool! It is also capable of generating and convert grid elements.

Rupeek ad

Instant Gold Loan Calculator

Frequently asked questions

What type of loan can be taken for a medical emergency?

Medical emergencies have a 100% track record of cropping up unannounced. One can never be too prepared to handle such situations. Though the individual may be insured, most hospitals expect the payment to be made upfront whereas insurance companies take a considerable amount of time to turnaround. In such situations, instant loans prove to be handy as they barely take an hour to be approved. Not all lenders demand end-end documentation. Some even approve loans with just an Aadar card. Availing an instant cash loan only requires a couple of steps. All you need to do is download the lender's app, submit your personal details, and apply for the instant loan. Your eligibility amount and interest rate will both depend on your credit score and your EMIs will commence exactly a month since the date of loan approval.

What happens if I miss a payment while paying off my instant loan?

It is hard to miss an EMI payment on an instant loan since the lender sends automated reminder messages to make sure that you pay your EMIs on time and to keep your credit score intact. But if you miss a payment due to other reasons, you will be imposed with a penalty on your next payment. Failure to meet that payment will force the lender to hand over your case to a third-party agent. The agent may force the borrower in various ways to recover the loan amount. The credit score of the borrower would also fall, making it difficult for them to obtain further loan amounts in the future. As a borrower, it is required that sufficient resources be arranged for the payment of the EMIs before taking an loan.

Is instant loan the easiest loan to get?

Instant cash loans are advantageous in more ways than one. They are flexible, easy, quick, and cheap! Data suggests that borrowers stand to gain up to INR 12,000 on the interest component by availing an instant loan. The savings made by availing an instant loan is subject to change contingent on the discounts provided by the lender. All you'll need to do to avail an instant cash loan online is download the lender's app from PlayStore, fill out the loan application, submit the required documents, and voila! The amount will be transferred to your account within an hour since submission of the loan application. As far as the documents are concerned PAN Card, Aadhar card, income proof, bank account statement and a few other documents need to be submitted. Again, this requirement is also subject to change depending on the type of loan you are availing.

How to deal with a loan default?

Though most borrowers strive for timely payments to elevate their credit score, it does so happen that the borrower might end up intentionally or unintentionally default on an EMI. Arrears in payment are met with various consequences depending on the lender and this ranges between a hefty penalty on subsequent payments and legal recourse. As a prudent borrower, it is advisable to map out a rough budget to ascertain if accomodating repayment of loan along with the interest will be possible. This will help you assess where you stand financially and avail a loan amount and interest rate accordingly. Bear in mind that the terms of your loan can be amended if you might be at risk of default. In such a case, you can immediately contact your lender and request for the same. Additionally, lenders also offer the facility to switch from a monthly repayment mode to pay the principal and interest at the end of the loan tenure, which is the bullet repayment mode.

Rupeek ad
gold img
Apply for Gold Loan 30 Minutes Doorstep Service
close
+91
Please enter valid Mobile Number
close
success img

Loan Request Successful

Your request has been received, our customer relationship manager has been notified and will call you shortly