Balugaon is a town in the Khordha district in the state of Odisha. It is about 90 km away from Bhubaneswar, the capital of Odisha. The town is very close to Chilika Lake. It is considered to be one of the major economic centres of the Khordha district. People here do business with fish and prawn. Starting a business in this town is not so difficult because of all the facilities provided by the instant loans in Balugaon. Some of the major tourist places of this town are Chilika Lake, Kalijai, Nalabana and Narayani Temple. The town is also famous for its natural beauty. People of Balugaon can be considered as literates as they have a literacy rate of 67%. Balugaon is a properly developed town with all the infrastructure that connects it with all other major cities of Odisha.
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 in 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 the loan using an unsecured instant loan.
The flexibility in the end-use of an instant loan makes it one of the most popular loans in India. Denizens often avail instant loans in Bhubaneswar for various reasons. The first reason why people avail an instant loan is to address sudden financial emergencies. Sometimes, in case of hospitalisation, the bill amount may exceed the available cash. An instant loan provides urgent money, which one can use on anything related to health. Another reason why people apply for an instant loan is to set up a business. In some cases, using the instant loan amount for business may also enable you to apply for tax rebates. Many borrowers also avail an instant loan to sponsor a vacation or a tour. The fourth reason why people apply for an instant cash loan is to spend it on sponsoring a big event like a marriage.
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An online collateral-free loan that can be processed within a couple of hours is an instant cash loan. From the application to the disbursal of the loan amount, since most of the formalities take place online, the customers can complete the entire transaction online. As there is no security to the loan amount in the form of collateral, the borrower will not be able to avail a high-value loan and will have to pay a higher rate of interest. You can avail the benefits of a high-value and a low interest loan based on a collateral, by placing a loan request at the lender's website. After applying for the instant collateral-based cash-loan online, a representative of the company will be sent to check the authenticity of your documents, your collateral and verify them. The amount will get disbursed immediately. Upto 65% can be saved on EMIs by availing a collateral-based loan rather than the conventional collateral-free loan.
An instant loan allows greater flexibility in disbursing the amounts according to your urgent loan requirements. There are two types of instant loans - one which requires collateral and the other which doesn’t require collateral. The loan amount that can be availed on a collateral-based loan can be upto 75% of the market value of the pledged asset. In the case of a collateral-based loan, since you have provided your asset as a security, you can enjoy the benefits of a low-interest loans. In the case of a collateral-free loan, the amount that will be disbursed, as well as the loan interest will depend on your credit score and the stability of your income. However, the loan interest charged on a collateral-free loan is higher than the interest charged on a collateral-based loan.
The loan application process at Rupeek is short and sweet! All you'll need to do is download the Rupeek from the PlayStore, create an account with a unique username and password and place a loan request. If you wish to directly get in touch with a Rupeek loan executive you may do so by placing a call on the customer care number. If you are applying for an unsecured instant loan, the necessary documents can be uploaded online. Whereas, if you are applying for a secured loan, a Rupeek representative will visit you at a location and time as stipulated by you. This visit is primarily for the verification of certain essential documents such as Aadhaar Card, PAN Card, and collateral valuation. Post successful verification, the amount is disbursed. Ideally, whether you apply for a secured or unsecured loan the approval will only take about an hour.
The general notion when a borrower places an online loan application request is that he/she has taken stock of their needs and has placed their request only after careful consideration of their repayment capacities. Despite that, financial institutions are accomodating enough to facilitate alterations to the loan request. The components of the loan request that you may change include the loan amount, loan term, and type of loan request placed. Timing however plays a crucial role in the approval of alterations if any. Amendments to your instant loan can be implemented, provided they are stated before the loan approval stage. Post loan approval, the only alteration that can be accommodated happens to be a change in the stipulated loan term.
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