Bangrasia is a small village located in Huzur Tehsil and Phanda block in Bhopal district. The Kaliasot river flows close to this location making it a tourist attraction as well. It is popular locality if you are thinking of settling down in after applying for that instant loan. The Diamond Park and Golden Park are two popular parks in the area. The area also has a CRPF booth here. The nearest railway station is 23.7 km from here but there are buses connecting this area. NH46 runs across this area giving it a popular location in the map of Bhopal. The CRPF composite hospital is located here.
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 Bhopal 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.
There are two types of instant loans -
A collateral-based instant loan
This type of loan is secured against a collateral property of the borrower. There are many benefits to a secured loan, such as minimal paperwork, lower interest rates, and high-value loans. Usually, the borrower is only required to present their identity and address proofs.
A collateral-free loan
This type of loan is unsecured. The borrower doesn’t have to pledge his property with the lender for obtaining the funds. However, the borrower will be expected to have a high credit score and a stable source of income, usually above INR 21,000 per month. The lenders like to make sure that the debt to income ratio is appropriate for the loan so that the borrower can make the repayments on time. The borrower will also have to submit documents that prove their financial health, such as a salary slip or an income statement, their credit score, and sometimes even a guarantor.
For these reasons, a collateral-based loan is more popular among the lenders.
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Financial institutions are extremely flexible and usually willing to accommodate any shortcomings the borrower might have. The main institutions that disburse these loans are: 1) Commercial banks 2) Non-Banking Financial Companies (NBFCs) 3) Housing Finance Companies (HFC) Banks are severely governed by the central bank because of which there are several regulations they need to adhere to. This implies that they require the borrower to have a high credit score and submit all the necessary documents. This automatically drives most borrowers towards the more flexible options. That is, HFCs and NBFCs for their urgent fund requirements. Instant loans both secured and unsecured usually take up to just 60 minutes from loan application to disbursal. Unsecured loans can entirely be availed online whereas secured loans will require a lender appointed representative to visit you to verify your documents and value your collateral. Post successful approval, the loan amount is disbursed.
A PAN Card is one of the mandatory documents that a borrower has to submit with the lender in order to prove their financial security. It is possible to get an instant loan without a PAN Card. There are better chances of a loan approval if you have provided your PAN Card. It is easier to obtain a secured instant loan than an unsecured instant loan without a PAN Card. This is because, in the case of a secured loan, the lender is assured of the safety of the loan, thanks to the assest that he has procured in the form of collateral. If you are in need of an unsecured instant loan and if you do not have PAN Card, you need to have a high credit score. A high credit score is usually above 700. A high credit score is a mark of your financial health. The lender can also decide to give you an unsecured instant loan without a PAN Card if you have a stable income, which has to be proved with an income statement or with a copy of your bank account statement.
Instant loans are flexible and are processed in the blink of an eye. You have the latitude to spend the borrowed amount as per your discretion. The loan amount and upper cap for an instant loan differs from one lender to another. If you wish to avail an unsecured loan, the upper cap for the same is usually INR 5 lakhs. A lower loan amount subsequently comes at a higher loan interest rate. If you are looking to avail a loan of 5 lakhs or more, you can opt for a collateral-based loan such as an instant gold loan. When you apply for a secured loan, the amount you avail can go up to 75% of the collateral. Hence, the upper cap when it comes to a secured loan is subject to change depending on the collateral pledged. This loan amount is decided based on your credit profile, preferred loan term, and repayment capacity.
The application process of a gold loan with Rupeek is extremely simple and straightforward. To apply for a gold loan online, the borrower needs to download the Rupeek app from Google PlayStore and place a loan request from within the app. Alternatively, you may the customer care number and place the loan request. After you apply for the loan, a customer service representative would call you, confirm your details, and schedule an appointment. The appointment time is usually thirty minutes from the time of the loan request. After this, a gold appraiser would meet you, verify the KYC documents and the gold, and approve the loan. To avail a secured gold loan, you need to furnish basic KYC documents like PAN Card, Aadhaar Card, and the likes. Generally, the complete process of loan application to loan approval takes roughly 60 minutes.
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