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Jamshedpur
birsanagar
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Instant loan in birsanagar

Birsanagar is a neighbourhood situated in Jamshedpur in the state of Jharkhand. It covers a significant part of Jamshedpur that are planned and subdivided into 12 zones which are additionally separated into smaller zones. Birsanagar was created after hard battle and work by the first occupants 'Adiwasi's', some of the notable fighters were Birsa Munda, Sidhu and Kanu. The Birsanagar area was named after Birsa Munda. Birsanagar is believed to be a poor area but now has become a getaway due to its natural greenery and scenic beauty. There is a big vegetable market whiuch is hosted on Sundays and Thursdays. This market is generally acclaimed for the fresh vegetables one can purchase here from the far and close by residents selling from their own little homesteads. Instant loans in Birsanagar are a great way for the residents to avail cash during urgent needs.

Eligibility to apply for an instant loan and documents required

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.

Features of an instant loan

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.

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Frequently asked questions

How secure is my gold with Rupeek?

Rupeek is a Reserve Bank of India approved lending institution that has provided instant gold loans to millions of borrowers since 2015. Rupeek has carved a niche in the gold loan industry due to its unique business model, which includes providing doorstep loan services to its borrowers. When you deposit gold bars or ornaments with Rupeek, you get a 100% free insurance cover on the deposited gold. All gold bars and ornaments you deposit with Rupeek are stored in a partner bank vault with round the clock security and real-time monitoring. Not only the gold but also the details you enter on the app are secured with 256-bit encryption and SSL technologies, thereby guaranteeing you 100% safety of your personal data.

Do banks offer instant loans in India?

Indian lenders are one of the most dynamic in terms of loan offerings. In India, loans products are primarily offered by three types of financial institutions - Banks, NBFCs, and Housing Finance Companies. Generally, borrowers prefer NBFCs when they wish to get instant cash loans. Banks do not directly offer instant loans in India, due to the various regulations it has to adhere to. Even when they do, they need the borrowers to maintain a high credit score and possess all required documents. This often prompts borrowers to shift to NBFCs and HFCs for all their instant loan needs. On average, a secured loan, like a gold loan, takes no more than sixty minutes to get loan approval.

What are the reasons for an instant loan to get rejected?

Only in few rare and extreme cases does an instant loan get rejected. This happens when the lender has to adhere to the standards and the norms set by the industry for their safety. Since the credit score and the salary slip of the borrower are the two main important factors that determine their eligibility for an instant loan, any mismatch in these cases can lead to failure of the loan approval. If the borrower has poor credit scores - such as below 650, the loan will not get sanctioned. It is generally preferred to have credit scores above 700. If the borrower also doesn’t have a steady source of income or constantly jumps from one job to another, he is also not likely to get the loan amount. Having a stable source of income and a good credit score is advisable when taking an instant loan. If that is not an option available to you, you can consider an instant cash loan against collateral.

What are the documents required for an instant loan?

An instant loan is one of the best options to obtain immediate cash or urgent loan from. The loan amount can be procured by submitting a few necessary documents, that can be used as your identity proof, your address proof and your income proof. These documents include your PAN Card, Aadhar Card, credit score, income statement, etc. If you do not have a steady source of income and is unable to meet the requirement of your income statement or your credit score, you can always procure the desired funds using a gold loan. A gold loan is one of the easiest and most efficent ways to obtain funds at a quick notice. Apart from being one of the low interest rate loans in the market, a gold loan also makes it possible for you to avail of the maximum funds by pledging your gold. Further, you are also not required to present your salary slip or your credit score. Most lenders also provide a flexible loan repayment option with the provision of various schemes.

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