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Hyderabad
Central Secundrabad
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Instant loan in Central Secundrabad

The area of Secundrabad has a landmark clock tower that is present in the locality. The locality is predominantly a Hindu population with sizeable numbers of Muslims and Christians, all living together in harmony. Central Secunderabad has a lot of temples, mosques, and churches where devotees go to pray and worship. The area boasts of having the Regional Passport Office in its neighbourhood. It also has an abundant number of medical shops, clinics, hospitals, and diagnostic centres to treat patients. There are also many showrooms, restaurants, shopping malls, and company offices in the area. There is also the Twincity gas company in the area. The site is a major train and metro junction, and people come here from all around the country for a better life. Due to its high cost of living, people often need to apply for an instant loan in Central Secunderabad.

Reasons to take an instant loan

People often turn to instant loans in Hyderabad for several purposes.They can be classified into:

1) Unplanned expenses: Owing to how quickly it can be availed, instant cash loans are a convenient form of credit that comes very handy in case of financial emergencies. In scenarios such as hospitalization, sometimes the bill amount might exceed the insurance cover. Instant loans can be availed within an hour and are very helpful when one has to meet unplanned expenses.

2) Planned expenses: If you are looking to start or expand your business, you can avail an instant loan to help meet your fund requirements. The funds stemming from an instant loan can be spent as per the borrower's discretion. If you choose to spend the loan mount on business, construction, or renovation of your house you are even eligible for tax rebates. Be it a leisure trip or a wedding, instant loans can be availed for any reason.

Difference between instant loans and personal loans

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.

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Frequently asked questions

What can an instant loan be used for?

An instant loan is the most popular loan in India due to the incredible flexibility it offers. You may use the instant loan amount for virtually any purpose you like, except speculative activities. Many borrowers use the instant loan amount to construct a house. Building a house also makes you eligible to receive tax benefits of up to INR 2 lakh. You may also use the loan amount to renovate your home, which would make you eligible to receive tax benefits of up to INR 1.5 lakh. Self-employed professionals often avail an instant loan to set up a business or meet working capital requirements. Alternatively, you may use the amount to buy a motor vehicle or an electronic gadget. An instant cash loan may also come in handy if you want to pay hospital bills in case of an emergency.

How long is the tenure to repay an instant loan?

An instant loan is the simplest of all loans which lending institutions in India offer. The tenure of an instant loan depends on your financial profile and preferences. Generally, the lowest term which you may avail is one month, and the maximum tenure can be five years. Before deciding the loan tenure, you should calculate the EMI. A longer tenure might reduce your EMIs. But by opting for a long-term loan, you will have to pay more towards interest component. Instead, if you choose a short-term loan, the loan interest rate will be much lesser. Lenders often give special interest rate rebates when you choose a shorter tenure. Availing a short-term loan also gives you the opportunity to close your loan early, which can enhance your credit score.

How long does the gold loan application process take with Rupeek?

Rupeek believes in a fair and transparent loan approval process. To apply for an instant gold loan, you have to download the Rupeek app and create an account. The next step is to place the gold loan request. Within a few minutes of placing the loan request, you would receive a call from the loan officer. The loan officer will schedule a meeting with you. Once the loan officer or gold appraiser arrives at your house or office, s/he would evaluate the gold and verify your documents. On satisfactory verification of documents, the officer would inform you the amount you are eligible to receive. If you reply in the affirmative, the officer will process your loan, and you would get the money in your account within five minutes. Usually, the entire process takes no more than one hour.

What are the interest rates offered by Rupeek for an online gold loan?

When you take a gold loan from Rupeek, you can be assured that you are getting a higher loan amount for your gold at a low rate of interest. When you pledge your gold with Rupeek, you can get the highest LTV (Loan to Value) and get up to 75% of the market value of the pledged gold as your loan amount. Rupeek also offers the lowest loan interest rates in the market.

Rupeek offers four types of interest rates, depending on your loan amount and your location. When the loan amount that you are trying to procure is less, the interest goes up.

Rupeek offers you three different schemes under each loan amount: No Tension Max Value Loan (highest loan interest rate), Max Value Loan, and High Value Loan (lowest loan interest rate).

  1. When the loan amount is higher than INR 20 lakh, the interest rate falls between 0.89% and 1.39%.
  2. When the loan amount is between INR 5 lakh and INR 20 lakh, the interest rate can be as low as 0.89% and as high as 1.39%.
  3. When the loan amount is between INR 2 lakh and 5 lakh, the interest rate can range between 0.99% and 1.59%.
  4. When the loan amount is less than INR 2 lakh, the interest rate is at 1.29% at the lowest and 1.69% at the highest.




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