Chandapura is a prominent residential locality under the jurisdiction of Town Municipality Council, Anekal assembly constituency, and Bangalore Rural parliamentary constituency. The area is famous for its Saturday Market, a one-of-its-kind market where people from all adjoining areas visit to purchase fresh veggies and fruits. Chandapura is connected to other areas through the Chandapur Anekal Main Road. The nearest railway station is Bangalore Railway Station at 28km, and the nearest airport is Kempegowda International Airport at 59km. The prominent educational institutions in the vicinity are the Manipal International School, Alliance University, Mathru Vidya Kuteera, St. PES Engineering College, and Francis De Sales College. The nearest employment hubs are located at Jigani, Bommasandra, and Electronic City. People often prefer to apply for an instant loan in Chandapura because of its easy availability and fast approval.
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 Bangalore 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.
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.
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700 is considered an ideal credit score. Any score north of 700 is considered respectable and gives the borrower an upper hand when it comes to negotiating the terms of the loan, such as loan tenure, loan interest rates, and loan amount. You will not have to concern yourself over your credit score when it comes to Rupee. You can pledge your gold as security against your loan and avail the same seamlessly. As per the regulations of the governing bank of India, you will be eligible for about 75% of your collateral's market value. Even though income proof such as salary slips, a healthy debt-income ratio, a high credit score are all important when it comes to availing an instant loan, Rupeek discounts these factors if you can secure your loan with collateral instead.
Placing a gold loan application with Rupeek is a very simple process. The procedure is very smooth and hassle-free. The borrower is required to submit a few documents to the lender before the loan approval. The borrower has to download the Rupeek app, or visit the lender’s portal to apply for an instant loan. The borrower can also apply for a loan by ringing up the customer service. Within thirty minutes of the loan application, an official from the company will arrive at your doorstep to check the authenticity of your gold as well as to appraise your documents. The documents the borrower is required to have are the identity proof and the address proof. These documents, also called the KYC documents, can include your PAN Card, Aadhaar Card, Driving License, Passport, Voter’s Id, etc. The other documents, such as a salary slip, or your income statement and your credit score, that would be required in the case of an unsecured instant loan are not required when you apply for a secured instant loan.
Instant loans are designed such that they can be seamlessly availed online. All you'll need is a smartphone/computer with a steady internet connection, some basic documents, and collateral if you are applying for a secured loan. You will have to download the app from PlayStore and create an account for yourself with your preferred user ID and password. Next, you'll have to select an appropriate loan category, state the loan amount and loan term you wish to avail, and place your request. If you are applying for an unsecured loan you can submit the documents required online for verification. In case of a secured loan, a lender appointed representative will visit you at your preferred location and time as stipulated by you to value your collateral and verify your documents. The loan amount will be transferred to you within 60 minutes of your loan application provided the verification process goes smoothly and both parties are in agreement with the terms of the 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.
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