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Kolhapur
chandgad
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Instant loan in chandgad

Chandgad is a town that also serves as the tehsil headquarters in Gadhinglaj. The town lies in the Kolhapur district of Maharashtra. It is located on the State Highway of Belgaum-Vengurle. Since it is a small town, the residents of Chandgad depend on Gadhinglaj and Belgaum to fulfil much of their needs. They also rely on instant loan in Chandgad to fund their unplanned or sudden expenses. Agriculture is the main source of occupation in the town. Sugarcane, rice, cashew nut, potato, and sweet potato are the major crops cultivated here. Then town has several tourist spots located in and around it, such as Kille Pargad, Swapnvel Point, Shree Dev Ravalnath Temple, and Tilari Dam.

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.

Reasons to take an instant loan

People often turn to instant loans in Kolhapur 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.

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Frequently asked questions

How does an instant loan get disbursed?

Instant cash loans are typically of two types- Secured loans that require the borrower to pledge collateral such as gold against the loan and unsecured loans that don't require collateral to be pledged. Since it requires collateral pledges, in case of a secured instant loan, a loan officer visits you at your doorstep or any location as stipulated by the borrower to verify documents regarding the collateral security in order to sanction the same. In the case of unsecured loans, the above processes including document verification can be carried out online. The possibility of a loan application being rejected depends on several factors including credit score, history of default, and financial profile. The loan amount upon approval directly gets transferred to the borrower's bank account. Ideally, the entire process end-end from loan application to approval takes roughly around 60 minutes!

Can I change my tenure once I have applied for an instant loan?

There are two types of instant loans- Collateral free loans (also known as Unsecured loans) that do not require you to pledge any asset against the loan) and Collateral loans (also known as secured loans) that require you to pledge gold in exchange for the loan. In the case of a secured loan, the borrower has the latitude to request for a change in the loan tenure. This is not the case with unsecured loans as the lender may or may not allow the facility to change the tenure of the loan once the loan request has been screened and approved. While lenders are often willing to accommodate any changes the borrower might want to implement, it'll be rather prudent of the borrower to map this out in advance before applying for the loan.

What are the documents required for a gold loan with Rupeek?

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.

What identity proof is valid for a instant loan?

When compared to other sources of quick funds, an instant cash loan is one of the best options as it requires a minimum length of procedures, paperwork, and other documents. When you avail an instant cash loan, there are three, or two main documents to present - depending on the type of the loan. There are two types of instant loans - a collateral-free instant loan and a collateral-based instant loan. In the case of collateral-free instant loans, documents to prove your identity, your address - such as your Aadhaar Card, PAN Card, Passport, Driving License, Ration Card, Birth Certificate, Electoral Photo Identity Card, Matriculation Certificate, etc, can be presented. Among these documents, the PAN Card is considered the most mandatory document. You will also have to give an income statement or a salary slip to prove that you have a stable source of income and that the loan repayment will be done within the loan term. But, in the case of a collateral-based loan, you neither have to present your income statement nor your salary slip. You are only required to present your identiy proof and address proof.

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