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Kolkata
College Square
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Instant loan in College Square

College Square is a human-made lake just opposite to the oldest multidisciplinary university in South Asia, the Calcutta University. Beside the Calcutta University, there is another reputed university, the Presidency University. College Square is situated on College Street, which is one of the most famous streets in Kolkata. The street is renowned for the multiple educational institutions and book stores on both sides of the street. The other prominent educational institutions near College Square are the Medical College and Hospital, Sanskrit College and University, Indian Institute of Social Welfare and Business Management, Hare School, and Hindu School. Just beside the Square is the Indian Coffee Houses, which has since its inception been a favourite joint for the city intellectuals. The most popular loan option is an instant loan in College Square.

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.

Difference between instant loans and personal loans

While both instant loans and personal loans help serve the same purpose there are a few factors that set them apart. For starters, all personal loans are unsecured loans by nature which implies that it does not require any collateral to be pledged to avail a loan amount. Owing to this when you get a personal loan, you are required to submit relatively more documentation to confirm the borrower's financial health. An important factor when it comes to personal loans is a healthy credit score which is an important determinant as far as personal loan eligibility is concerned. Additionally, when it comes to personal loans, the maximum one can avail is INR 20 Lakhs. However, when it comes to instant loans, it can be classified as either secured or unsecured loans. In the case of a secured instant loan, the documentation required is extremely minimal as borrowers are anyway required to pledge an asset whose market value needs to be about 30% more than the loan amount. The upper cap when it comes to a secured instant loan is contingent on the collateral pledged. For example: If you pledge an asset worth 1 Lakh, you can avail a loan of 75 Lakhs maximum.

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Frequently asked questions

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.

How much can I borrow in an instant loan?

An instant loan allows greater flexibility in disbursing the amounts according to your urgent loan requirements. There are two types of instant loans - one which requires collateral and the other which doesn’t require collateral. The loan amount that can be availed on a collateral-based loan can be upto 75% of the market value of the pledged asset. In the case of a collateral-based loan, since you have provided your asset as a security, you can enjoy the benefits of a low-interest loans. In the case of a collateral-free loan, the amount that will be disbursed, as well as the loan interest will depend on your credit score and the stability of your income. However, the loan interest charged on a collateral-free loan is higher than the interest charged on a collateral-based loan.

instant loan or overdraft - Which is the better option?

The primary difference between an instant cash loan and an overdraft is that an instant cash loan can provide you with more funds than an overdraft. An overdraft is more flexible when it comes to the repayment options as well as the amount. Generally, there is a limit to how much amount you can avail as an overdraft. With an instant loan, that is not the case. For an instant loan, your eligibility depends on your credit profile, age, income, existing liabilities, and other factors. If you apply for a collateral-based loan, then the lender may approve up to 75% of the pledged asset. Another critical factor that separates an instant loan from an overdraft is the loan interest rates. Generally, the interest rate of an overdraft is much higher than the interest charged on an instant loan. Hence, depending on your need and loan repayment capability, you should choose the type which suits you more.

Should I take an instant loan to start a small business?

Money is perhaps the most important factor that has to be acquired when you are planning to start a business. One of the best ways to acquire those urgent loans is by taking an instant loan. Instant business loans can be obtained very easily today. You can also depend on an online instant loan service provider to procure the funds. All you need to do is visit the web portal or download the app of the lender where you place an online loan application for an instant loan. As soon as you upload the necessary documents, which serves as your identity proof, address proof and income statement, the amount gets transferred into your account. When you make the loan repayment on time, it increases your credit score and lets you obtain loans at lower loan interest rates in the future. You can also get online instant gold loans that offer lower interest rates on loans as well as flexible options for loan repayment.

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