sub_locality
Visakhapatnam
Dabagardens
close btn

Service Update- (Covid-19)

In accordance with the respective state government’s directive, we’ve resumed operations in all the cities. However, a few services will remain affected while others will continue as usual. To read about the services or moratorium updates, Click here

Instant loan in Dabagardens

Daba Gardens or more commonly known as Daba Vari Thota is an area in Visakhapatnam city of Andhra Pradesh. It is popular as a hub for shopping malls. Residents from far away areas visit this locality to browse through a large range of electronic appliances as well as cell phones. Restaurants, educational institutes, hotels are also abundantly present in this area. Some shops also allow buyers to pay via instant loan in Daba Gardens. LIC building is the main landmark in this area. It is a major commercial area in Visakhapatnam and is the oldest suburb in the city. There is a lot of shopping malls like Pantaloons, MF Khan, Hirawats and a lot more.

Difference between instant loans and personal loans

Difference between instant loans and personal loans

While both instant loans and personal loans serve the same purpose, that is to provide you with cash, there are some differences between the two.

Difference

Personal Loan

Instant Loan

Nature

A personal loan is an unsecured loan.

An instant loan can be either secured or unsecured.

Collateral
Requirement

You do not need to submit any collateral guarantee to avail the loan.

If you opt for a secured loan you will have to pledge collateral, which isn’t the case if you apply for an unsecured loan.

Documents Requirement

Due to its unsecured nature, lenders require various documents that prove the stability of your income and keep the loan amount low.

You only need to submit certain basic documents such as identity proof in case of a secured loan. Documentation requirement is low as you will anyway be pledging collateral. In case of an unsecured loan you will have to submit documents such as income statements, payslips. address proof, etc

Maximum Limit

The limit of an unsecured personal loan or an unsecured instant loan is typically up to INR 20 lakh.

In the case of a secured loan, the limit depends on the collateral pledged. If you apply for a secured instant loan, the lender would sanction up to 75% of the collateral’s market value. Hence, if you deposit collateral whose market value is INR 1 crore, you may get a loan of up to INR 75 lakh. In case of an unsecured instant loan, the limit is INR 5 lakhs.

Reasons to take an instant loan

People often turn to instant loans in Visakhapatnam 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.

Rupeek ad

Instant Gold Loan Calculator

Today's maximum loan value/gm **
max LTV

Last Updated :

Last Updated :

Frequently asked questions

Can I take an instant loan for education?

With the cost of quality education steadily increasing, there are chances that the money you have set aside for paying the education bills might fall short. An instant cash loan for education can be the easiest way to ensure an uninterrupted flow of fast funds required to pay the bills on time. Applying for an instant cash loan online is relatively easy. You can apply for an instant loan if you have PAN Card, Aadhaar Card, income statement, and a few other documents. The most significant benefit of an instant loan is that you can spend the loan amount on anything related to education, which may include capitation fees, tuition fees, admission fees, or other purposes. The EMIs start from a month after loan approval.

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.

What are the other types of short-terms loans I can take?

Thanks to added advantages such as instant loan approval and non-requirement of collateral that come along with short-term loans, they are becoming increasingly popular. Short-term loans are those loans whose repayment period does not span beyond one or two years. Typically, short-term loans are of four types. As the name suggests, bridge loans are those loans that can be availed whilst waiting for a high-value loan to be approved. Loan overdrafts are extensions of credit that lenders provide over existing credit. Demand loans are those loans that can be availed by pledging savings certificates or insurance policies to avail about 80% of it's market value as loan. The fourth kind are instant gold loans that require you to pledge your gold to avail instant loans at extremely low, transparent interest rates. Though gold loans indeed require collateral to be pledged against the loan, the instant nature of these loans gives it a premium position in the Indian market.

Do you need any collateral to avail an instant loan?

Whether or not you require collateral to avail a loan depends on the type of instant loan that you wish to avail. instant loans can be of two types- Collateral based and non-collateral based. If you apply for the latter which is a form of unsecured loan, you can at max only avail up to 5 lakhs. As these loan amounts are relatively low, the loan interest rates will also be correspondingly high. You will have to submit your credit profile, salary slips, and other such documents for evaluation based on which the loan amount and interest rate will be determined. On the other hand, when you avail collateral-based also know as a secured loan, you are expected to pledge an asset or collateral against your loan. These secured loans equip you with an array of advantages as your loan amount can go up to 75% of the asset value and you will only be charged a relatively low loan interest rate.

Rupeek ad

Apply now for 30 minutes doorstep service#

+91
Please enter valid Mobile Number
gold img
Apply for Gold Loan 30 Minutes Doorstep Service
close
+91
Please enter valid Mobile Number
close
success img

Loan Request Successful

Your request has been received, our customer relationship manager has been notified and will call you shortly