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Pune
Dhanakwadi
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Instant loan in Dhanakwadi

Dhanakwadi is located in the southern zone of Pune City. It is the most preferred location for IT professionals as it is situated right between two IT parks - the Hinjewadi and Kharadi IT Park. Due to its connectivity to major IT parks, Dhanakwadi has recently gained significant popularity. People from far outside the city or the state have started to make their living here. Some nearby Employment parks are Platinum Tech Park, Panchshil, BNY Mellon Innovation Center, Commerzone, Qubix SEZ, Blue Ridge, and many more. With comfort and convenience, comes some need for extra expenses. People from this locality are sometimes in need of some instant and hassle-free money. A instant loan in Dhankawadi comes out to be their best option for those urgent times.

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

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 Pune 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.

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Frequently asked questions

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.

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 to avoid high interest rates offered by instant loans?

In order to accommodate the flexibility that comes with instant loans, lenders usually charge a high loan interest rate. But worry not! There are means through which you can bring these loan interest rates down. While 700 is considered an ideal credit score, if you strive for a credit score north of 700 it gives you an upper hand when it comes to loan interest rates. The best way this can be done is by ensuring timely repayment of your EMIs. Additionally, if you apply as a co-applicant along with someone with a steady source of income, the loan interest rate can be reduced to a great extent. If both of these beyond your scope, you can always opt for a collateral-based instant loan. Depending on the loan amount, the interest rate of the loan can dip as low as 0.89% per month!

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

Rupeek not only offers a higher value for your gold but also offers ultra-low rates of interest, which can enable you to save more than INR 12,000 per lakh on interest. Additionally, you can get the highest LTV for your gold and a free insurance cover.

Rupeek offers four types of interest rates according to the loan amount and your location.

  1. If the amount that you are borrowing is above 20 lakh, the interest rate can range from 0.89% to 1.39%.
  2. If the amount you wish to avail is more than INR 5 lakh, then the lowest interest rate you can get is 0.89% per month and can go up to 1.39%.
  3. The interest rate can go up to 1.59% if the amount you wish to avail is between INR 2 and 5 lakh. The lowest interest rate can be 0.99%.
  4. For an amount of less than INR 2 lakh, the interest rate starts from 1.29% and goes up to 1.69%.

This is because Rupeek offers three types of schemes under these loan amounts - such as High Value Loan, Max Value Loan, and No Tension Max Value Loan. The interest rate offered by High Value Loan is the lowest and the No Tension Max Value Loan is the highest.

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