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Delhi
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Delhi

Instant loan in dhaula kuan

A major intersection in Delhi, Dhaula Kuan acts as the perfect junction to 5 checkpoints in the zone. This unique name has been inspired by an ancient water well that was assumed to be filled with white-colored sand. It is surrounded by Chanakyapuri on one end and the Delhi Cantonment on the other. The former serves home to several embassies whilst the latter comprises the military personnel & their families. Its significance is amplified with the presence of The Army Force School, The Army Public School, and The Army Golf School, amongst others. Moreover, its strategic location on the Delhi Metro route between Connaught Place - Airport Line attracts significant traffic. Therefore, opting for a instant loan in Dhaula Kaun is an ideal & preferred choice of financing for many of its residents.

Eligibility to apply for an instant loan and documents required

An instant loan can be of two types - 

Secured instant loans- If you apply for a secured loan, i.e. an instant loan against collateral, you can get a higher loan amount. The eligibility criteria are also relaxed. Usually, it does not matter whether you can show income proof or not. You may also apply for a loan with only two documents - PAN Card and Aadhaar Card. 

Unsecured instant loans- If you apply for an unsecured instant loan, the lender would approve the loan based on your income and expenditure ratio, credit score, and the stability of income. To avail an unsecured loan, you have to satisfy the minimum monthly income criteria set by the lender and is usually above INR 21,000 per month. Moreover, you have to submit documents like PAN Card, Aadhaar Card, income proof, age proof, income tax file, bank account statement, and quite often, a guarantor.

 Hence, if you want a no-frills loan, it is prudent to apply for a secured instant cash loan online.

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 Delhi 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

Does an instant loan affect your credit score?

Yes, an instant cash loan can help to increase your credit score. The credit score is one of the main factors that determine your financial health. When you apply for a loan, the lenders assess your financial health by checking the stability of your income as well as your credit score. If you have a credit score below 700, it means that you have a poor repayment record and the lender will charge a higher loan interest rate for you. On the other hand, if you have a good credit score, the lenders will charge lower interest rates. You will also be able to get higher value loans which otherwise wouldn’t be possible for you. When you take an instant cash loan and repay your EMIs on time, by each repayment your credit score will go higher. If you want to increase your credit score, you can take small loans and make the EMI payments on time.

Is taking an instant loan for a low amount a good idea?

One of the most beneficial perks of availing an instant cash loan online is its flexibility. instant loans are typically of two types secured or unsecured. While unsecured loans come with an upper cap, the maximum amount you can avail from a secured loan is contingent on your collateral. Ideally, it is up to 75% of the value of the pledged security. To cover the loan processing cost, lenders charge a higher loan interest rate for a low loan amount and vice versa. For instance, if your loan amount is 5 lakhs or below, you may be charged an interest rate of 1.50% per month whereas if your loan amount is 20 lakhs your loan interest rate will be around 0.90% per month. Though a small magnitude of the instant loan may come at a relatively high rate interest, the celerity at which these instant loans are processed completely out shadows it. Alternately, you can avail collateral-based instant cash loans as they have relatively low interest rates.

What are the documents required for an instant loan?

Financial institutions are extremely flexible and usually willing to accommodate any shortcomings the borrower might have. The main institutions that disburse these loans are: 1) Commercial banks 2) Non-Banking Financial Companies (NBFCs) 3) Housing Finance Companies (HFC) Banks are severely governed by the central bank because of which there are several regulations they need to adhere to. This implies that they require the borrower to have a high credit score and submit all the necessary documents. This automatically drives most borrowers towards the more flexible options. That is, HFCs and NBFCs for their urgent fund requirements. Instant loans both secured and unsecured usually take up to just 60 minutes from loan application to disbursal. Unsecured loans can entirely be availed online whereas secured loans will require a lender appointed representative to visit you to verify your documents and value your collateral. Post successful approval, the loan amount is disbursed.

How long does the gold loan application process take with Rupeek?

Placing a loan application with Rupeek is a smooth and hassle-free process. Rupeek’s procedure is very safe and transparent. When you apply for an instant loan with Rupeek, first, you have to download the app from Playstore or visit the web portal. You can also apply for a loan by calling their customer care desk. Once the loan has been requested, a company official will immediately get in touch with you to fix an appointment. Within thirty minutes from the loan request, the official will turn up at your doorstep to check the authenticity of your asset as well as to appraise your documents, such as your identity proof and address proof. Once they are validated by the company representative, your loan will be immediately approved. As soon as the loan approval is done, the loan amount will get transferred into your account. The whole process, from the placing of the loan request to the transfer of the loan amount, doesn’t take more than sixty minutes.

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