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Instant loan in Entally

Entally is one of the oldest and well-known residential cum commercial localities in Central Kolkata. It is at this very place where Mother Teresa started her humanitarian activities. The locality is close to many prominent locations in Kolkata, such as Sealdah, Park Street, Tangra, Beniapukur, Beleghata, Taltala and Park Circus. The locality enjoys all the amenities required for convenient living, include healthcare, education, and small banks. Additionally, due to the presence of numerous marketplaces, several small scale and retail businesses are emerging in the locality. However, the cost of living or launching a startup business in Entally is quite expensive. Hence, people often burn their pockets too thin, forcing them to look for alternative solutions. They then apply for instant loans in Entally to recover from financial distress.

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.

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 Kolkata 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

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

When you take a gold loan from Rupeek, you can be assured that you are getting a higher loan amount for your gold at a low rate of interest. When you pledge your gold with Rupeek, you can get the highest LTV (Loan to Value) and get up to 75% of the market value of the pledged gold as your loan amount. Rupeek also offers the lowest loan interest rates in the market.

Rupeek offers four types of interest rates, depending on your loan amount and your location. When the loan amount that you are trying to procure is less, the interest goes up.

Rupeek offers you three different schemes under each loan amount: No Tension Max Value Loan (highest loan interest rate), Max Value Loan, and High Value Loan (lowest loan interest rate).

  1. When the loan amount is higher than INR 20 lakh, the interest rate falls between 0.89% and 1.39%.
  2. When the loan amount is between INR 5 lakh and INR 20 lakh, the interest rate can be as low as 0.89% and as high as 1.39%.
  3. When the loan amount is between INR 2 lakh and 5 lakh, the interest rate can range between 0.99% and 1.59%.
  4. When the loan amount is less than INR 2 lakh, the interest rate is at 1.29% at the lowest and 1.69% at the highest.




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 you get tax benefits on an instant loan?

Owing to how quickly an instant loan can be availed, these funds are usually used to meet urgent fund requirements. However, if you wish to use these funds for planned expenses you may certainly do so and how! If you opt to invest your instant cash loan in the construction of a house or to buy a new property, you are likely to receive tax benefits of op to INR 2 lakhs. Alternately, if the money is only to flip or renovate your house, you will be able to claim tax benefits up to INR 1.5 Lakhs. Last but not the least, if you are availing a loan to set up or expand your business you will be eligible for tax benefits. However, this can only be claimed on the interest component and not on the principal amount.

Is Pan card compulsary to get an instant loan?

A PAN Card is one of the mandatory documents that a borrower has to submit with the lender in order to prove their financial security. It is possible to get an instant loan without a PAN Card. There are better chances of a loan approval if you have provided your PAN Card. It is easier to obtain a secured instant loan than an unsecured instant loan without a PAN Card. This is because, in the case of a secured loan, the lender is assured of the safety of the loan, thanks to the assest that he has procured in the form of collateral. If you are in need of an unsecured instant loan and if you do not have PAN Card, you need to have a high credit score. A high credit score is usually above 700. A high credit score is a mark of your financial health. The lender can also decide to give you an unsecured instant loan without a PAN Card if you have a stable income, which has to be proved with an income statement or with a copy of your bank account statement.

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