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gandhinagar
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Instant loan in gandhinagar

Gandhinagar is an upscale residential and commercial neighbourhood in Vellore District. The locality falls under the Katpadi assembly constituency and Arakkonam parliamentary constituency. It is on the north side of the River Palar. Gandhinagar is divided into two parts - East and West. The locality is surrounded by Old Katpadi, Balaji Nagar, and Vaibhav Nagar. The nearest railway stations are Katpadi Junction and Vellore Town. The most prominent landmarks in the locality are Takshila School, Sneha Institute Of Para Medicals, Don Bosco Matriculation School, Vidyaniketan Matriculation Higher Secondary School, Kumaran Hospital, Sri Devi Karumaariyamman Temple, and CSI Christ Church. The best way to get instant cash is by applying for an instant loan in Gandhinagar.

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.

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.

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Frequently asked questions

What is the process of instant loan application online?

An instant loan is an entirely flexible financial instrument which allows you to get funds whenever you need it the most. Generally, the funds get credited to your account within 60 minutes from the time of loan application. To avail an instant cash loan online, you have to download the lender's app and create an account by entering your preferred user ID and password. The next step is to select an appropriate loan category, select the loan amount and term and place the loan request. Usually, a lender approved loan officer would verify your documents and collateral security (in case of a secured loan) and approve the loan. Once approved, you would get the amount in your account within five minutes.

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!

How much can I borrow in an instant loan?

An instant loan offers unparalleled flexibility in choosing the loan amount according to your requirements. instant loans are of two types - with collateral and collateral-free loans. When you choose an instant collateral-free cash loan, the maximum loan amount would depend upon your credit score, monthly income, and income status. Generally, lenders offer up to INR 2 crore for business requirements. However, the interest rate of a collateral-free loan is much higher than a loan which needs collateral security. If you opt for a 'with collateral' loan, the lender would not only charge a lowers interest rate but may also offer you up to 75% of the pledged asset. The low rate of interest in a collateral-based loan helps in saving a hefty sum as loan EMIs.

What are the benefits of a gold loan over an instant loan?

instant loans are of two types - with collateral and collateral-free. The collateral-free loan does not require you to deposit anything with the lender, and hence, is an unsecured form of a loan. An unsecured personal loan is an example of a collateral-free loan. A gold loan, on the other hand, is secured with the gold that you pledge as the collateral. However, the personal loan interest rates are often higher than that of the secured gold loan. The most significant benefit of a gold loan is that the loan amount is much higher than that of a collateral-free loan. Additionally, the interest rate of a gold loan is much lower than all other conventional instant loan interest rates. Another benefit of a gold loan is that many lenders offer the facility to repay the entire principal and interest without any additional charges. Hence, if you need urgent cash at low-interest rates, then a gold loan can suit you more than an instant collateral-free loan.

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