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Instant loan in garkheda

Garkheda is a large residential area that was merged with the surrounding larger cities a few decades ago. It is located in the district of Aurangabad of Maharshtra state, India. As of today, Garkheda is the hub of residential and recreational activities in Aurangabad. Industrialists from across the country travel to the city to reap benefits from its extravagant location and residential potential. Builders mainly look for instant loan in Garkheda to finance their housing societies and establish their brand name. If you're traveling here for business, you'll need to board a local bus from Aurangabad Railway Station or rely upon your personal transport for the same. In case of any emergencies, you can contact the nearby Pundalik Nagar Police Station and multi speciality hospitals.

Eligibility to apply for an instant loan and documents required

There are two types of instant loans

A collateral-based instant loan 

This type of loan is secured against a collateral property of the borrower. There are many benefits to a secured loan, such as minimal paperwork, lower interest rates, and high-value loans. Usually, the borrower is only required to present their identity and address proofs. 

A collateral-free loan

This type of loan is unsecured. The borrower doesn’t have to pledge his property with the lender for obtaining the funds. However, the borrower will be expected to have a high credit score and a stable source of income, usually above INR 21,000 per month. The lenders like to make sure that the debt to income ratio is appropriate for the loan so that the borrower can make the repayments on time. The borrower will also have to submit documents that prove their financial health, such as a salary slip or an income statement, their credit score, and sometimes even a guarantor.

For these reasons, a collateral-based loan is more popular among the lenders. 

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.

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Frequently asked questions

What are the reasons to take an instant loan?

The amount of latitude that comes along with an instant loan is unparalleled. You can use the money stemming from an instant loan for any purpose as per your discretion. Whether it is to cover the cost of your vacation, to purchase a bike or to set up a home bakery. Thanks to the speed at which these loans are approved, instant loans can also be used to fund emergencies. Barring speculative, illegal activities such as gambling, these loans can be spent to cover any requirement. The interest rates of these loans however depend on the borrower's credit score. At times, the borrower is even allowed to pay the interest along with the principal at the time of maturity. Repaying these on time boosts the individual's credit score. Consequently, a commendable credit score ensures the individual is eligible for better terms and interest rates in the future.

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

Rupeek loan interest rates are extremely low, variegated, and practical. By applying for a gold loan at Rupeek, you could stand to gain more than INR 12,000 on the interest component for every lakh you borrow. What's more, your gold gets a full and free insurance cover as long as it is in Rupeek's possession. Rupeek offers various types of interest rates and amounts as per your preference. Here are the interest rates which are subject to change depending on the loan amount-

1) Above 20 Lakhs- Interest rate can range from 0.89% to 1.39%

2) Between 5-20 Lakhs- Interest rate can range between 0.89% and 1.39%

3) Between 2-5 Lakhs- Interest rate can range between 0.99% to 1.59%

4) Less than 2 Lakhs- Interest rate can range between 1.29% and 1.69%

The variation in interest is because Rupeek offers 3 types of loan schemes-

1) High-Value loan (Lowest interest rate)

2) Max Value Loan

3) No Tension Max Value Loan (Highest interest rate)

What are the interest rates of an instant loan?

The interest rate of an instant loan depends mainly on your credit profile and income status. Generally, lenders carefully evaluate your financial documents and determine your financial capability before finalising the loan interest rates. Sometimes, the loan amount also plays a significant role in deciding the loan interest rates. For example, when you apply for a loan amount of INR 5 lakh or more, the loan interest rates may start from 0.89% every month and may go up to 1.39%. If the amount is between INR 2 lakh and 5 lakh, the interest rate may start from 0.99% per month to 1.59%. If the amount is less than INR 2 lakh, the loan interest rates may start from 1.29% and may go up to 1.65%.

Can I get an instant loan without any documentation?

It is generally not possible to get an instant cash loan without certain documents. Some documents, such as your identity proof, income proof and your address proof are necessary when you take an instant cash loan. But it is possible to obtain an instant cash loan if you have an exceptionally high credit score. A high credit score is a mark of your financial health and well as your loan repayment capabilities. It will also require you to have a stable income every month, and have an excellent debt to income ratio. The debt to income ratio means that you should have sufficient income every month to be able to pay off your EMIs as well as meet your financial requirements. As long as you can prove these to your lender, it is possible to get the loan. It also helps if you can build a strong trust between your lender and yourself.

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