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Instant loan in Gopalbari

Gopalbari is a popular area in Jaipur City in the Jaipur District. The surrounding areas are Shyam Nagar, Gopalpura, and Mahesh Nagar. The locality is a part of the Sanganer assembly constituency and Jaipur parliamentary constituency. The area is adjacent to Jaipur Railway Station and Jaipur Metro. The Ajmer-Jaipur Road passes from one corner of the locality. The most important landmarks in the locality are St. Xavier's College, Vidhayak Puri Police Station, Circuit House, Poonglia Jain Mandir, Shri Guru Nanak Gurudwara Bhaat Singh Sabha, District and Sessions Court Jaipur Metro, and Bani Park Hospital. There are various small and mid-sized hotels in the locality. People often apply for instant loans in Gopalbari, as it is the easiest way to get the money during an emergency.

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

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. 

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Frequently asked questions

What is the minimal age requirement for an instant loan?

Instant cash loans are one of the most flexible and easiest sources of urgent loans or quick funds. We all are sometimes in need of funds to be able to sprout wings and soar high into the dreams that we have imagined for ourselves. Even though very flexible, there are some criteria that determine if you can avail of the instant loan or not. If it is a collateral-free loan that you are trying to obtain, you have to be at least of the age 21. On the other hand, if you are obtaining funds through a collateral-based loan, such as a gold loan, the minimum age requirement is as low as 18. As proof of your identity as well as your age, you will also have to submit certain documents - such as your birth certificate or the admit card of your secondary school examination. Other than meeting the eligibility criteria regarding your birth, you will also have to meet the other criteria as well, with the necessary documents.

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!

How to increase the chances of instant loan approval?

The approval or rejection of an instant loan depends mostly on the credit profile and history of the borrower. Although the process of instant loan approval is fair and transparent, it does not always guarantee loan approval. To increase your chances of getting the instant loan approved, you may adopt a few measures. The first such method is to improve your credit score by settling off your existing liabilities. Alternatively, you may rope in a co-applicant who would be interested in applying along with you. The third step that you may take is to pledge an asset whose market value is more than what you expect to apply for as a loan. To avail the best loan interest rates, you have to prove to the lender that your current monthly income is substantially higher than what you will have to pay every month. Once you and the lender are on the same page, loan approval is no more than a matter of time.

How does an instant loan get disbursed?

The borrower can avail of two kinds of instant loans - collateral-based and collateral-free. The whole process, whether secured or unsecured, would not take more than an hour. If you have applied for a collateral-based instant cash loan, a company official will turn up at your doorstep to check the authenticity of your collateral and verify your documents. If you have applied for a collateral-free loan, you can upload your documents online which will then get immediately verified. As soon as the documents are approved, the loan amount will get transferred into your account which you can then use to meet your requirements.

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