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Guntur
Guntur

Instant Loan in Guntur

Situated on the right-hand side of the river Krishna, Guntur, as part of the Andhra Pradesh Capital Region, is one of the most populous cities in coastal Andhra Pradesh. People often avail instant loans in Guntur for getting urgent cash. The Guntur district has a coastline of over 100kms and is bordered by Nalgonda, Mahaboobnagar, Prakasam, and Krishna districts, and the Bay of Bengal. Agriculture is a significant source of earning for the people in Guntur. Major crops that are produced in the district include Groundnut, Cotton, Paddy, Redgram, Jowar, Greengram, Maize, Bajra, Sunflower, Chillies, and Coriander. Guntur's chilli market yard is the biggest such yard in Asia. Guntur has various parks, temples, and forts, with the most famous being the Jinnah Tower, Kondaveedu Fort, Uppalapadu Bird Sanctuary, etc. The city figures prominently in the sports map of the country. The popular sports that are played in the city and the district include Boxing, Badminton, Volleyball, Swimming, Cricket, and Athletics.

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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.

Features of an instant loan

Instant loans are one of the most popular forms of credit in India. Instant cash loans come equipped with several perks and features that make it the most preferred form of credit or most borrowers. There are several reasons why Instant loans have been a roaring hit. The first and foremost reason would have to be its flexibility. It can be availed within a matter of hours, with or without collateral, with or without a healthy credit score, and can be spent as per the discretion of the borrower. Secondly, the speed at which these loans are approved. It is usually only a matter of an hour before these loans are approved. The third reason would have to be the loan application process which can be done both online as well as offline and is an extremely hassle-free process. Last but not the least, the reason instant loans are most borrowers' go-to choice of credit is because of the minimal documentation that is required. Depending on the type of instant loan the borrower is looking to avail, the documents required will vary but are minimal nevertheless.

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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.

What's the maximum limit for an instant loan?

An instant loan gives you unparalleled convenience and peace of mind. You may spend the funds on anything you feel is essential. However, different lenders have a different upper ceiling for approving the loan amount. When you apply for a collateral-free loan, the upper ceiling is usually INR 5 lakh. Moreover, the loan interest rate can be exorbitantly high. If you need more than INR 5 lakh at a low rate of interest, then it is better to apply for a secured loan, like a gold loan. When you apply for a secured loan, the amount you may avail can be as high as 75% of the collateral. Hence, by pledging an asset that is worth INR 1 Crore, you may get an instant cash loan of up to INR 75 lakh. Your eligibility for the loan amount depends on the credit score, loan term, and EMI repayment capability.

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.




What are the reasons for an instant loan to get rejected?

instant loans are not likely to get rejected. However financial institutions are governed by certain industry norms that restrict the from approving an instant cash loan There are several reasons why an instant loan may get rejected, the most prominent one being a low credit score. Usually, a credit rating of 700 or below is considered unhealthy, causing the borrower's application to be rejected. Other reasons for loan rejection include frequent job changes or defaults in the borrower's credit profile. One of the fail-proof ways of getting a loan application approved without facing any hurdles is to increase your credit score by ensuring timely repayment of former debts and a commendable debt-income ratio. Since applications get considered for sanction within an hour of loan application, it gives the borrower enough time to reflect on his/her profile and apply again.

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