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Bangalore
hal old airport road
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Instant loan in hal old airport road

The HAL Old Airport Road, now renamed Madivela Machi deva Road, connects many important IT hubs as well as the community of Whitefield which houses the Anglo Indian community in the region. It is also a dream location for investors and buyers of real estate in the locality. It is situated close to many major places nearby that include the HAL Bangalore International Airport. The area around HAL Old Airport road has numerous top-notch educational institutions and is home to some of the best medical facilities in all of Bangalore. The area is also home to multiple large corporations generating a lot of revenue every year, and employing many people. Although the future of the area may seem rosy, people still require instant loan in HAL Old airport road to fulfil their obligations.

Reasons to take an instant loan

The flexibility related to instant loan guarantees that it can be put to any use. People in Bangalore procure instant loans for a variety of reasons - whether the expenses are planned or unplanned. The funds procured through an instant loan can be used to pay off unprecedented medical bills. It can also be used to finance a tour or a vacation, or to meet other unexpected emergencies. Whether it is for a house renovation that you need funds for, or it is to start a small business or just about anything, instant cash loans do not stand in your way. You can also use them to pay off your credit card debts, to sponsor an event, or to conduct a grand marriage function. The flexibility offered by an instant cash loan makes sure that you can use your funds for whatever need, as long as it is not for speculative or illegal activities. In some cases, it is also possible to apply for tax rebates when you use an instant loan.

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

Can I get an instant loan if I'm self-employed?

It is absolutely possible to get an instant loan even if you are self-employed. One of the two main things that the lender looks for, when you are applying for an instant cash loan is your financial health - which is determined by two things - your credit score, and your salary slip/ income statement. These two documents mark your financial health. If you are a self-employed person, while the option of the salary slip is closed to you, the option of the income statement is still widely open. It is to calculate your debt to income ratio and to make sure that you will be able to afford the EMIs as well as your other financial liabilities every month, that the lender asks for your income statement. If your income ratio is sufficient and your credit score is high enough, you can get an instant loan just as easily. Even if your income is not sufficient, you can still get an instant cash loan. There is always the option of a collateral-based instant loan which doesn’t require your credit score, your income statement or a salary slip.

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.

What can an instant loan be used for?

instant loans are the most flexible and speedy financial instruments available. One of the major perks of availing an instant loan is that it can be spent as per your discretion. This amount can be spent to meet your household expenses, unexpected medical emergencies, education expenses, or any other cause as per your will provided it doesn't involve speculative activities such s gambling. What's more, this even makes you eligible to receive tax benefits. For example, if you are availing a loan to build a house you are eligible to receive up to 2 Lakhs INR. On the other hand, if the money is being utilized to renovate your home, you will then be eligible to receive up to 1.5 Lakh INR tax benefits. Entrepreneurs or professionals that are self-employed leverage these loans to meet their working capital requirements. You can also invest these funds in buying a vehicle for the family or any electronic items.

What are the documents required for a gold loan with Rupeek?

The process of the gold loan application can become extremely easy when you apply for the loan through the Rupeek app or via a phone call. The loan officer will visit your house or office within thirty minutes of placing the loan request. The officer would verify the quality and weight of the gold and verify the authenticity of your documents. The documents required to avail of a loan are identity proof documents, such as PAN Card, address proof, and Aadhaar Card. An instant gold loan is one of the easiest types of loans to procure and doesn’t involve much paperwork. Documents such as your salary slip or income statement and your credit score, which are mandatory when it comes to an unsecured loan are not required for a secured instant loan.

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