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Hyderabad
Hyderabad

Instant Loan in Hyderabad

The city of Hyderabad has seen the reign of Qutb Shahi dynasty, the Mughals, and a long line of Nizams. After Indian independence, it became the capital of Andhra Pradesh, and after further bifurcation became the capital of Telangana. The city has a rich history as an economic powerhouse of the world, ever since diamonds were found in the Golconda Fort. It soon became a diamond trading ground, making the former Nizam the wealthiest man on the planet. The people in Hyderabad are amiable and freely accept people from other cultures. The city is known for its moments and religious sites. The primary sources of income for the city are the service sector, manufacturing, and tourism. To set up or expand a business, people mostly choose Instant Loans in Hyderabad.The famous tourist attractions in Hyderabad are Golconda Fort, Charminar, Salar Jung Museum, Chowmahalla Palace, Birla Mandir, and Hussain Sagar.

Instant Gold Loan Calculator

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Difference between instant loans and personal loans

While both instant loans and personal loans help serve the same purpose there are a few factors that set them apart. For starters, all personal loans are unsecured loans by nature which implies that it does not require any collateral to be pledged to avail a loan amount. Owing to this when you get a personal loan, you are required to submit relatively more documentation to confirm the borrower's financial health. An important factor when it comes to personal loans is a healthy credit score which is an important determinant as far as personal loan eligibility is concerned. Additionally, when it comes to personal loans, the maximum one can avail is INR 20 Lakhs. However, when it comes to instant loans, it can be classified as either secured or unsecured loans. In the case of a secured instant loan, the documentation required is extremely minimal as borrowers are anyway required to pledge an asset whose market value needs to be about 30% more than the loan amount. The upper cap when it comes to a secured instant loan is contingent on the collateral pledged. For example: If you pledge an asset worth 1 Lakh, you can avail a loan of 75 Lakhs maximum.

Reasons to take an instant loan

The flexibility related to instant loan guarantees that it can be put to any use. People in Hyderabad 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.

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Frequently asked questions

Do you need any collateral to avail an instant loan?

Whether or not you require collateral to avail a loan depends on the type of instant loan that you wish to avail. instant loans can be of two types- Collateral based and non-collateral based. If you apply for the latter which is a form of unsecured loan, you can at max only avail up to 5 lakhs. As these loan amounts are relatively low, the loan interest rates will also be correspondingly high. You will have to submit your credit profile, salary slips, and other such documents for evaluation based on which the loan amount and interest rate will be determined. On the other hand, when you avail collateral-based also know as a secured loan, you are expected to pledge an asset or collateral against your loan. These secured loans equip you with an array of advantages as your loan amount can go up to 75% of the asset value and you will only be charged a relatively low loan interest rate.

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)

How can I get instant loan in one day?

An instant cash loan online is one of the most popular and easiest loans you may apply for when you need urgent cash. The best feature of an instant loan is the speed with which it gets approved. To apply for an instant loan, you have to download the lender's app or call their customer service desk. If you apply for a collateral-free instant loan, the KYC verification process will take place online. If, however, you apply for a secured loan, a loan officer would visit your location within thirty minutes for physical KYC and collateral verification. After successful validation, the lender would approve the loan and transfer the loan amount to your bank account. Generally, the entire process takes about one hour. Hence, an instant loan makes sure that the shortage of funds will never be an issue anymore.

How does an instant loan get disbursed?

An instant cash loan can be of two types - secured and unsecured. If you apply for a secured loan, the lender will send a loan officer to your doorstep to verify the original documents and collateral security before approving or rejecting the loan. If you apply for an unsecured loan, the lender would verify your documents online and approve or reject the loan. The loan approval, in this case, would depend mainly on your repayment history and financial profile. The loan application is approved it gets directly credited to your bank account on approval. Usually, the entire process from loan application to approval of the loan takes roughly 60 minutes.

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