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Instant loan in indrapalem

Indrapalem is a village located in the East of Godavari district in Kakinada Rural, in the state of Andhra Pradesh. This area comes under Indrapalem Grampanchayat. All classes of people reside here. Most of them are businesspersons, government and private job holders. Area includes many educational institutions. Many worshiping places are also seen here like the, Subramanyeswara Swamy temple, Kanaka Durga Aalayam, fellowship church, Nerellamma temple and Musalammathalli Temple are famous among them. The town attracts and welcomes pilgrims and tourists from nearby places to visit the peaceful village which is offbeat and peaceful. Instant loan in Indrapalem can be easily obtained especially to people who are into business, infrastructural, industrial and the tourism sector.

Features of an instant loan

Thanks to the flexibility and the simplicity associated with an instant loan, it is the most popular and demanded source of funds in India. An instant loan offers many exclusive features that makes it a favorite among the borrowers in Kakinada. Listed below are some of the most attractive features of an instant loan:

Flexibility - The funds that are obtained through an instant loan can be put to any use, as long as it is not for speculative or illegal purposes.

Loan approval - Usually within an hour from the loan application, the loan amount will get disbursed into your account, just as the name suggests.

Loan application - An instant loan can be placed online as well as offline. The borrower can use the app, the website, or can also call the customer service desk to make a request for the loan. The procedure, from the loan application to the transfer of the amount remains smooth, transparent, and quick.

Minimal paperwork - One of the reasons why instant loans are so popular is that they hardly require any paperwork at all. Not more than five documents are to be uploaded under any circumstance.

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Eligibility to apply for an instant loan and documents required

An instant loan can be of two types - 

Secured instant loans- If you apply for a secured loan, i.e. an instant loan against collateral, you can get a higher loan amount. The eligibility criteria are also relaxed. Usually, it does not matter whether you can show income proof or not. You may also apply for a loan with only two documents - PAN Card and Aadhaar Card. 

Unsecured instant loans- If you apply for an unsecured instant loan, the lender would approve the loan based on your income and expenditure ratio, credit score, and the stability of income. To avail an unsecured loan, you have to satisfy the minimum monthly income criteria set by the lender and is usually above INR 21,000 per month. Moreover, you have to submit documents like PAN Card, Aadhaar Card, income proof, age proof, income tax file, bank account statement, and quite often, a guarantor.

 Hence, if you want a no-frills loan, it is prudent to apply for a secured instant cash loan online.

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Frequently asked questions

Is personal loan and instant loan the same?

While both instant loans and personal loans are availed similarly, a few elementary differences set them apart. For instance, instant loans can be of two types, both secured and unsecured while personal loans are unilaterally unsecured. Another vital difference involves the interest rates of these loans. While unsecured loans have a higher interest rate, secured loans that require you t pledge collateral or security come at a much lower interest rate and in certain cases might even be subject to a longer tenure if need be. The most imperative difference between these two loans is the speed at which they are approved. Personal loans may or may not get approved instantly but instant loans are designed to be approved within an hour or so of the loan application. If you are urgent in need of funds, instant loans online are the way to go.

Do I need a high credit score to apply for a gold loan with Rupeek?

When you want to apply for a loan in India, many lenders insist you have a credit score of 700 and beyond. A high credit score shows the creditworthiness of the borrower. A borrower with a high credit score can negotiate the rates in their favour. However, Rupeek's gold loan is unique in that sense since it does not require you to have a high credit score or high income. Your gold will be the collateral for your instant loan. As per the regulations of the RBI, you can avail up to 75% of the gold's value as a the loan amount. Since you will be pledging your gold to get the loan, this security is what prompts Rupeek to offer gold loans to its borrowers without a high credit score or salary slips.

Can I get an instant loan if I'm retired?

As a retired person, you might need funds for sponsoring an event, paying medical bills, renovating your house, buying something special, or for any other purpose. An instant cash loan is a one-stop financial instrument for fulfilling all your funds-related needs. Just because they are no longer employed, the option of an instant loan is not closed to a retired person. As long as they have a steady source of income, like pension, or collateral, like gold, they can still get urgent loans. Applying for an instant loan is extremely easy and straightforward. All you should do is call the lender's customer care number and express your desire to apply for a loan. Alternatively, you may download the lender's app and place the request all by yourself. Before the loan approval, the lender might seek a few simple documents for identity, and address proof, and income statement. If the entire process goes as is expected, you may receive the funds in your account within an hour from the time of loan application.

instant loan or overdraft - Which is the better option?

The primary difference between an instant cash loan and an overdraft is that an instant cash loan can provide you with more funds than an overdraft. An overdraft is more flexible when it comes to the repayment options as well as the amount. Generally, there is a limit to how much amount you can avail as an overdraft. With an instant loan, that is not the case. For an instant loan, your eligibility depends on your credit profile, age, income, existing liabilities, and other factors. If you apply for a collateral-based loan, then the lender may approve up to 75% of the pledged asset. Another critical factor that separates an instant loan from an overdraft is the loan interest rates. Generally, the interest rate of an overdraft is much higher than the interest charged on an instant loan. Hence, depending on your need and loan repayment capability, you should choose the type which suits you more.

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