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Instant loan in irc village

The IRC village is a popular settlement situated in Bhubaneswar, Odisha. Its nearby localities include Gopabandhu Nagar, Paika Nagar, Jayadev vihar and Salia Sahi. It is believed to be an excellent residential area with a good environment, amenities and easy connectivity to other places. Some of the tourist attractions are BDA City Centre which is an entertainment park and the Ekamra Kanan Botanical garden. The Ekamra Kanan Botanical garden is often visited by localities for their morning walks and yoga sessions. It also has a kids park and Glasshouse. Food is the main attraction here, and there are plenty of handicraft items sold in the markets nearby. With increasing business opportunities, people avail instant loans in IRC Village.

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.

Reasons to take an instant loan

People often turn to instant loans in Bhubaneswar for several purposes.They can be classified into:

1) Unplanned expenses: Owing to how quickly it can be availed, instant cash loans are a convenient form of credit that comes very handy in case of financial emergencies. In scenarios such as hospitalization, sometimes the bill amount might exceed the insurance cover. Instant loans can be availed within an hour and are very helpful when one has to meet unplanned expenses.

2) Planned expenses: If you are looking to start or expand your business, you can avail an instant loan to help meet your fund requirements. The funds stemming from an instant loan can be spent as per the borrower's discretion. If you choose to spend the loan mount on business, construction, or renovation of your house you are even eligible for tax rebates. Be it a leisure trip or a wedding, instant loans can be availed for any reason.

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Frequently asked questions

What is the eligibility criteria for an instant loan?

An instant loan may come as a blessing when you need to take care of an urgent financial need. But different lenders have different eligibility criteria for approving an instant loan. Generally, the borrower needs to be at least 21 years old to be eligible to apply for an instant loan. The maximum age varies between 60 and 68. Additionally, the borrower must have a stable source of salary or business income. You may also apply for an instant loan if you do not have a permanent source of income. However, the lender would encourage you to deposit collateral security, such as in the case of a gold loan, or apply along with a borrower who can produce their income statement. Most lenders prefer approving instant loans to borrowers with a credit score of 650 and above. But if your credit score is less than 650, the lender may increase the interest rate and reduce the loan amount.

Can an instant loan request be altered?

Generally, when you apply for an instant cash loan, the lender automatically assumes that you have carefully evaluated your needs and your loan repayment capability before you apply for a loan. However, they are also considerate of offering you the facility to alter your loan request. The first thing you may alter after placing the loan request is the loan amount. The second thing you may alter is the loan term. And the third thing you may change is the type of the loan. However, all of these changes need to be done before the loan approval. Generally, no loan alteration request, other than loan term, is entertained post the instant loan approval.

How secure is my gold with Rupeek?

In addition to being cheap, quick, easy, and flexible, Rupeek is also as safe as it can get! With over a million borrowers, Rupeek has continually been gaining momentum since its establishment in 2015. Rupeek is well known for its stellar customer service, speedy redressal system and unparalleled doorstep loan disbursal to name a few. Rupeek offers the utmost security of your collateral. That is, when you pledge your gold either in the form of gold bars or ornaments with Rupeek, it comes with a 100% free insurance cover. Wile your gold will be stored with a partner bank equipped with iron-clad security and constant CCTV surveillance, the personal information you share with the team through the app is transmitted through 256-bit encryption and protected by SSL technologies.

How is the repayment date calculated for an instant loan?

There are some eligibilty criteria associated with an instant cash loan. For example. the lender analyses your credit score and your income statement to be assured of the repayment of the loan amount. Only on passing at these fronts will you be granted the loan amount. These factors, apart from being the criteria for eligibility, also determine the loan interest rates as well as the term of the loan. When both the lender and the borrower come to an agreement regarding these terms, the documents are verfied. The borrower can get the instant-loan approval on the very same day. The EMIs commence after one month from the instant loan approval date. Some lenders offer some flexibility in the case of repayment of the loan. In some cases, the instant loan repayment can be done as a lump sum including the principal amount and the accumulated interest, at the end of the term.

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