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Instant loan in itaunja

Ituanja is a town and a nagar panchayat in Lucknow district, in the Indian state of Uttar Pradesh. Itaunja has a railway station located on the outskirts of the nagar panchayat area near on NH24. The area provides a good access to amenities such as schools, hospitals, banks and ATMs. Both private and nationalised banks are located in this area and provide services such as loans. The financial institutions have observed a surge in the demand of instant loan in Itaunja. The quick access to the funds is considered to be the sole reason behind the rising popularity of such loans.

Difference between instant loans and personal loans

Difference between instant loans and personal loans

While both instant loans and personal loans serve the same purpose, that is to provide you with cash, there are some differences between the two.

Difference

Personal Loan

Instant Loan

Nature

A personal loan is an unsecured loan.

An instant loan can be either secured or unsecured.

Collateral
Requirement

You do not need to submit any collateral guarantee to avail the loan.

If you opt for a secured loan you will have to pledge collateral, which isn’t the case if you apply for an unsecured loan.

Documents Requirement

Due to its unsecured nature, lenders require various documents that prove the stability of your income and keep the loan amount low.

You only need to submit certain basic documents such as identity proof in case of a secured loan. Documentation requirement is low as you will anyway be pledging collateral. In case of an unsecured loan you will have to submit documents such as income statements, payslips. address proof, etc

Maximum Limit

The limit of an unsecured personal loan or an unsecured instant loan is typically up to INR 20 lakh.

In the case of a secured loan, the limit depends on the collateral pledged. If you apply for a secured instant loan, the lender would sanction up to 75% of the collateral’s market value. Hence, if you deposit collateral whose market value is INR 1 crore, you may get a loan of up to INR 75 lakh. In case of an unsecured instant loan, the limit is INR 5 lakhs.

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

How to apply for an online gold loan with Rupeek?

The loan application process at Rupeek is short and sweet! All you'll need to do is download the Rupeek from the PlayStore, create an account with a unique username and password and place a loan request. If you wish to directly get in touch with a Rupeek loan executive you may do so by placing a call on the customer care number. If you are applying for an unsecured instant loan, the necessary documents can be uploaded online. Whereas, if you are applying for a secured loan, a Rupeek representative will visit you at a location and time as stipulated by you. This visit is primarily for the verification of certain essential documents such as Aadhaar Card, PAN Card, and collateral valuation. Post successful verification, the amount is disbursed. Ideally, whether you apply for a secured or unsecured loan the approval will only take about an hour.

What type of loan can be taken for a medical emergency?

Medical emergencies happen out of the blue. They are unexpected and even though we try to secure ourselves and our expenses using various policies such as health insurance or a Mediclaim policy, sometimes, the expenses tend to overflow. What can be of great help during those times is an instant loan. instant loans can be obtained within an hour from the time of the instant loan approval. Obtaining an urgent loan using instant loans is so simple that sometimes, the only document that is required is the Aadhar Card. The loan amount, as well as the loan interest rates, depend on your credit score and your financial profile. The only requirement is that you have an excellent credit score and a stable source of income. In a situation where you have neither, you can opt for an instant gold loan, which added to these merits, also offer lower interest loans as well as flexible loan repayment schemes.

What is the minimum monthly income needed for an instant loan?

For the security of the instant loans that the lenders have lent to the borrowers and to prevent the non-repayment of the debt, the lenders evaluate the income-to-debt ratio of the borrower before giving the loan approval. It is only after making sure that the borrower has a steady source of enough income that the lenders approve the loan amount. The lenders make sure that the borrowers can pay off the loan, without the EMIs burning a hole in their pocket. The borrower has to earn a minimum amount of 18,000 to 21,000 every month to be eligible for the loan. Among the required documents that the borrower has to submit before the loan approval are the income statement and the salary slip. But you can dodge this requirement by opting for a collateral-based instant loan that does not require your salary slip or your income statement.

Can I get an instant loan using Aadhar card?

Applying for a Quick loan in India involves submitting a bunch of KYC documents. It is also possible to apply for an instant loan with the king of all documents in India- The Aadhaar Card. The Aadhaar functions as both an identity and address proof of the borrower's nationality. However, only Secured Loans, like Gold loans are approved with just a single document, as collateral is pledged in exchange for the loan. The security of this collateral suffices the lenders' requirements as the loan amount availed will anyway either be 75% of the value of the collateral or lesser. Secured loans are also a go-to choice when the borrower has a low credit score and no salary slips. In summary, yes it is possible to apply for an instant cash loan online using just your Aadhaar card.

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