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Jaipur
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Jaipur

Instant loan in Jaipur

Jaipur is a city passed down by kings and was painted pink to welcome the Prince of Wales. The city has pink-coloured buildings as a custom. The people of Jaipur are very traditional. You can still find Rajputs getting skilled in swordsmanship and Royal etiquette. The people of Jaipur have a love for the arts and are amiable and hospitable. The city holds the most extensive free literary festival in the country. The primary source of income for the city of Jaipur is from tourism. The other sources of income are from jewellery, IT, and luxury textiles. Business houses and individuals often rely on instant loans in Jaipur. The city of Jaipur feels like a fairy tale with its beautiful palaces and numerous royals. You can go elephant riding or camel riding while in Jaipur. The main tourist spots in Jaipur are the Amber Palace, Man Sagar Lake, Hawa Mahal, Sheesh Mahal, and Jaipur Wax Museum.

Features of an instant loan

Instant loans are one of the simplest and most popular loans in India. Out of all loans offered by Indian lenders, instant loans are the most feature-rich and easy loan you can avail. Some of the prominent features of an instant loan are:

Flexibility- The first feature that makes an instant loan unique is its flexibility. You may use the loan amount for any purpose you want to. 

Loan approval- The second feature is the speed at which instant loan approvals occur. Usually, an instant loan gets approved within an hour of the loan application. 

Ease of loan application- The third feature is that you can apply for an instant loan online or offline. The entire process, from application to approval, is transparent, quick, and painless and is hassle-free when it comes to gold repayment. 

Minimal documentation-Last but not the least, instant loans are so popular due to the minimum documentation required to apply for an instant loan. You need to upload no more than five to six documents to submit your loan application.

Eligibility to apply for an instant loan and documents required

There are two types of instant loans

A collateral-based instant loan 

This type of loan is secured against a collateral property of the borrower. There are many benefits to a secured loan, such as minimal paperwork, lower interest rates, and high-value loans. Usually, the borrower is only required to present their identity and address proofs. 

A collateral-free loan

This type of loan is unsecured. The borrower doesn’t have to pledge his property with the lender for obtaining the funds. However, the borrower will be expected to have a high credit score and a stable source of income, usually above INR 21,000 per month. The lenders like to make sure that the debt to income ratio is appropriate for the loan so that the borrower can make the repayments on time. The borrower will also have to submit documents that prove their financial health, such as a salary slip or an income statement, their credit score, and sometimes even a guarantor.

For these reasons, a collateral-based loan is more popular among the lenders. 

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Frequently asked questions

Can I get an instant loan without a PAN card?

An instant loan is a flexible financial instrument that you may use to spend on anything you like. Unlike many other loans, the documents required to apply for an instant loan are much more straightforward. Generally, when you apply for an instant cash loan, the lender wants you to submit essential documents like identity proof, address proof, age proof, income statement, and other necessary documents. PAN Card works as an identity proof and is considered an essential document. However, you can still apply for an instant loan without a PAN Card. You have to fill, sign, and submit Form 60, along with Aadhaar Card, and all other documents to apply for the instant loan.

How to deal with a loan default?

None of us want to skip our EMI payments. But there might be situations when we may have to skip the EMIs because of unprecedented difficulties. The failure of payment of an EMI can result in dire consequences. The lender will impose a heavy penalty on the future payments on you. The lender is also likely to resort to harsh modes for future repayments. There is no need to worry about it, as before you and your lender enter into a loan agreement regarding the EMIs and the loan interest rate, several measures are taken to prevent such an occurrence in the future. This is the reason why the lenders check if you have a stable income, assess your credit score, and calculate your debt to equity ratio. Since all these measures are taken beforehand, as a borrower, you are requested to keep your EMIs a priority. In case an unprecedented problem arises in loan repayment, you should contact your lender at the earliest and request to change your monthly payment to bullet payment.

How does an instant loan get disbursed?

The borrower can avail of two kinds of instant loans - collateral-based and collateral-free. The whole process, whether secured or unsecured, would not take more than an hour. If you have applied for a collateral-based instant cash loan, a company official will turn up at your doorstep to check the authenticity of your collateral and verify your documents. If you have applied for a collateral-free loan, you can upload your documents online which will then get immediately verified. As soon as the documents are approved, the loan amount will get transferred into your account which you can then use to meet your requirements.

What are the tips while applying for an instant loan in India?

An instant loan is the best option there is in India, to get emergency loans. There are two types of instant cash loans in India, a collateral-based instant loan and a collateral-free instant loan. In the case of a collateral-based loan, you need to pledge your property with the lender in order to obtain the funds. The only documents you require are address proof and an identity proof. You can enjoy attractive interest rates on a secured loan. The other case is that of an unsecured loan where you don’t have to pledge your property with the lender but you need to have a high credit score and a stable income. The credit score has to be above 700 for the loan amount and the loan interest rate to be favorable. Both the type of instant cash loans are popular in India with both not taking more than an hour to process the loan.

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