city
Jammu
Jammu

Instant Loan in Jammu

Jammu derives its name from its founder, Raja Jambulochan. It is believed that he established the city of Jammu around 900 CE. Jammu is the largest city of Jammu district and serves as the winter capital of the union territory of Jammu and Kashmir. The city is located on the banks of river Tawi. The mighty Himalayas surround it on the north while on the south it is covered by the northern plains. Jammu is home to several ancient shrines and temples. A considerable part of the city’s economy is generated by small industries, such as rice mills, woodgrain mills, manufacturing units of carpets, electric goods, electronic items, etc. People often depend on instant loan in Jammu to meet their urgent monetary needs for business. Tourism is the largest industry of Jammu. Purani Mandi, Mubarak Mandi Palace, Ranbireshwar Temple, Amar Mahal, Rani Park, Bahu Fort, and Karbala are some of the most visited tourist spots in the city.

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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.

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.

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Frequently asked questions

Can I take an instant loan with low credit score?

Credit scores are the cornerstone of creditworthiness. Credit scores can make or break your loan application while applying for an instant loan. The loan interest rates, loan amount, and loan term all depend on the credit score of the borrower. Since 700 is considered an ideal credit score, any score lesser than a 700 puts you at a disadvantage. In such a scenario, you will still be able to avail an instant loan but at an increased EMI rate. Alternatively, if you choose to opt for a collateral-based loan and pledge an asset instead, you can benefit from this in more ways than one including an increased loan amount and a lower loan interest rate. Bear in mind that repaying your loan on time can go a long way in improving your credit score.

Can I get an instant loan without a PAN card?

An instant loan is one of the most flexible sources of urgent funds or quick loans. There is great flexibility when it comes to a range of factors such as the purpose of the acquired funds, repayment options, etc. The documents that have to be submitted when you apply for an instant cash loan are proof of your income, address, and your identity. The documents include your Aadhaar Card, PAN Card, income statement, etc. PAN Card is one of the most necessary documents that you have to submit when applying for an instant loan. But fortunately, you can still make the request for an instant loan even if you do not have a PAN Card. All you have to do is fill, sign, and submit Form 60, along with your Aadhaar Card along with the rest of the necessary documents that you need for the instant loan application.

Whats the minimum amount of gold loan I can take?

An instant gold loan is a fully flexible loan instrument that needs collateral security like a gold bar or ornament. Usually, the loan value depends on the weight and purity of the gold. As per the rules laid down by the Reserve Bank of India, you can avail a loan of up to 75% of the value of the gold. Hence, while there is no minimum amount of gold loan that you may apply for. However, by opting for a high-value loan, you may save over INR 12,000 on interest. Generally, the interest rate for a loan amount less than INR 2 lakh starts from 1.29% per month. For a loan amount of above 2 lakh, but below 5 lakh, the loan interest rate starts from 0.99% and for any loan amount of 5 lakh and above, the loan interest rate starts at 0.89%. Rupeek also offers various schemes for loan repayment.

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.

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