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Instant loan in jankipuram extension

Jankipuram Extension is a popular residential locality in Lucknow city in Uttar Pradesh. Zaidpur, Purwa and Sandila are the nearby cities to this region in Lucknow. Some of the nearby localities to Jankipuram Extension are Jankipuram ,Janki Bihar and Madiyaon. This region has presence of several private and nationalised financial institutions which provide several financial services. These institutions observe huge demand of instant loan in Jankipuram Extension which guarantee quick access to funds. It also has good hospitals and schools which makes this locality lucrative for the residents. This region enjoys good connectivity with other regions in Lucknow as well as other cities via railway and roadways.

Eligibility to apply for an instant loan and documents required

Instant loans are typically of two types- Unsecured loans that don't require collateral security and secured loans that require the borrower to pledge collateral security against the loan. Borrowers that get a instant loan get access to various benefits as compared to those that borrow unsecured loans. For instance, borrowers that avail secured loans get to borrow a higher loan amount. Since borrowers are required to pledge an asset whose market value needs to be about 30% more than the loan amount, the eligibility criteria are also relaxed. To avail a secured loan, you'll only need basic documents such as PAN Card and Aadhaar Card. However, this isn't the case with unsecured loans. When you apply for an unsecured loan, your loan approval depends on several factors such as your debt-income ratio, existing credit profile, and income status. Additionally, to be eligible for an unsecured loan, as a borrower, you will need to have a minimum income of INR 21,000 per month. Along with this proof of income, you will also have to submit other documents such as PAN Card, Aadhaar Card, Age proof, Income tax file, Account transaction statement, and sometimes even a guarantor. If you are looking to avail a quick, hassle-free loan, secured loans are the way to go.

Reasons to take an instant loan

The flexibility in the end-use of an instant loan makes it one of the most popular loans in India. Denizens often avail instant loans in Lucknow for various reasons. The first reason why people avail an instant loan is to address sudden financial emergencies. Sometimes, in case of hospitalisation, the bill amount may exceed the available cash. An instant loan provides urgent money, which one can use on anything related to health. Another reason why people apply for an instant loan is to set up a business. In some cases, using the instant loan amount for business may also enable you to apply for tax rebates. Many borrowers also avail an instant loan to sponsor a vacation or a tour. The fourth reason why people apply for an instant cash loan is to spend it on sponsoring a big event like a marriage.

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Frequently asked questions

How does an instant loan get disbursed?

Instant cash loans are typically of two types- Secured loans that require the borrower to pledge collateral such as gold against the loan and unsecured loans that don't require collateral to be pledged. Since it requires collateral pledges, in case of a secured instant loan, a loan officer visits you at your doorstep or any location as stipulated by the borrower to verify documents regarding the collateral security in order to sanction the same. In the case of unsecured loans, the above processes including document verification can be carried out online. The possibility of a loan application being rejected depends on several factors including credit score, history of default, and financial profile. The loan amount upon approval directly gets transferred to the borrower's bank account. Ideally, the entire process end-end from loan application to approval takes roughly around 60 minutes!

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.

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.

What should be my credit score for an instant loan eligibility?

Credit scores are the lifeblood of a borrower. It is the most important determinant that decides a lot of the terms of the loan. While the standard credit score is considered to be 700, there are lenders that approve loan applications even if the borrower has a credit score of 10. But in such a case, the lender will have the upper hand in the negotiation and the borrower will have to be in agreement with the terms as dictated by the lender. As a borrower, if you are looking to avail a low-interest rate loan despite a poor credit score, your best choice would be to opt for a secured loan such as a gold loan. The maximum loan amount you can avail in case of a secured instant loan is up to 75% of the value of the asset at market value. In conclusion, your credit score plays a vital role if you are looking to avail an unsecured loan, but this is not the case when you are looking to avail a secured loan.

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