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Surat
katargam
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Instant loan in katargam

Katargam is an upscale commercial cum residential area in Surat. One of the best developed areas in the city, Katargam hosts the famed diamond industry of Surat. It is home to businesses dealing in finished stones. Dealers and buyers of diamonds often avail instant loans in Katargam to meet their cash requirements for business. Along with the diamond industries, the area also has posh modern apartment blocks that serve as residences for the city’s upper middle class population. The Swaminarayan Temple, intricately carved in pink stone, is one of the major attractions of the area. Eden Garden Farm is a popular community venue in Katargam where parties and cultural events are often held.

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

How long does the gold loan application process take with Rupeek?

Rupeek loans can be availed in no time at all! All you'll have to do is download the Rupeek app, create an account with a unique username, and set a password for the same. Once this is done, you can fill out a gold loan application and place your request. In a matter of just a few minutes, a Rupeek representative will get in touch with you to schedule a visit to any place and time of your convenience. An official loan officer will then arrive at your place to verify your documents and value your gold. Upon successful verification, the officer will state the loan amount that you are eligible to receive. If both parties are in agreement with the loan amount, the officer will process your loan and you will get the money in your account in a jiffy. The entire process from the time you place your loan request to loan disbursal takes only about an hour.

How many times can I take an instant loan?

The number of times that you can apply for an instant loan depends on your eligibility. When it comes to a collateral-free loan the lender will have to assess your creditworthiness based on your existing book of loans. Ideally, lenders do not sanction multiple personal loans at the same time. On the other hand, when it comes to secured loans there are no such restrictions. Secured AKA collateral loans can be of two types- Credit Line and Instant. When it comes to Credit Line, you are allowed to deposit the collateral once and withdraw money as and when required. Subsequently, the interest rate applies only to the amount you use up and not the entire amount. However, in case of an instant loan, the entire amount will be credited to you as soon as you deposit the collateral.

What happens if I miss a payment while paying off my instant loan?

Foreseeing the possibility of this happening, most lenders offer features that dispatch automated reminder messages as the due date of the instant loan's EMI payment nears. Despite that, borrowers at times tend to miss out on EMI payments every now and then. For whatever reason, if the EMI payment is skipped, the lender will charge the borrower a penalty that needs to be paid along with the next payment. This will consequently inflate the amount due in the following month. If these defaults keep occurring, not only will this adversely affect the borrower's credit rating, it will also make further loan applications difficult. As a borrower it is very important to be accountable for your timely EMI payments and make provisions for the same even before applying for instant loans online as in extreme cases, lenders even hire third party loan recovery agents who might force the borrower to make the payment.

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!

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