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Ghaziabad
kaushambi
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Instant loan in kaushambi

Kaushambi is a part of the planned industrial city of Ghaziabad. It is an industrially planned and well developed region, under Vasundhara Zone of Ghaziabad Municipal Corporation. Situated at the sidelines of the Delhi-U.P. border, it provides quick access to the capital city. Although not large, this region holds an amalgamation of various facilities, such as a shopping complex, movie theaters, city parks, company offices, computer education, robotics training and housing societies. Being part of the most populous state of India, it receives a good number of visitors and locals. Although the area enjoys good socio-econic status, some residents depend on loan options such as instant loan in Kaushambhi. Transportation infrastructure is quite varied in the area as it is accessible via multiple routes such as the Delhi Metro, local railways, roadways, etc.

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.

Difference between instant loans and personal loans

Although both personal and instant loans provide the lender with emergency funds, certain features make them different from each other. These pertain to their nature, their requirements, and their loan amounts. 

Nature: While a personal loan is always unsecured, an instant cash loan can be either secured or unsecured.

Collateral requirement: Personal loans are always collateral-free while instant loans can be collateral-free as well as collateral-based.

Required documents: Personal loans require more paperwork to prove the financial health of the borrower. In the case of secured instant loans, the paperwork is minimal, consisting only of the borrower’s identity and address proof. However, when obtaining an unsecured instant loan, the borrower is required to submit documents to prove their financial health, such as their credit score and income statement.

Upper limit: Up to INR 20 lakh can be procured using a personal loan. When it comes to a secured instant loan, there is no upper limit in the loan amount that can be availed. The lender can receive up to 75% of the market value of the pledged collateral as the loan amount. On the other hand, not more than INR 5 lakh can be obtained as the loan using an unsecured instant loan.

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Frequently asked questions

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

To make their approved instant loans safer and less prone to being written off, lenders generally evaluate the income to debt ratio of a borrower before approving the loan. Hence, they require the borrower to earn enough so that they can repay the loan EMIs without burdening their wallet. Usually, you need to earn a minimum of INR 18000 to 21000 every month to be eligible to apply for a collateral-free loan. However, the minimum income criteria can be relaxed if you pledge collateral security while availing the loan. To prove the stability of your income, the lender would ask you to submit salary slips and appointment letter with the loan application. If, however, you are self-employed, then you have to prepare a Chartered Accountant approved Income Statement, which will show your monthly income level.

Should I take an instant loan to start a small business?

The first thought that strikes the mind when one thinks about starting a business has to be 'investment'. If you are looking to source funds to start your own business, the best option available at your disposal is an instant business loan. This instant loan can be spent at your discretion on any business line or purpose of your choice. Availing credit from certified authorities is recommended when a fledgling business is concerned. The process to avail these easy loans is as simple as ever! All you need to do is download the lender's app, save your personal details on your profile, upload the required documents, and voila! The amount will be transferred to your account in a jiffy. Not only is it very easy to get instant loans, but repaying these on time boosts the individual's credit score. Consequently, a commendable credit score ensures the individual is eligible for better terms and interest rates in the future.

What are the interest rates offered by Rupeek for an online gold loan?

Rupeek not only offers a higher value for your gold but also offers ultra-low rates of interest, which can enable you to save more than INR 12,000 per lakh on interest. Additionally, you can get the highest LTV for your gold and a free insurance cover.

Rupeek offers four types of interest rates according to the loan amount and your location.

  1. If the amount that you are borrowing is above 20 lakh, the interest rate can range from 0.89% to 1.39%.
  2. If the amount you wish to avail is more than INR 5 lakh, then the lowest interest rate you can get is 0.89% per month and can go up to 1.39%.
  3. The interest rate can go up to 1.59% if the amount you wish to avail is between INR 2 and 5 lakh. The lowest interest rate can be 0.99%.
  4. For an amount of less than INR 2 lakh, the interest rate starts from 1.29% and goes up to 1.69%.

This is because Rupeek offers three types of schemes under these loan amounts - such as High Value Loan, Max Value Loan, and No Tension Max Value Loan. The interest rate offered by High Value Loan is the lowest and the No Tension Max Value Loan is the highest.

What is the eligibility criteria for an instant loan?

When you are in need of an urgent loan, instant loans are the go-to. Since there are several lenders in the market from whom you can procur the funds, the eligibility criteria also differs from lender to lender. In general, the borrower is required to be above the age of 21. When you give an instant loan application, before the approval of the loan, you are also required to submit a few documents as your identity proof, address proof and your income proof. Only upon the verification of these documents, that include your PAN Card, Aadhar Card, your income statement, etc, will your loan amount be approved. Since most instant loans, such as an unsecured personal loan requires you to have a steady income, your income statement becomes mandatory. But fortunately, by availing of a secured loan or a collateral-based loan, such as a gold loan, you can obtain the funds. While most instant cash loans also require you to have a credit score of 650 and above, a gold loan doesn't require your credit score before sanctioning you the loan amount. It also charges a lower interest rate.

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