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Instant loan in kavalkinaru

Kavalkinaru is a developed and prosperous village in the Tirunelveli district of Tamil Nadu. It is located about 60 km from the city of Tirunelveli. The town of Kavalkinaru was once dependent on livestock, agriculture, flower cultivation, stone mining, and the processing of Borassus or Palmyra tree. Today the town has embraced new professions and technologies. The new generation of residents in the town either opt for jobs after pursing professional degrees or avail instant loan in Kavalkinaru to set up their own business. Transportation, internet cafes, lodges, bakery, and hotels are among the popular businesses carried out in this town. The region also helps in wind power generation as it is located in the high tunneling-effect region in the Western Ghats.

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.

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 to apply for an online gold loan with Rupeek?

Placing an application for a gold loan with Rupeek is a very simple process. Rupeek offers one of the smoothest and the most hassle-free processes to obtain an instant gold loan. First, you have to download the Rupeek app or visit the web portal to place a request for an instant loan. You can also call the customer care desk and request a loan. Once that is done, a company official will get in touch with you to fix an appointment. At the suggested time, usually thirty minutes from the loan application, the official will show up at your doorstep. The gold appraiser will then proceed to check the authenticity of your gold as well as to verify your documents. The KYC documents that are required include your identity proof and your address proof. Once that is done, the loan will be approved. The loan amount will immediately get credited to your account and you can then use it for your requirements.

Is there a prepayment penalty for instant loan repayment?

Repaying loan EMIs should always be on your high-priority list if you are a borrower. And sometimes, you might think about using the extra funds in your hand to preclose the loan. Preclosure can be of three types - bullet payment, partial prepayment, and full prepayment. Bullet payment is when you pay the interest and principal as a lump sum at the end of the tenure. If you choose the bullet payment option, the lender will not charge any prepayment penalty. Partial prepayment is when you pay a little more than your EMI. The charges depend on the lender and ranges between 0% and 2%. If you decide to close the loan before the end of its term, you may choose the full prepayment option. Generally, the lender charges between 0% and 3% for full prepayment of an instant loan.

What identity proof is valid for a instant loan?

When compared to other sources of quick funds, an instant cash loan is one of the best options as it requires a minimum length of procedures, paperwork, and other documents. When you avail an instant cash loan, there are three, or two main documents to present - depending on the type of the loan. There are two types of instant loans - a collateral-free instant loan and a collateral-based instant loan. In the case of collateral-free instant loans, documents to prove your identity, your address - such as your Aadhaar Card, PAN Card, Passport, Driving License, Ration Card, Birth Certificate, Electoral Photo Identity Card, Matriculation Certificate, etc, can be presented. Among these documents, the PAN Card is considered the most mandatory document. You will also have to give an income statement or a salary slip to prove that you have a stable source of income and that the loan repayment will be done within the loan term. But, in the case of a collateral-based loan, you neither have to present your income statement nor your salary slip. You are only required to present your identiy proof and address proof.

Is instant loan the easiest loan to get?

Instant cash loans are advantageous in more ways than one. They are flexible, easy, quick, and cheap! Data suggests that borrowers stand to gain up to INR 12,000 on the interest component by availing an instant loan. The savings made by availing an instant loan is subject to change contingent on the discounts provided by the lender. All you'll need to do to avail an instant cash loan online is download the lender's app from PlayStore, fill out the loan application, submit the required documents, and voila! The amount will be transferred to your account within an hour since submission of the loan application. As far as the documents are concerned PAN Card, Aadhar card, income proof, bank account statement and a few other documents need to be submitted. Again, this requirement is also subject to change depending on the type of loan you are availing.

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