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Aurangabad
kranti chowk
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Instant loan in kranti chowk

Kranti Chowk is a beautiful area located in Aurangabad district of Maharashtra, India. If you're visiting Aurangabad, it's hard to miss this locality. Some of the major landmarks associated with Kranti Chowk are - Gautala Wildlife Sanctuary and Bibi ka Maqbara. Industrialists look for instant loan in Kranti chowk to establish their own hotels and travel agencies. If you want to reach this city, you'll need to take a bus to the Kranti Chowk Bus Station from the Aurangabad Railway Station. In case of any emergencies, you can contact the Kranti Chowk Police Station and Prestige or Saikrupa Hospital.

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 Aurangabad 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.

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.

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Frequently asked questions

How much can I borrow in an instant loan?

An instant loan allows greater flexibility in disbursing the amounts according to your urgent loan requirements. There are two types of instant loans - one which requires collateral and the other which doesn’t require collateral. The loan amount that can be availed on a collateral-based loan can be upto 75% of the market value of the pledged asset. In the case of a collateral-based loan, since you have provided your asset as a security, you can enjoy the benefits of a low-interest loans. In the case of a collateral-free loan, the amount that will be disbursed, as well as the loan interest will depend on your credit score and the stability of your income. However, the loan interest charged on a collateral-free loan is higher than the interest charged on a collateral-based loan.

Can I get an instant loan without any documentation?

It is generally not possible to get an instant cash loan without certain documents. Some documents, such as your identity proof, income proof and your address proof are necessary when you take an instant cash loan. But it is possible to obtain an instant cash loan if you have an exceptionally high credit score. A high credit score is a mark of your financial health and well as your loan repayment capabilities. It will also require you to have a stable income every month, and have an excellent debt to income ratio. The debt to income ratio means that you should have sufficient income every month to be able to pay off your EMIs as well as meet your financial requirements. As long as you can prove these to your lender, it is possible to get the loan. It also helps if you can build a strong trust between your lender and yourself.

Is there a prepayment penalty for instant loan repayment?

That depends on the type of preclosure of the instant cash loans. There are three types in which a loan can be pre-closed. The first one is the bullet payment, where the whole amount - including the principal amount and the loan interest rate are paid together as a lump sum at maturity. For this option, the lender won’t charge a prepayment penalty. The second one is partial prepayment where the borrower pays a little more than their EMIs. This amount is towards the prepayment of the principal amount. For this prepayment option, charges are levied from the borrower and can range from 0% to 2% depending on the lender. The third option is the full repayment option where the borrower is charged across the range of 0% and 3%. This option is chosen if the borrower decides to close the loan before it reaches the end of the term.

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.

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