Kundam in Jabalpur is a popular locality in the Indian state of Madhya Pradesh. This place is mainly popular for the Dhuandhar falls and the white Marble Rocks. There are 68 panchayats in the Kundam block. The Kachnar City Shiva Temple is another tourist attraction that attracts many visitors every year. Kundam is a small village town and hence people here believe in simple living and high thinking. However, the growing demands of a decent living make instant loan in Kundam in Jabalpur a very common resort for those looking for a little relief in meeting their expenses on an everyday basis.
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.
While both instant loans and personal loans help serve the same purpose there are a few factors that set them apart. For starters, all personal loans are unsecured loans by nature which implies that it does not require any collateral to be pledged to avail a loan amount. Owing to this when you get a personal loan, you are required to submit relatively more documentation to confirm the borrower's financial health. An important factor when it comes to personal loans is a healthy credit score which is an important determinant as far as personal loan eligibility is concerned. Additionally, when it comes to personal loans, the maximum one can avail is INR 20 Lakhs. However, when it comes to instant loans, it can be classified as either secured or unsecured loans. In the case of a secured instant loan, the documentation required is extremely minimal as borrowers are anyway required to pledge an asset whose market value needs to be about 30% more than the loan amount. The upper cap when it comes to a secured instant loan is contingent on the collateral pledged. For example: If you pledge an asset worth 1 Lakh, you can avail a loan of 75 Lakhs maximum.
The primary difference between an instant cash loan and an overdraft is that an instant cash loan can provide you with more funds than an overdraft. An overdraft is more flexible when it comes to the repayment options as well as the amount. Generally, there is a limit to how much amount you can avail as an overdraft. With an instant loan, that is not the case. For an instant loan, your eligibility depends on your credit profile, age, income, existing liabilities, and other factors. If you apply for a collateral-based loan, then the lender may approve up to 75% of the pledged asset. Another critical factor that separates an instant loan from an overdraft is the loan interest rates. Generally, the interest rate of an overdraft is much higher than the interest charged on an instant loan. Hence, depending on your need and loan repayment capability, you should choose the type which suits you more.
A low credit score can create a stumbling block between you and your aspirations. While approving instant cash loans in India, lenders almost always factor in the credit score before determining the loan interest rate and loan amount. If your credit score is below 700, lenders would be wary of giving loan approvals. Even when they approve, the chances are high that the interest rates and loan terms will not be in your favour. An instant cash loan online is one of the safest and easiest ways to increase your credit score. If you choose a loan amount whose EMI you can pay easily, your credit score will increase every time you pay the EMIs. Hence, if your credit score is extremely low, consider applying for small amounts and repaying them in time. Doing so will not only increase the credit score but also enable you to increase your credit limit.
Placing a loan application with Rupeek is a smooth and hassle-free process. Rupeek’s procedure is very safe and transparent. When you apply for an instant loan with Rupeek, first, you have to download the app from Playstore or visit the web portal. You can also apply for a loan by calling their customer care desk. Once the loan has been requested, a company official will immediately get in touch with you to fix an appointment. Within thirty minutes from the loan request, the official will turn up at your doorstep to check the authenticity of your asset as well as to appraise your documents, such as your identity proof and address proof. Once they are validated by the company representative, your loan will be immediately approved. As soon as the loan approval is done, the loan amount will get transferred into your account. The whole process, from the placing of the loan request to the transfer of the loan amount, doesn’t take more than sixty minutes.
The facility to make your loan repayment ahead of the stipulated due date is provided by almost all financial institutions, country-wide. While a premature repayment can reflect very well on your credit profile, bump up your eligibility, and give you an upper hand the next time you choose to avail a loan, the downside to an early loan repayment is the cost of such a provision. If you choose to prematurely end the term of your loan you may do so in two ways. You may either choose to opt for part prepayment and utilize any extra cash you might have to pay up a lump sum along with existing EMI. Or you can repay the entire amount in one go. The additional charges you'll have to bear in the former case is between 0%-1% and between 0%-3% in the case of the latter.
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