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Jalandhar
lambra
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Instant loan in lambra

Lambra is is a village in Jalandhar, Punjab. It lies between Jalandhar & Kapurthala districts. The village boasts a strong social infrastructure. Primary and higher-educational schools & colleges span across the village. Government health centres, ATMs, Cinema Theatres, Temples, Mosques, Restaurants, Petrol Pumps, Super Markets, Parks, and Police Stations operate in the vicinity; creating self-sufficiency for the residents. Convenient access to the state capital, Chandigarh works in its favour. The local language is Punjabi & the rail works as a great transportation medium in this village. These amenities cause rising living costs. To live under such costs, people apply for instant loans in Lambra.

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.

Reasons to take an instant loan

The flexibility related to instant loan guarantees that it can be put to any use. People in Jalandhar procure instant loans for a variety of reasons - whether the expenses are planned or unplanned. The funds procured through an instant loan can be used to pay off unprecedented medical bills. It can also be used to finance a tour or a vacation, or to meet other unexpected emergencies. Whether it is for a house renovation that you need funds for, or it is to start a small business or just about anything, instant cash loans do not stand in your way. You can also use them to pay off your credit card debts, to sponsor an event, or to conduct a grand marriage function. The flexibility offered by an instant cash loan makes sure that you can use your funds for whatever need, as long as it is not for speculative or illegal activities. In some cases, it is also possible to apply for tax rebates when you use an instant loan.

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Frequently asked questions

Which is the best loan to take for a marriage ceremony?

Weddings are the epitome of family gatherings. Often, families want to spare no expense but budget constraints are something that holds them back from celebrating once-in-a-lifetime events like weddings with grandeur. Well, worry not! All you have to do to meet your fund requirement is apply for instant loans online and the sky is your limit! instant loans are designed to meet all your urgent fund requirements at short notice. You will not have to skimp on the wedding of your dreams or dip into your savings. These loans can be both availed and approved within an hour of loan application owing to which it doesn't require any detailed planning or documentation. All you'll require is an Aadhar card and collateral such as gold to secure against your loan and you are good to go and quite frankly, this is the smartest bet you can make while availing credit.

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

Rupeek loan interest rates are extremely low, variegated, and practical. By applying for a gold loan at Rupeek, you could stand to gain more than INR 12,000 on the interest component for every lakh you borrow. What's more, your gold gets a full and free insurance cover as long as it is in Rupeek's possession. Rupeek offers various types of interest rates and amounts as per your preference. Here are the interest rates which are subject to change depending on the loan amount-

1) Above 20 Lakhs- Interest rate can range from 0.89% to 1.39%

2) Between 5-20 Lakhs- Interest rate can range between 0.89% and 1.39%

3) Between 2-5 Lakhs- Interest rate can range between 0.99% to 1.59%

4) Less than 2 Lakhs- Interest rate can range between 1.29% and 1.69%

The variation in interest is because Rupeek offers 3 types of loan schemes-

1) High-Value loan (Lowest interest rate)

2) Max Value Loan

3) No Tension Max Value Loan (Highest interest rate)

What should be my credit score for an instant loan eligibility?

The credit score is the most significant score that determines your eligibility for an instant loan. The minimum credit score required to avail a loan depends on the lender. While some lenders want you to have a score above 700, others would sanction a loan even when your credit score is zero. Generally, when you apply for a collateral-free instant cash loan, the lender wants you to have a score of 700 and above. But, if your credit score is low, or you want to get low interest rates, then applying for a secured loan, like a gold loan, would be a better option. A secured loan disburses an amount of up to 75% of the asset's market value. To sum up, you will need a high credit score when you wish to avail a collateral-free loan, but in case of a secured loan, credit score often does not play a determining role.

Do banks offer instant loans in India?

It is possible to get funds from the banks in India, although not directly in the form of instant cash loans. Banks in India are bound by many regulations which make it difficult for them to offer loan services to the people. They require borrowers to have very high credit scores. It is because of this reason that the borrowers generally prefer taking loans from Non-Banking Finance Companies, or NBFCs and from Housing Finance Companies, or HFCs. NBFCs and HCFs are opted by more borrowers when they require an instant loan. A secured loan such as a gold loan does not require more than an hour for the loan approval. As soon as the loan gets approved, it is immediately transferred to the account of the lender and he can use it to meet his urgent requirements.

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