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Gwalior
Lashkar
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Instant loan in Lashkar

Lashkar is a persian word having meaning camp or army. Lashkar area of the Gwalior was permanent capital of Gwalior state and capital of Madhya Bharat post independence from 1950 to 1956. The central focus of this area is Jayaji Chowk, which is a large sqare with banks, tea stalls, opera house, juice stands, and municipal market building. This is one of the bazar place in the city, popular for variety of shops. Jewellery shops near the Jayaji chowk are also known as Maharaj Bada. Moti Mahal is a famous restaurant in the Lashkar area of the Gwalior. The food served at the Moti Mahal is delicious and lip smacking.

Eligibility to apply for an instant loan and documents required

An instant loan can be of two types - 

Secured instant loans- If you apply for a secured loan, i.e. an instant loan against collateral, you can get a higher loan amount. The eligibility criteria are also relaxed. Usually, it does not matter whether you can show income proof or not. You may also apply for a loan with only two documents - PAN Card and Aadhaar Card. 

Unsecured instant loans- If you apply for an unsecured instant loan, the lender would approve the loan based on your income and expenditure ratio, credit score, and the stability of income. To avail an unsecured loan, you have to satisfy the minimum monthly income criteria set by the lender and is usually above INR 21,000 per month. Moreover, you have to submit documents like PAN Card, Aadhaar Card, income proof, age proof, income tax file, bank account statement, and quite often, a guarantor.

 Hence, if you want a no-frills loan, it is prudent to apply for a secured instant cash loan online.

Features of an instant loan

Thanks to the flexibility and the simplicity associated with an instant loan, it is the most popular and demanded source of funds in India. An instant loan offers many exclusive features that makes it a favorite among the borrowers in Gwalior. Listed below are some of the most attractive features of an instant loan:

Flexibility - The funds that are obtained through an instant loan can be put to any use, as long as it is not for speculative or illegal purposes.

Loan approval - Usually within an hour from the loan application, the loan amount will get disbursed into your account, just as the name suggests.

Loan application - An instant loan can be placed online as well as offline. The borrower can use the app, the website, or can also call the customer service desk to make a request for the loan. The procedure, from the loan application to the transfer of the amount remains smooth, transparent, and quick.

Minimal paperwork - One of the reasons why instant loans are so popular is that they hardly require any paperwork at all. Not more than five documents are to be uploaded under any circumstance.

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Frequently asked questions

What are the benefits of a gold loan over an instant loan?

instant loans are of two types - with collateral and collateral-free. The collateral-free loan does not require you to deposit anything with the lender, and hence, is an unsecured form of a loan. An unsecured personal loan is an example of a collateral-free loan. A gold loan, on the other hand, is secured with the gold that you pledge as the collateral. However, the personal loan interest rates are often higher than that of the secured gold loan. The most significant benefit of a gold loan is that the loan amount is much higher than that of a collateral-free loan. Additionally, the interest rate of a gold loan is much lower than all other conventional instant loan interest rates. Another benefit of a gold loan is that many lenders offer the facility to repay the entire principal and interest without any additional charges. Hence, if you need urgent cash at low-interest rates, then a gold loan can suit you more than an instant collateral-free loan.

What is the process of instant loan application online?

An instant loan is an entirely flexible financial instrument which allows you to get funds whenever you need it the most. Generally, the funds get credited to your account within 60 minutes from the time of loan application. To avail an instant cash loan online, you have to download the lender's app and create an account by entering your preferred user ID and password. The next step is to select an appropriate loan category, select the loan amount and term and place the loan request. Usually, a lender approved loan officer would verify your documents and collateral security (in case of a secured loan) and approve the loan. Once approved, you would get the amount in your account within five minutes.

What are the documents required for a gold loan with Rupeek?

Applying for a gold loan through the Rupeek app or via the customer care number is simple as it can get! If you are applying for an unsecured loan, you can upload the necessary documents online. Whereas, when it comes to availing a secured loan, a Rupeek official will visit you at a location and time as per your convenience to verify your documents and evaluate your collateral. The documents required to avail and a gold loan are identity proof documents such as PAN Card or Aadhaar card. Instant gold loans are one of the easiest types of loans that can be availed and doesn't involve much paperwork. However, if you are applying for a secured loan, you will have to mandatorily submit your income proof documents such as your salary slip, income statement and credit score.

Can I get an instant loan using Aadhar card?

When you apply for an unsecured loan, you are asked to submit documents that prove your identity, your address, and your income statement. If you are applying for a secured loan, you are only required to submit your identity proof and your address proof. You are asked to submit your income statement in the first scenario because the lender likes to be assured that you have a stable income every month that will permit you to pay your EMIs and take care of your personal needs every month. If the only document that is available to you is your Addhaar Card, then you can opt for a secured loan. A secured loan is even better since it requires neither your credit score nor your income score. Your Aadhaar Card is the most conclusive proof of your citizenship and can act as both your identity and address proofs. It is hence possible to get an instant loan with only your Aadhaar Card.

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