sub_locality
Kanchipuram
Madambakkam
close btn

Service Update- (Covid-19)

In accordance with the respective state government’s directive, we’ve resumed operations in all the cities. However, a few services will remain affected while others will continue as usual. To read about the services or moratorium updates, Click here

Instant loan in Madambakkam

Madambakkam is a well-connected residential area in South Chennai. There is abundant greenery in the area, prompting people to apply for instant loans in Madambakkam and construct a house amidst nature. Tourists often visit the place because of the historical Shri Dhenupureeswarar Temple. The major industrial zones in Madras Export Processing Zone, ESPEE IT Park, Tidel Park, Ascendas IT Park, International Tech Park, and Ramanujan IT City are easily accessible from this locality. The nearest railway station is St. Thomas Mount. The closest Metro station is Meenambakkam. There are various schools in the locality, such as Alwin International Public School, Chocolate Kids Innovative School, and Holy Sai International School.

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.

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 Kanchipuram. 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.

Generate div table elements with this table generator, a free online tool! It is also capable of generating and convert grid elements.

Rupeek ad

Instant Gold Loan Calculator

Today's maximum loan value/gm **
max LTV

Last Updated :

Last Updated :

Frequently asked questions

Can I get an instant loan without a PAN card?

An instant loan is a flexible financial instrument that you may use to spend on anything you like. Unlike many other loans, the documents required to apply for an instant loan are much more straightforward. Generally, when you apply for an instant cash loan, the lender wants you to submit essential documents like identity proof, address proof, age proof, income statement, and other necessary documents. PAN Card works as an identity proof and is considered an essential document. However, you can still apply for an instant loan without a PAN Card. You have to fill, sign, and submit Form 60, along with Aadhaar Card, and all other documents to apply for the instant loan.

How long is the tenure to repay an instant loan?

The reason instant cash loans are considered so flexible is since it is highly customizable depending on the borrower's profile. The tenure of an instant loan is subject to change contingent on the borrower's existing credit profile, repayment capacity, and credit score. Usually, the maximum tenure you can avail a loan for is 5 years while the minimum is a month. Loan tenure also dictates the EMI. That is, a shorter tenure implies a higher EMI and vice versa. It is noteworthy that the longer your loan tenure, the more you will end up paying on interest whereas if your loan tenure is short, the loan interest rate will be much lesser. If you are to indeed opt for a short-term loan, you will receive a lot of incentives such as a specially determined interest rate or a lesser loan interest rebate. Availing a short-term loan also presents you with a better scope to repay your loan (interest + principal) earlier, hence enhancing your credit score.

How is the repayment date calculated for an instant loan?

In order to sanction your instant loan, the loan officer needs to analyze your creditworthiness, financial documents, and loan eligibility subject to which the loan term and the loan interest rates are decided. If your eligibility criteria meets the lender's terms, upon verification of the corresponding documents, the instant loan approval is carried out. The date of repayment is also subject to instant loan approval. instant loans are typically approved on a same-day basis and the EMIs for this start from a month from this date. For instance, if you apply for a loan on the 5th of a month, the EMIs will be due on the 5th day of each subsequent month. Additionally, you can also leverage the option of repaying the principal amount along with the interest accumulated over the term as one lump sum at the end of the term of the loan.

How to apply for an online gold loan with Rupeek?

The loan application process at Rupeek is short and sweet! All you'll need to do is download the Rupeek from the PlayStore, create an account with a unique username and password and place a loan request. If you wish to directly get in touch with a Rupeek loan executive you may do so by placing a call on the customer care number. If you are applying for an unsecured instant loan, the necessary documents can be uploaded online. Whereas, if you are applying for a secured loan, a Rupeek representative will visit you at a location and time as stipulated by you. This visit is primarily for the verification of certain essential documents such as Aadhaar Card, PAN Card, and collateral valuation. Post successful verification, the amount is disbursed. Ideally, whether you apply for a secured or unsecured loan the approval will only take about an hour.

Rupeek ad

Apply now for 30 minutes doorstep service#

+91
Please enter valid Mobile Number
gold img
Apply for Gold Loan 30 Minutes Doorstep Service
close
+91
Please enter valid Mobile Number
close
success img

Loan Request Successful

Your request has been received, our customer relationship manager has been notified and will call you shortly