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Patna
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Instant loan in mahendru

Mahendru in Patna is well known for its Gulbhi ghat and masjid ghat neam tal Devi sthan, Brahmaputra hostel NIT Patna, masjid, and temples and its Brahmaputra hostel NIT. With all the main educational facilities in and around the small area, the student population is overwhelming, and the economy of the town runs on the facilities provided to these students. Instant loan in Mahendru enables the locals to cater to the demands of the influx of population in this small town and helps them to enter newer markets and venture into technologically upgraded occupational opportunism. Tourism and industrial growth are also increasing in this locality and people want to reach new heights here.

Eligibility to apply for an instant loan and documents required

There are two types of instant loans

A collateral-based instant loan 

This type of loan is secured against a collateral property of the borrower. There are many benefits to a secured loan, such as minimal paperwork, lower interest rates, and high-value loans. Usually, the borrower is only required to present their identity and address proofs. 

A collateral-free loan

This type of loan is unsecured. The borrower doesn’t have to pledge his property with the lender for obtaining the funds. However, the borrower will be expected to have a high credit score and a stable source of income, usually above INR 21,000 per month. The lenders like to make sure that the debt to income ratio is appropriate for the loan so that the borrower can make the repayments on time. The borrower will also have to submit documents that prove their financial health, such as a salary slip or an income statement, their credit score, and sometimes even a guarantor.

For these reasons, a collateral-based loan is more popular among the lenders. 

Reasons to take an instant loan

People often turn to instant loans in Patna for several purposes.They can be classified into:

1) Unplanned expenses: Owing to how quickly it can be availed, instant cash loans are a convenient form of credit that comes very handy in case of financial emergencies. In scenarios such as hospitalization, sometimes the bill amount might exceed the insurance cover. Instant loans can be availed within an hour and are very helpful when one has to meet unplanned expenses.

2) Planned expenses: If you are looking to start or expand your business, you can avail an instant loan to help meet your fund requirements. The funds stemming from an instant loan can be spent as per the borrower's discretion. If you choose to spend the loan mount on business, construction, or renovation of your house you are even eligible for tax rebates. Be it a leisure trip or a wedding, instant loans can be availed for any reason.

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Frequently asked questions

Do I need a high credit score to apply for a gold loan with Rupeek?

700 is considered an ideal credit score. Any score north of 700 is considered respectable and gives the borrower an upper hand when it comes to negotiating the terms of the loan, such as loan tenure, loan interest rates, and loan amount. You will not have to concern yourself over your credit score when it comes to Rupee. You can pledge your gold as security against your loan and avail the same seamlessly. As per the regulations of the governing bank of India, you will be eligible for about 75% of your collateral's market value. Even though income proof such as salary slips, a healthy debt-income ratio, a high credit score are all important when it comes to availing an instant loan, Rupeek discounts these factors if you can secure your loan with collateral instead.

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.

Can I change my tenure once I have applied for an instant loan?

There are two types of instant loans- Collateral free loans (also known as Unsecured loans) that do not require you to pledge any asset against the loan) and Collateral loans (also known as secured loans) that require you to pledge gold in exchange for the loan. In the case of a secured loan, the borrower has the latitude to request for a change in the loan tenure. This is not the case with unsecured loans as the lender may or may not allow the facility to change the tenure of the loan once the loan request has been screened and approved. While lenders are often willing to accommodate any changes the borrower might want to implement, it'll be rather prudent of the borrower to map this out in advance before applying for the loan.

How do I take an instant loan without salary slips?

Before the instant loan approval and transfer of the loan amount, some financial institutions ask for your credit score as well as your salary slip or an income statement. Some lenders require these since the documents assure the lender about your ability to complete the loan repayment. A high credit score, ranging above or on 650 is the preferred credit score. The salary slip is proof of a steady source of income. Fortunately, some lenders still give loan approval even if you do not have a steady source of income, as long as your credit score is high. If you happen to have neither a steady source of income nor a high credit score, you can always opt for an instant cash loan by providing your property as a collateral. You can also apply for a loan as a co-applicant with another borrower who has a steady source of income.

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