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Instant loan in mahindra world city

Mahindra World City, the brainchild of Jurong Consultants, Singapore is a 3000-acre zone in Jaipur. A multi-product Special Economic Zone [SEZ] spans across 1500 acres, co-exists with the 1000 acres Domestic Tariff Areas [DTA] & other social infrastructures like residential housing, health institutes, and recreational zones. Built near NH 8, it is located at a distance of 18 km from the airport and 21 km from the railway station. A joint undertaking by Mahindra Group and Rajasthan State Industrial Development and Investment Corporation (RIICO), it attracts 90+ transnational companies in its vicinity. The stakes of running a business are high in the zone. To keep up with the rising commercial requirements, operators opt for instant loans in Mahindra World City.

Eligibility to apply for an instant loan and documents required

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.

Difference between instant loans and personal loans

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.

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Frequently asked questions

How is the EMI for an instant loan calculated?

EMI amounts vary from one borrower to another. That is, the EMI is subject to change depending on the interest rate, loan term, and loan amount. Usually, in a repayment cycle, most of your repayment goes towards the interest, post which your payments gradually trust towards repayment of the principal amount. The loan amortization schedule shows the breakdown of the principal amount vs the interest component. For instance, if you get a loan of 10 lakhs with an agreed repayment tenure of 12 months at a 10% loan interest rate, then your monthly EMI will sum up to 87,920 -/ INR. Depending on the magnitude of each component the EMI amount will also vary. If the interest rate increases while the period remains the same, then you will have to pay more within the same time and hence the EMI will increase and vice versa.

How long will the application process take?

One of the best features of the instant cash loan is the speed of the transaction. You can place a request to get a loan either by downloading the app or by visiting the web portal of the lender. After placing a request, within a few minutes, a representative will get in touch with you to fix an appointment. In case of a collateral-free loan, the entire process can be carried online. However, if it is a collateral-based loan that you have opted, an offcial representative will visit you wihtin 30 minutes from setting the appointment to check the authenticity of your collateral and verify the documents. After the approval of the loan, the loan amount would get transferred to your account. The entire process is very simple and convenient. It wouldn't take more than 60 minutes to carry out the entire process from the loan application to the disbursal of the funds.

How to apply for an online gold loan with Rupeek?

The application process of a gold loan with Rupeek is extremely simple and straightforward. To apply for a gold loan online, the borrower needs to download the Rupeek app from Google PlayStore and place a loan request from within the app. Alternatively, you may the customer care number and place the loan request. After you apply for the loan, a customer service representative would call you, confirm your details, and schedule an appointment. The appointment time is usually thirty minutes from the time of the loan request. After this, a gold appraiser would meet you, verify the KYC documents and the gold, and approve the loan. To avail a secured gold loan, you need to furnish basic KYC documents like PAN Card, Aadhaar Card, and the likes. Generally, the complete process of loan application to loan approval takes roughly 60 minutes.

What are the repayment options for an instant loan?

If applying for a loan is easy, repaying the EMIs is easier, especially when you are availing a collateral-based instant loan, like a gold loan. Contrary to a collateral-free personal loan or credit card, lenders charge less interest rate on a collateral-based loan. You can make three types of payments during the loan tenure - interest, closure, and part. The interest payment is what you pay every month as EMI. Closure amount is what you pay to release your collateral and Part-payment is when you pay slightly more than what you are supposed to pay every month. To pay the EMIs, you have to either download the lender's app from PlayStore or visit their web portal. Generally, you may pay by using Internet Banking, Debit Cards, UPI, NEFT, RTGS, or IMPS. On choosing the monthly EMI payment mode, the lender would send you timely reminders about EMI payment.

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