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Instant loan in marol naka

Marol Naka is part of a busy suburb in the eastern side of Andheri. The place is famous for the Marol Naka Metro Station on Line 1. Marol has a rich history associated with the place, with both the Portuguese and the British ruling over Marol at various points of time. There are many shopping centres, hotels, schools, colleges, offices, bus stands, and places of religious interest in the locality surrounding the Marol Naka Metro Station. The major roads near Marol Naka are the Western Express Highway, Andheri-Kurla link road, and Andheri-Ghatkopar link road. The Andheri railway station is also nearby the area. Due to its strategic location, the area is preferred by people as their place of residence. To grab a slice of the booming real estate and commercial industries, people often apply for instant loans in Marol Naka.

Reasons to take an instant loan

People often turn to instant loans in Mumbai 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.

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.

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Frequently asked questions

Is there a prepayment penalty for instant loan repayment?

Repaying loan EMIs should always be on your high-priority list if you are a borrower. And sometimes, you might think about using the extra funds in your hand to preclose the loan. Preclosure can be of three types - bullet payment, partial prepayment, and full prepayment. Bullet payment is when you pay the interest and principal as a lump sum at the end of the tenure. If you choose the bullet payment option, the lender will not charge any prepayment penalty. Partial prepayment is when you pay a little more than your EMI. The charges depend on the lender and ranges between 0% and 2%. If you decide to close the loan before the end of its term, you may choose the full prepayment option. Generally, the lender charges between 0% and 3% for full prepayment of an instant loan.

How long does the gold loan application process take with Rupeek?

Rupeek believes in a fair and transparent loan approval process. To apply for an instant gold loan, you have to download the Rupeek app and create an account. The next step is to place the gold loan request. Within a few minutes of placing the loan request, you would receive a call from the loan officer. The loan officer will schedule a meeting with you. Once the loan officer or gold appraiser arrives at your house or office, s/he would evaluate the gold and verify your documents. On satisfactory verification of documents, the officer would inform you the amount you are eligible to receive. If you reply in the affirmative, the officer will process your loan, and you would get the money in your account within five minutes. Usually, the entire process takes no more than one hour.

Can an instant loan request be altered?

The general notion when a borrower places an online loan application request is that he/she has taken stock of their needs and has placed their request only after careful consideration of their repayment capacities. Despite that, financial institutions are accomodating enough to facilitate alterations to the loan request. The components of the loan request that you may change include the loan amount, loan term, and type of loan request placed. Timing however plays a crucial role in the approval of alterations if any. Amendments to your instant loan can be implemented, provided they are stated before the loan approval stage. Post loan approval, the only alteration that can be accommodated happens to be a change in the stipulated loan term.

What are the reasons for an instant loan to get rejected?

Only in few rare and extreme cases does an instant loan get rejected. This happens when the lender has to adhere to the standards and the norms set by the industry for their safety. Since the credit score and the salary slip of the borrower are the two main important factors that determine their eligibility for an instant loan, any mismatch in these cases can lead to failure of the loan approval. If the borrower has poor credit scores - such as below 650, the loan will not get sanctioned. It is generally preferred to have credit scores above 700. If the borrower also doesn’t have a steady source of income or constantly jumps from one job to another, he is also not likely to get the loan amount. Having a stable source of income and a good credit score is advisable when taking an instant loan. If that is not an option available to you, you can consider an instant cash loan against collateral.

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