With the picturesque Ameenpur Lake at its heart, Miyapur is a place where nature and modernity go hand in hand. Miyapur had historically been ruled by the Kakatiyas, Chalukyas, Qutb Shahis, Asaf Jahis, and Mughals. On the one hand, the area contains some of the best lakes in Greater Hyderabad; while on the other, the place has some breathtaking skyscrapers where the who's who of Hyderabad reside. The presence of all modern means of convenience has made this place one of the most sought-after locations for real estate and business. Both businesspersons and individuals frequently apply for instant loans in Miyapur. Major industries in Miyapur are pharmaceuticals, Information Technology, and apparel. Miyapur is also quite rich in natural resources, where minerals like felspar, quartz, and limestone are commonly found.
Although both personal and instant loans provide the lender with emergency funds, certain features make them different from each other. These pertain to their nature, their requirements, and their loan amounts.
Nature: While a personal loan is always unsecured, an instant cash loan can be either secured or unsecured.
Collateral requirement: Personal loans are always collateral-free while instant loans can be collateral-free as well as collateral-based.
Required documents: Personal loans require more paperwork to prove the financial health of the borrower. In the case of secured instant loans, the paperwork is minimal, consisting only of the borrower’s identity and address proof. However, when obtaining an unsecured instant loan, the borrower is required to submit documents to prove their financial health, such as their credit score and income statement.
Upper limit: Up to INR 20 lakh can be procured using a personal loan. When it comes to a secured instant loan, there is no upper limit in the loan amount that can be availed. The lender can receive up to 75% of the market value of the pledged collateral as the loan amount. On the other hand, not more than INR 5 lakh can be obtained as the loan using an unsecured instant loan.
The flexibility related to instant loan guarantees that it can be put to any use. People in Hyderabad procure instant loans for a variety of reasons - whether the expenses are planned or unplanned. The funds procured through an instant loan can be used to pay off unprecedented medical bills. It can also be used to finance a tour or a vacation, or to meet other unexpected emergencies. Whether it is for a house renovation that you need funds for, or it is to start a small business or just about anything, instant cash loans do not stand in your way. You can also use them to pay off your credit card debts, to sponsor an event, or to conduct a grand marriage function. The flexibility offered by an instant cash loan makes sure that you can use your funds for whatever need, as long as it is not for speculative or illegal activities. In some cases, it is also possible to apply for tax rebates when you use an instant loan.
An instant loan is the simplest of all loans which lending institutions in India offer. The tenure of an instant loan depends on your financial profile and preferences. Generally, the lowest term which you may avail is one month, and the maximum tenure can be five years. Before deciding the loan tenure, you should calculate the EMI. A longer tenure might reduce your EMIs. But by opting for a long-term loan, you will have to pay more towards interest component. Instead, if you choose a short-term loan, the loan interest rate will be much lesser. Lenders often give special interest rate rebates when you choose a shorter tenure. Availing a short-term loan also gives you the opportunity to close your loan early, which can enhance your credit score.
A recovery detour to escape the monotony of our everyday lives is found to do a great deal of good to our body as well as our mind. If you are a salaried employee or if you have a consistent source of income, taking a trip can mean that you may have to dip into your savings a little bit. This can cause a domino effect, leaving you with a little less amount of interest from the savings in your bank. One of the best ways to tackle this is to get an instant cash loan. instant loans are very easy to obtain and don't require a collateral. As long as you have a steady source of income and your credit score is 650 or above, getting an instant loan is pretty simple. By submitting a few documents such as your PAN Card, Aadhar Card, etc, you can get a quick loan. But if it happens that your income is not regular, you can always opt for a loan against a collateral, such as a gold loan. This will be best suited for you since the loan repayment options are flexible with no requirement of your credit score.
Due to an increasing number of arrears as far as loan repayment is concerned, lenders prefer to be vigilant while loan applications of those individuals that do not have a continued source of stable income. In such a scenario, salary slips are used to confirm the borrower's source of revenue on account of repayment of the instant loan. However, submitting salary slips is not mandatory. A variety of alternate proof of earnings can be submitted including Form 16, Income Tax Returns, Bank Account Statement, and Income Certificate. In case of an exceptionally high credit score, the borrower is given an exemption and lent an instant loan simply based on the Aadhar card. Alternately, the borrower can apply as a co-applicant along with another borrower with a stable source of income, or pledging collateral such as gold.
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.
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