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Vijayawada
moghalrajpuram
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Instant loan in moghalrajpuram

Moghalrajpuram is a neighbourhood in Vijayawada, Andhra Pradesh. Inundated with multiple temples & churches, it can be classified as one of the religious zones of the state. Famous for its Moghalrajpuram Caves, this construction is classified as important from a national perspective. These caves are home to three temples; with the idols of Lord Natraj & Ganesh standing strong (& in good conditions) till date. It also houses the earliest Ardhanarisvara temple of South India. There are various eating chains, shopping retails, and education institutes spanning across this zone. This residential-cum-religious spot attracts many people in its vicinity. To fulfil requirements, personal &/or professional, people opt for instant loans in Moghalrajpuram.

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.

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. 

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Frequently asked questions

Is taking an instant loan for a low amount a good idea?

In India, an instant cash loan is one of the easiest and the most efficient sources of funds. An instant cash loan is of two types - a collateral-based loan and a collateral-free loan. Both these types of instant cash loans require the loan interest to be paid. The loan interest rate on a collateral-based loan is less than the loan interest rate on an unsecured loan. The loan interest rate depends on a few factors such as your credit score as well as your loan amount. In case of an unsecured loan, where your credit score is mandatory, the interest rate can be low if you have a high credit score. A high credit score is a mark of your financial health. When it comes to the case of the loan amount, yes, a low loan amount is likely to be charged a higher interest rate than a high-value loan. This happens because the processing charges have to be covered. But it is still advisable to get an instant cash loan since the disbursement of the funds is pretty quick. You can also avail of a lower interest rate, even on small loans by opting for a secured loan, such as a gold loan.

Can I get an instant loan if I'm retired?

Retired people also need funds the same as everyone else. They may need it for a variety of reasons, including paying their medical bills, to renovate their house, for unprecedented expenses, to buy some amenities, or to finance a trip. Even when retired people are unemployed, they can still obtain instant cash loans. As long as they have a steady pension, they can obtain an unsecured loan. If that is not the case, they can also get quick funds through collateral-based loans, such as an instant gold loan. Obtaining an instant cash loan is a very simple and easy process. You can call the customer care of the desired loan service, request for an instant loan, or place a request via the web portal or the app of the concerned lender. The borrower will have to present a few documents as their identity proof, their address proof, and an income statement before the lender. If all goes smoothly, the loan approval will be done within an hour.

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.

What is the minimum monthly income needed for an instant loan?

To make their approved instant loans safer and less prone to being written off, lenders generally evaluate the income to debt ratio of a borrower before approving the loan. Hence, they require the borrower to earn enough so that they can repay the loan EMIs without burdening their wallet. Usually, you need to earn a minimum of INR 18000 to 21000 every month to be eligible to apply for a collateral-free loan. However, the minimum income criteria can be relaxed if you pledge collateral security while availing the loan. To prove the stability of your income, the lender would ask you to submit salary slips and appointment letter with the loan application. If, however, you are self-employed, then you have to prepare a Chartered Accountant approved Income Statement, which will show your monthly income level.

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