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Solapur
Mohol
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Instant loan in Mohol

Mohol is a residential neighbourhood in Maharashtra's Solapur district. It is also a Block which is at a distance of 38kms from the district headquarters. The area comes under the Mohol assembly constituency and Solapur parliamentary constituency. The famous Nagnath Temple is located in Mohol. People of Nagesh community live here. The Solapur - Pune Highway passes through the locality. The principal source of occupation for the people living here is agriculture. The Sina River passes through the area. Mohol is surrounded by Ashte, Pokharapur, Yawali, Najik Pimpari, and Wadwal. The nearest railway stations are Mohol and Malikpeth. People living in the locality often apply for instant loans in Mohol to take care of their financial needs.

Difference between instant loans and personal loans

Difference between instant loans and personal loans

While both instant loans and personal loans serve the same purpose, that is to provide you with cash, there are some differences between the two.

Difference

Personal Loan

Instant Loan

Nature

A personal loan is an unsecured loan.

An instant loan can be either secured or unsecured.

Collateral
Requirement

You do not need to submit any collateral guarantee to avail the loan.

If you opt for a secured loan you will have to pledge collateral, which isn’t the case if you apply for an unsecured loan.

Documents Requirement

Due to its unsecured nature, lenders require various documents that prove the stability of your income and keep the loan amount low.

You only need to submit certain basic documents such as identity proof in case of a secured loan. Documentation requirement is low as you will anyway be pledging collateral. In case of an unsecured loan you will have to submit documents such as income statements, payslips. address proof, etc

Maximum Limit

The limit of an unsecured personal loan or an unsecured instant loan is typically up to INR 20 lakh.

In the case of a secured loan, the limit depends on the collateral pledged. If you apply for a secured instant loan, the lender would sanction up to 75% of the collateral’s market value. Hence, if you deposit collateral whose market value is INR 1 crore, you may get a loan of up to INR 75 lakh. In case of an unsecured instant loan, the limit is INR 5 lakhs.

Reasons to take an instant loan

The flexibility in the end-use of an instant loan makes it one of the most popular loans in India. Denizens often avail instant loans in Solapur for various reasons. The first reason why people avail an instant loan is to address sudden financial emergencies. Sometimes, in case of hospitalisation, the bill amount may exceed the available cash. An instant loan provides urgent money, which one can use on anything related to health. Another reason why people apply for an instant loan is to set up a business. In some cases, using the instant loan amount for business may also enable you to apply for tax rebates. Many borrowers also avail an instant loan to sponsor a vacation or a tour. The fourth reason why people apply for an instant cash loan is to spend it on sponsoring a big event like a marriage.

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Frequently asked questions

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

Placing a loan application with Rupeek is a smooth and hassle-free process. Rupeek’s procedure is very safe and transparent. When you apply for an instant loan with Rupeek, first, you have to download the app from Playstore or visit the web portal. You can also apply for a loan by calling their customer care desk. Once the loan has been requested, a company official will immediately get in touch with you to fix an appointment. Within thirty minutes from the loan request, the official will turn up at your doorstep to check the authenticity of your asset as well as to appraise your documents, such as your identity proof and address proof. Once they are validated by the company representative, your loan will be immediately approved. As soon as the loan approval is done, the loan amount will get transferred into your account. The whole process, from the placing of the loan request to the transfer of the loan amount, doesn’t take more than sixty minutes.

What are the interest rates of an instant loan?

The interest rate at which instant loans are availed differs from one borrower to another. This is determined by his/her income status and credit score. Lenders follow a streamlined procedure to disburse an instant loan which involves document verification and ascertaining the borrower's financial capabilities. Often, the loan amount also plays a key role in determining the loan interest rates. For instance, interest rates may vary between 1.29% to 1.65% if the loan amount is under 2 lakhs. If the amount ranges between 2 to 5 lakhs, subsequently the interest rates will also vary between 0.99% to 1.59%. Interest rates may vary between 0.89% and 1.39% provided the loan amount is either 5 lakhs or more. It is because of these interest rate slabs, you are required to assess your repaying capacity before availing for a loan as default in loan repayments reflect badly on credit scores.

Which is the best loan to take for a marriage ceremony?

Marriage is undoubtedly one of the most auspicious occasions of any person’s life. When your dreams and plans are that grand, money is also likely to come in the way. An easy way to tackle this problem seamlessly is by opting for an instant cash loan. Many online platforms offer an instant cash loan online. Like it is obvious in the name, an instant cash loan is the answer for quick funds. With instant cash loans online, you do not have to sacrifice your dreams for a secure future. Instant cash loans can be easily availed against the submission of a few required documents as proof of your identity, address and your income. You can also get collateral-based instant loans against the pledging of collateral.

What identity proof is valid for a instant loan?

Submitting an identity proof is mandatory when you wish to avail an instant cash loan online. An identity proof shows your nationality, which may determine your eligibility for the loan approval. To avail an instant loan, you have to submit address proof, age-related documents, income proof, and other documents, along with the identity proof. The documents that are valid as the identity proof are PAN Card, Aadhaar Card, Passport, Electoral Photo Identity Card, Driving License, Ration Card, Birth Certificate, Matriculation certification, Life Insurance policy bond, and Student Photo Identity Card. Out of all documents, PAN Card is the most important document that is most often considered a mandatory requirement.You may also be asked to present your income statement or a salary slip if you are availing of an unsecured loan as a proof of your financial security.

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