Instant Loan in mumbai
Mumbai, formerly known as Bombay, was ruled by numerous kings, until the Portuguese and the British took up reins of the city. It was an important trading ground for the British East India Company, and also a major settlement for the freedom struggle. The city founded the Bombay Stock exchange, which precedes the National Stock exchange, and continues to this day. Mumbai is the most populous and bustling cities of the country, and is also aptly called the economic capital of India with the highest number of billionaires all over India. The city specializes in telecommunications, tourism, real estate, media, sports, and entertainment. Individuals and business houses mostly rely on instant loans in Mumbai,. People from different states come together in Mumbai, making it a culture that uniquely resembles all of India. The major attractions in Mumbai are the Gateway of India, Elephant Caves, MCG Stadium, Chatrapati Shivaji Maharaj Vastu Sangrahalay, and Marine Drive.
We offer the highest per gram rate on our gold loans.
Instant Gold Loan Calculator in Mumbai
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Difference between instant loans and personal loans
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.
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.
Frequently asked questions
Is Pan card compulsary to get an instant loan?
What is netbanking verification while applying for an instant loan?
How is the EMI for an instant loan calculated?
Can I get an instant loan if I'm retired?
Retirement is the golden period where you get to finally tick off all your bucket list items, travel the world, settle in your retirement pad, pamper your grandchildren and fulfill all your lifelong dreams that you just never had the time for back in your youth. Having a lot of spare time in hand however, most likely implies that your income has now started to dwindle. But don't let this hold you back! Retired people are very much eligible to avail instant cash loans. All you'll need is a source of income such as a pension or any collateral security. You can get a loan online by placing a request on the lender's app by downloading it from PlayStore or by calling the lender on the customer care number. A certified representative of the lender will then arrive at your doorstep at a time as stipulated by you. Post document verification, your loan will be disbursed to you within an hour since your request was placed.