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.

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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](https://rupeek.com/?utm_source_campaign=SB) 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 mor[e paperwor](https://rupeek.com/blog/a-handy-guide-to-the-documents-required-for-gold-loans/?utm_source=SB)k 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.

## Difference between instant loans and personal loans

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](https://rupeek.com/interest-payment??utm_source=SB), and [high-value loans](https://rupeek.com/?utm_source_campaign=SB). 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. 

Eligibility to apply for an instant loan and documents required

While the PAN Card is considered as a very important document, several lenders do approve instant loans sans the PAN card. A foolproof way of applying for an instant loan without a PAN card and getting it approved is to apply for a secured loan. Secured loans are those loans that are availed by pledging an asset or collateral against the loan. In such a case you are likely to receive up t 75% of the collateral's market value as your loan amount. If you wish to apply for an unsecured loan without a PAN card, you may still do so. However, you will have a higher chance of getting your loan application approved if you have a healthy credit score- 700 being the ideal standard. The lender may also ask for other document proofs in place of your PAN card such as a copy of your income statement to prove the creditworthiness of the borrower.

## Is Pan card compulsary to get an instant loan?

Net banking verification is a relatively recent mechanism through which Indian lending institutions determine the borrower's financial health and repayment capability. Through net banking verification, algorithms set by the lenders get access to the salary account of the borrower and check whether the salary has been credited to the salary account of the borrower on the payday or not. The entire process is automated and secured and takes no more than a few minutes. When you apply for an instant cash loan online, the lender gives you two options. The first is to apply for the loan through net banking. The other is by uploading your documents. If you choose the former, the lender will verify your account through net banking and approve the loan.

## What is netbanking verification while applying for an instant loan?

Equated Monthly Installment, or EMI, is a combination of principal and interest and is calculated by factoring in the [loan amount, loan interest rate](https://rupeek.com/interest-payment??utm_source=SB), and loan term. During the early part of the [repayment](https://rupeek.com/blog/things-to-know-about-your-gold-loan-repayment/?utm_source=SB) tenure, you pay more towards the interest, and as the end of the tenure approaches, the interest component comes down, and you start repaying the principal. The loan amortization schedule is a tabular list which shows the break-up of the principal and the interest component. For example, if you are applying for a loan amount of INR 10 lakh for a repayment tenure of 12 months at an interest rate of 10%, your monthly EMI would be INR 87,920. The EMI is linked to the loan term and the interest rate. Hence, if the interest rate increases and the period remain the same, the EMI would increase. Similarly, if the term decreases and the interest rate remains the same, the EMI would increase.

## How is the EMI for an instant loan calculated?

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](https://rupeek.com/blog/a-handy-guide-to-the-documents-required-for-gold-loans/?utm_source=SB) at a time as stipulated by you. Post [document verificatio](https://rupeek.com/blog/a-handy-guide-to-the-documents-required-for-gold-loans/?utm_source=SB)n, your loan will be disbursed to you within an hour since your request was placed.


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


Allow Rupeek’s representatives to contact me for my loan application