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Hyderabad
Musheerabad
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Instant loan in Musheerabad

Musheerabad figures prominently in the business landscape of the Hyderabad metro city. Ever since it was founded during the Qutb Shahi era, the area has served as a business hub for Hyderabad and its adjoining cities. Other than business, Musheerabad is also famous for its many world-class hospitals. In addition to the Gandhi Medical College, Telangana's largest public hospital, the city also contains the Pulse Hospital, ESI Hospital, Guru Nanak Care Hospital, Sudarshan Hospital, and Sagarlal Memorial Hospital. Both the residents of this place and the visiting patients frequently apply for instant loans in Musheerabad. People of Musheerabad can access three major railway stations in the Indian Railway network - Secunderabad, Vidyanagar, and Jamia Osmania. Prominent places of worship in the locality include the Uppalamma Temple, Pochamma Devalayam, Sri Kashi Viswanatha Swamy Devalayam, Masjid-E-Tawheed, Shah e Khasim Masjid, Madina Masjid, and Marnatha Church.

Eligibility to apply for an instant loan and documents required

Instant loans are typically of two types- Unsecured loans that don't require collateral security and secured loans that require the borrower to pledge collateral security against the loan. Borrowers that get a instant loan get access to various benefits as compared to those that borrow unsecured loans. For instance, borrowers that avail secured loans get to borrow a higher loan amount. Since borrowers are required to pledge an asset whose market value needs to be about 30% more than the loan amount, the eligibility criteria are also relaxed. To avail a secured loan, you'll only need basic documents such as PAN Card and Aadhaar Card. However, this isn't the case with unsecured loans. When you apply for an unsecured loan, your loan approval depends on several factors such as your debt-income ratio, existing credit profile, and income status. Additionally, to be eligible for an unsecured loan, as a borrower, you will need to have a minimum income of INR 21,000 per month. Along with this proof of income, you will also have to submit other documents such as PAN Card, Aadhaar Card, Age proof, Income tax file, Account transaction statement, and sometimes even a guarantor. If you are looking to avail a quick, hassle-free loan, secured loans are the way to go.

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 Hyderabad 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

What's the maximum limit for an instant loan?

An instant loan gives you unparalleled convenience and peace of mind. You may spend the funds on anything you feel is essential. However, different lenders have a different upper ceiling for approving the loan amount. When you apply for a collateral-free loan, the upper ceiling is usually INR 5 lakh. Moreover, the loan interest rate can be exorbitantly high. If you need more than INR 5 lakh at a low rate of interest, then it is better to apply for a secured loan, like a gold loan. When you apply for a secured loan, the amount you may avail can be as high as 75% of the collateral. Hence, by pledging an asset that is worth INR 1 Crore, you may get an instant cash loan of up to INR 75 lakh. Your eligibility for the loan amount depends on the credit score, loan term, and EMI repayment capability.

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

Rupeek believes in a fair and transparent loan approval process. To apply for an instant gold loan, you have to download the Rupeek app and create an account. The next step is to place the gold loan request. Within a few minutes of placing the loan request, you would receive a call from the loan officer. The loan officer will schedule a meeting with you. Once the loan officer or gold appraiser arrives at your house or office, s/he would evaluate the gold and verify your documents. On satisfactory verification of documents, the officer would inform you the amount you are eligible to receive. If you reply in the affirmative, the officer will process your loan, and you would get the money in your account within five minutes. Usually, the entire process takes no more than one hour.

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 using Aadhar card?

When you apply for an unsecured loan, you are asked to submit documents that prove your identity, your address, and your income statement. If you are applying for a secured loan, you are only required to submit your identity proof and your address proof. You are asked to submit your income statement in the first scenario because the lender likes to be assured that you have a stable income every month that will permit you to pay your EMIs and take care of your personal needs every month. If the only document that is available to you is your Addhaar Card, then you can opt for a secured loan. A secured loan is even better since it requires neither your credit score nor your income score. Your Aadhaar Card is the most conclusive proof of your citizenship and can act as both your identity and address proofs. It is hence possible to get an instant loan with only your Aadhaar Card.

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