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Instant loan in nagpada

Nagpada is a cosmopolitan area in South Mumbai, where people from all around India come to work and live. A visitor would often find people speaking in Marathi, Marwari, English, Bihari, Urdu, Hindi, and Persian, in the area. Nagpada is easily accessible to various railway stations like Grant Road, Mumbai Central, Charni Road, Marine Lines, and Sandhurst Road. Nagpada is famous for its Junction which was designed by the renowned architect Hafeez Contractor. The Junction had been witness to various political gatherings and movements during the pre-Independence era. The MCGM Volleyball Stadium is also in Nagpada, where many tournaments are held. The Eastern Expressway passes through the locality, which connects it to other parts of Mumbai. People often avail instant loan in Nagpada to fulfil their urgent needs.

Features of an instant loan

Instant loans are one of the simplest and most popular loans in India. Out of all loans offered by Indian lenders, instant loans are the most feature-rich and easy loan you can avail. Some of the prominent features of an instant loan are:

Flexibility- The first feature that makes an instant loan unique is its flexibility. You may use the loan amount for any purpose you want to. 

Loan approval- The second feature is the speed at which instant loan approvals occur. Usually, an instant loan gets approved within an hour of the loan application. 

Ease of loan application- The third feature is that you can apply for an instant loan online or offline. The entire process, from application to approval, is transparent, quick, and painless and is hassle-free when it comes to gold repayment. 

Minimal documentation-Last but not the least, instant loans are so popular due to the minimum documentation required to apply for an instant loan. You need to upload no more than five to six documents to submit your loan application.

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.

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Frequently asked questions

Can I take an instant loan for travel?

It is said that traveling is the best reality check you can ever give yourself. If you are an avid traveler whose travel plans keep getting foiled by budget constraints, worry not! Instant cash loans are the best way to ensure you don't skimp on your hotel stay or your buffet spread. You can avail fast loans online at favorable interest rates just with your credit score. A lot of factors such as your scope for negotiation, flexible repayment options are all determined by your credit score. A credit score of 650 or above is the standard credit score in order to avail the best personal rates. You will have to submit about 6-7 documents including your Aadhar card, PAN card, Bank Account Statements, etc.

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

Rupeek loans can be availed in no time at all! All you'll have to do is download the Rupeek app, create an account with a unique username, and set a password for the same. Once this is done, you can fill out a gold loan application and place your request. In a matter of just a few minutes, a Rupeek representative will get in touch with you to schedule a visit to any place and time of your convenience. An official loan officer will then arrive at your place to verify your documents and value your gold. Upon successful verification, the officer will state the loan amount that you are eligible to receive. If both parties are in agreement with the loan amount, the officer will process your loan and you will get the money in your account in a jiffy. The entire process from the time you place your loan request to loan disbursal takes only about an hour.

What is the minimal age requirement for an instant loan?

Instant cash loans are one of the most flexible and easiest sources of urgent loans or quick funds. We all are sometimes in need of funds to be able to sprout wings and soar high into the dreams that we have imagined for ourselves. Even though very flexible, there are some criteria that determine if you can avail of the instant loan or not. If it is a collateral-free loan that you are trying to obtain, you have to be at least of the age 21. On the other hand, if you are obtaining funds through a collateral-based loan, such as a gold loan, the minimum age requirement is as low as 18. As proof of your identity as well as your age, you will also have to submit certain documents - such as your birth certificate or the admit card of your secondary school examination. Other than meeting the eligibility criteria regarding your birth, you will also have to meet the other criteria as well, with the necessary documents.

How long is the tenure to repay an instant loan?

An instant loan is one of the most flexible loans in the financial market. It is depending on your financial health as well as your preferences that the loan term and the EMIs are determined. The shortest span of a loan term can be one month and the longest can be up to 5 years. Which one you prefer depends on your financial health. When you opt for a long term loan, even though your EMIs may be a lesser amount, you will end up paying more, for the interest component. If your loan term is short, the EMIs will be a bigger amount but the amount you pay towards the loan component will be less. Paying the EMIs on time can enhance your credit score. It is advisable to pick the loan tenure depending on your EMIs, the interest rate as well as your financial state.

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