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Instant loan in nekkonda

Nekkonda is a village in the Warangal district in the state of Telangana. It falls 36 km east from the District headquarter of Warangal. Located nearby is one of the oldest temples in the country, the Bhadrakali temple. It was constructed in 625 AD by the King of the Chalukya Dynasty to celebrate his victory over the Andhra Desam region. The magnificent statue of Goddess Bhadrakali with her large eyes and eight arms carrying different weapons is a sight to behold. Her vahana the Lion is placed opposite to the Sanctorum. The frequent trains and rickshaw services make it easy for worshippers to travel to the temple. People chose to take instant loans in Nekkonda to market their agriculture produce of turmeric root, paddy, cotton and maize

Difference between instant loans and personal loans

While both instant loans and personal loans help serve the same purpose there are a few factors that set them apart. For starters, all personal loans are unsecured loans by nature which implies that it does not require any collateral to be pledged to avail a loan amount. Owing to this when you get a personal loan, you are required to submit relatively more documentation to confirm the borrower's financial health. An important factor when it comes to personal loans is a healthy credit score which is an important determinant as far as personal loan eligibility is concerned. Additionally, when it comes to personal loans, the maximum one can avail is INR 20 Lakhs. However, when it comes to instant loans, it can be classified as either secured or unsecured loans. In the case of a secured instant loan, the documentation required is extremely minimal as borrowers are anyway required to pledge an asset whose market value needs to be about 30% more than the loan amount. The upper cap when it comes to a secured instant loan is contingent on the collateral pledged. For example: If you pledge an asset worth 1 Lakh, you can avail a loan of 75 Lakhs maximum.

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 Warangal 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

Can an instant loan request be altered?

Generally, when you apply for an instant cash loan, the lender automatically assumes that you have carefully evaluated your needs and the loan repayment capability before you apply for loan. However, they are also considerate about offering you the facility to alter your loan request. The first thing you may alter after placing the loan request is the loan amount. The second thing you may alter is the loan term. And the third thing you may change is the type of the loan. However, all of these changes need to be done before the loan approval. Generally, no loan alteration request, other than loan term, is entertained post the instant loan approval.

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 can an instant loan be used for?

instant loans are the most flexible and speedy financial instruments available. One of the major perks of availing an instant loan is that it can be spent as per your discretion. This amount can be spent to meet your household expenses, unexpected medical emergencies, education expenses, or any other cause as per your will provided it doesn't involve speculative activities such s gambling. What's more, this even makes you eligible to receive tax benefits. For example, if you are availing a loan to build a house you are eligible to receive up to 2 Lakhs INR. On the other hand, if the money is being utilized to renovate your home, you will then be eligible to receive up to 1.5 Lakh INR tax benefits. Entrepreneurs or professionals that are self-employed leverage these loans to meet their working capital requirements. You can also invest these funds in buying a vehicle for the family or any electronic items.

Is personal loan and instant loan the same?

Even though a personal loan and an instant loan provide quick funds in case of an emergency, there are a few factors that make them different from the other. A personal loan is an unsecured loan since it is collateral-free. An instant cash loan, on the contrary, includes both collateral-based and collateral-free loans. One of the most popular collateral-based instant cash loans is a gold loan. Against the pledging of your gold, you can procure quick funds. The specialty of instant loans is that you get the loan approval instantly. If you are looking for quick funds and urgent loans, an instant loan is your go-to. It doesn’t take more than an hour to process and sanction an instant loan as long as you have all the necessary documents ready. A personal loan is not exclusively about the quickness of the disbursal of the funds. It may or may not be as quick as an instant loan, depending on your requirements as well as the lender. Therefore, there are a few significant differences between an instant loan and a personal loan.

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