New Alipore is a well-developed posh residential neighbourhood in South Kolkata. It lies adjacent to one of the most affluent areas of Kolkata, called Alipore. Tollygunge, Behala, and Kalighat are the other prominent areas surrounding the neighbourhood. New Alipore features a good mix of independent houses, multi-storey apartments, hospitals, schools, retail outlets, and markets. South City Mall, one of the most popular retail destinations in Kolkata, is just 4 km away from this locality. Diamond Harbour Road, New Alipore Road, James Long Sarani, and Durgapur Bridge offer widespread connectivity to the area. Rabindra Sarovar Metro Station is just 4 km away. Given these facilities, the area is in high demand among home buyers. People often apply for instant loan in New Alipore to book their apartments in this posh area.
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.
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.
The loan application process at Rupeek is short and sweet! All you'll need to do is download the Rupeek from the PlayStore, create an account with a unique username and password and place a loan request. If you wish to directly get in touch with a Rupeek loan executive you may do so by placing a call on the customer care number. If you are applying for an unsecured instant loan, the necessary documents can be uploaded online. Whereas, if you are applying for a secured loan, a Rupeek representative will visit you at a location and time as stipulated by you. This visit is primarily for the verification of certain essential documents such as Aadhaar Card, PAN Card, and collateral valuation. Post successful verification, the amount is disbursed. Ideally, whether you apply for a secured or unsecured loan the approval will only take about an hour.
Despite your best intentions to repay the EMIs on time, there might be situations when you have to skip the EMIs. When you stop paying the loan EMIs, the lender considers you as a defaulter and imposes a hefty penalty on further payments. In the worst case, they may take legal recourse. To avoid all these hassles, you should create a budget and keep loan EMIs on the high-priority list. On getting the slightest hint of a default, you should immediately contact the lender and request them to change your EMI payment plan. Many lenders offer you the facility to shift from a monthly payment mode to a bullet repayment mode, where you pay the principal and interest at the end of the loan tenure.
Thanks to added advantages such as instant loan approval and non-requirement of collateral that come along with short-term loans, they are becoming increasingly popular. Short-term loans are those loans whose repayment period does not span beyond one or two years. Typically, short-term loans are of four types. As the name suggests, bridge loans are those loans that can be availed whilst waiting for a high-value loan to be approved. Loan overdrafts are extensions of credit that lenders provide over existing credit. Demand loans are those loans that can be availed by pledging savings certificates or insurance policies to avail about 80% of it's market value as loan. The fourth kind are instant gold loans that require you to pledge your gold to avail instant loans at extremely low, transparent interest rates. Though gold loans indeed require collateral to be pledged against the loan, the instant nature of these loans gives it a premium position in the Indian market.
When you apply for an instant loan, the lender usually analyses your financial track record and credit score and considers your eligibility for the loan. They also determine the loan interest rates and the loan term, depending on your eligibility. When your eligibility criteria matches the lender's norms, they carry out the necessary document checks and approve the instant loan. Usually, the repayment date is calculated from the date of the instant-loan approval. As an instant loan is generally approved on the same day itself, the EMIs start from one month after the instant-loan approval date. Hence, if you apply for an instant loan on 1st January, the due date for the EMIs would be the 1st day of every month. However, some lenders offer the facility to repay the principal and the accumulated interest as one lump sum during loan repayment at the end of the term..
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