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Instant loan in new friends colony

New Friends Colony is a posh residential neighbourhood of South East Delhi, located near the UP border. The neighbourhood remains surrounded by prominent localities like Sukhdev Vihar, Okhla, Kilokri, Jeewan Nagar, Ishwar Nagar, and Sri Niwaspuri. The Yamuna River flows through the eastern part of the neighbourhood. The locality stands dotted with residential apartments, row houses, commercial establishments, restaurants, and markets. Delhi-Noida Direct Flyway, Mathura Road, Ring Road, and MP Road connect the locality to various parts of Delhi, Faridabad, and Noida. Since the neighbourhood is near the Jamia Millia Islamia University, many students reside in this area. They often apply for instant loans in New Friends Colony to meet their expenses.

Reasons to take an instant loan

The flexibility related to instant loan guarantees that it can be put to any use. People in Delhi procure instant loans for a variety of reasons - whether the expenses are planned or unplanned. The funds procured through an instant loan can be used to pay off unprecedented medical bills. It can also be used to finance a tour or a vacation, or to meet other unexpected emergencies. Whether it is for a house renovation that you need funds for, or it is to start a small business or just about anything, instant cash loans do not stand in your way. You can also use them to pay off your credit card debts, to sponsor an event, or to conduct a grand marriage function. The flexibility offered by an instant cash loan makes sure that you can use your funds for whatever need, as long as it is not for speculative or illegal activities. In some cases, it is also possible to apply for tax rebates when you use an instant loan.

Difference between instant loans and personal loans

Difference between instant loans and personal loans

While both instant loans and personal loans serve the same purpose, that is to provide you with cash, there are some differences between the two.

Difference

Personal Loan

Instant Loan

Nature

A personal loan is an unsecured loan.

An instant loan can be either secured or unsecured.

Collateral
Requirement

You do not need to submit any collateral guarantee to avail the loan.

If you opt for a secured loan you will have to pledge collateral, which isn’t the case if you apply for an unsecured loan.

Documents Requirement

Due to its unsecured nature, lenders require various documents that prove the stability of your income and keep the loan amount low.

You only need to submit certain basic documents such as identity proof in case of a secured loan. Documentation requirement is low as you will anyway be pledging collateral. In case of an unsecured loan you will have to submit documents such as income statements, payslips. address proof, etc

Maximum Limit

The limit of an unsecured personal loan or an unsecured instant loan is typically up to INR 20 lakh.

In the case of a secured loan, the limit depends on the collateral pledged. If you apply for a secured instant loan, the lender would sanction up to 75% of the collateral’s market value. Hence, if you deposit collateral whose market value is INR 1 crore, you may get a loan of up to INR 75 lakh. In case of an unsecured instant loan, the limit is INR 5 lakhs.

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Frequently asked questions

Can I take an instant loan for home renovation?

An instant cash loan is often considered as the best loan when you want to carry out urgent home repairing. You may use the funds to carry out plumbing work, electrical work, painting, or structural repairs. Alternatively, you may use it to buy an air conditioner or any other device or gadget which would enhance the aesthetic beauty of your house. The application and the instant loan approval process is pretty straightforward. Keep a few essential documents like PAN Card, Aadhaar Card, and two or three other documents ready, and you would most likely get the funds in your account within an hour of the loan application. The loan interest rate and loan term will depend on your credit worthiness and your ability to make the loan repayment on time. If a home renovation is high on your priority list, an instant loan can be your best friend.

What is the minimum monthly income needed for an instant loan?

To make their approved instant loans safer and less prone to being written off, lenders generally evaluate the income to debt ratio of a borrower before approving the loan. Hence, they require the borrower to earn enough so that they can repay the loan EMIs without burdening their wallet. Usually, you need to earn a minimum of INR 18000 to 21000 every month to be eligible to apply for a collateral-free loan. However, the minimum income criteria can be relaxed if you pledge collateral security while availing the loan. To prove the stability of your income, the lender would ask you to submit salary slips and appointment letter with the loan application. If, however, you are self-employed, then you have to prepare a Chartered Accountant approved Income Statement, which will show your monthly income level.

How many times can I take an instant loan?

The number of times that you can apply for an instant loan depends on your eligibility. When it comes to a collateral-free loan the lender will have to assess your creditworthiness based on your existing book of loans. Ideally, lenders do not sanction multiple personal loans at the same time. On the other hand, when it comes to secured loans there are no such restrictions. Secured AKA collateral loans can be of two types- Credit Line and Instant. When it comes to Credit Line, you are allowed to deposit the collateral once and withdraw money as and when required. Subsequently, the interest rate applies only to the amount you use up and not the entire amount. However, in case of an instant loan, the entire amount will be credited to you as soon as you deposit the collateral.

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.

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