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Instant loan in palashbari

Palashbari is a peaceful town cum municipal board located on the outskirts of Guwahati city in Assam. It is a part of Kamrup district. Palashbari is situated at a distance of about 13 km from the Lokpriya Gopinath Bordoloi International Airport in Guwahati. It is an old town that has managed to retain its natural charm even now. Away from the hassles of congested city life, Palashbari offers its residents a clean and green environment. The town has all the basic amenities needed for living a simple life, such as schools, market, post office, police station, healthcare facilities, etc. Residents often avail instant loans in Palashbari to meet their sudden financial needs. Recently, the some industrialization has started taking place in and around the town.

Eligibility to apply for an instant loan and documents required

There are two types of instant loans

A collateral-based instant loan 

This type of loan is secured against a collateral property of the borrower. There are many benefits to a secured loan, such as minimal paperwork, lower interest rates, and high-value loans. Usually, the borrower is only required to present their identity and address proofs. 

A collateral-free loan

This type of loan is unsecured. The borrower doesn’t have to pledge his property with the lender for obtaining the funds. However, the borrower will be expected to have a high credit score and a stable source of income, usually above INR 21,000 per month. The lenders like to make sure that the debt to income ratio is appropriate for the loan so that the borrower can make the repayments on time. The borrower will also have to submit documents that prove their financial health, such as a salary slip or an income statement, their credit score, and sometimes even a guarantor.

For these reasons, a collateral-based loan is more popular among the lenders. 

Features of an instant loan

Thanks to the flexibility and the simplicity associated with an instant loan, it is the most popular and demanded source of funds in India. An instant loan offers many exclusive features that makes it a favorite among the borrowers in Guwahati. Listed below are some of the most attractive features of an instant loan:

Flexibility - The funds that are obtained through an instant loan can be put to any use, as long as it is not for speculative or illegal purposes.

Loan approval - Usually within an hour from the loan application, the loan amount will get disbursed into your account, just as the name suggests.

Loan application - An instant loan can be placed online as well as offline. The borrower can use the app, the website, or can also call the customer service desk to make a request for the loan. The procedure, from the loan application to the transfer of the amount remains smooth, transparent, and quick.

Minimal paperwork - One of the reasons why instant loans are so popular is that they hardly require any paperwork at all. Not more than five documents are to be uploaded under any circumstance.

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Frequently asked questions

Do I need a high credit score to apply for a gold loan with Rupeek?

700 is considered an ideal credit score. Any score north of 700 is considered respectable and gives the borrower an upper hand when it comes to negotiating the terms of the loan, such as loan tenure, loan interest rates, and loan amount. You will not have to concern yourself over your credit score when it comes to Rupee. You can pledge your gold as security against your loan and avail the same seamlessly. As per the regulations of the governing bank of India, you will be eligible for about 75% of your collateral's market value. Even though income proof such as salary slips, a healthy debt-income ratio, a high credit score are all important when it comes to availing an instant loan, Rupeek discounts these factors if you can secure your loan with collateral instead.

Can I get an instant loan if I'm retired?

Retirement is the golden period where you get to finally tick off all your bucket list items, travel the world, settle in your retirement pad, pamper your grandchildren and fulfill all your lifelong dreams that you just never had the time for back in your youth. Having a lot of spare time in hand however, most likely implies that your income has now started to dwindle. But don't let this hold you back! Retired people are very much eligible to avail instant cash loans. All you'll need is a source of income such as a pension or any collateral security. You can get a loan online by placing a request on the lender's app by downloading it from PlayStore or by calling the lender on the customer care number. A certified representative of the lender will then arrive at your doorstep at a time as stipulated by you. Post document verification, your loan will be disbursed to you within an hour since your request was placed.

Can I take an instant loan for travel?

A recovery detour to escape the monotony of our everyday lives is found to do a great deal of good to our body as well as our mind. If you are a salaried employee or if you have a consistent source of income, taking a trip can mean that you may have to dip into your savings a little bit. This can cause a domino effect, leaving you with a little less amount of interest from the savings in your bank. One of the best ways to tackle this is to get an instant cash loan. instant loans are very easy to obtain and don't require a collateral. As long as you have a steady source of income and your credit score is 650 or above, getting an instant loan is pretty simple. By submitting a few documents such as your PAN Card, Aadhar Card, etc, you can get a quick loan. But if it happens that your income is not regular, you can always opt for a loan against a collateral, such as a gold loan. This will be best suited for you since the loan repayment options are flexible with no requirement of your credit score.

How to deal with a loan default?

None of us want to skip our EMI payments. But there might be situations when we may have to skip the EMIs because of unprecedented difficulties. The failure of payment of an EMI can result in dire consequences. The lender will impose a heavy penalty on the future payments on you. The lender is also likely to resort to harsh modes for future repayments. There is no need to worry about it, as before you and your lender enter into a loan agreement regarding the EMIs and the loan interest rate, several measures are taken to prevent such an occurrence in the future. This is the reason why the lenders check if you have a stable income, assess your credit score, and calculate your debt to equity ratio. Since all these measures are taken beforehand, as a borrower, you are requested to keep your EMIs a priority. In case an unprecedented problem arises in loan repayment, you should contact your lender at the earliest and request to change your monthly payment to bullet payment.

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