Panamarathupatty, also called as Panaimarathupatti, is a panchayat town (i.e., a small town approximately 20,000-25,000 inhabitants, formed under the panchayati raj administrative system) in Salem District, Tamil Nadu. Panamarathupatty is a very small town with a small population; according to the India Census of 2001, the town had a population of just close over 8000 people, of which males constituted 51% of the population whereas females were 49%. The town is a good getaway to enjoy and connect with the nature. It has a natural lake called Panamarathupatti Lake, which helps meet water needs of the town and nearby places. Instant loan in Panamarathupatty is readily and easily available in and around the town.
Although both personal and instant loans provide the lender with emergency funds, certain features make them different from each other. These pertain to their nature, their requirements, and their loan amounts.
Nature: While a personal loan is always unsecured, an instant cash loan can be either secured or unsecured.
Collateral requirement: Personal loans are always collateral-free while instant loans can be collateral-free as well as collateral-based.
Required documents: Personal loans require more paperwork to prove the financial health of the borrower. In the case of secured instant loans, the paperwork is minimal, consisting only of the borrower’s identity and address proof. However, when obtaining an unsecured instant loan, the borrower is required to submit documents to prove their financial health, such as their credit score and income statement.
Upper limit: Up to INR 20 lakh can be procured using a personal loan. When it comes to a secured instant loan, there is no upper limit in the loan amount that can be availed. The lender can receive up to 75% of the market value of the pledged collateral as the loan amount. On the other hand, not more than INR 5 lakh can be obtained as the loan using an unsecured instant loan.
Instant loans are one of the most popular forms of credit in India. Instant cash loans come equipped with several perks and features that make it the most preferred form of credit or most borrowers. There are several reasons why Instant loans have been a roaring hit. The first and foremost reason would have to be its flexibility. It can be availed within a matter of hours, with or without collateral, with or without a healthy credit score, and can be spent as per the discretion of the borrower. Secondly, the speed at which these loans are approved. It is usually only a matter of an hour before these loans are approved. The third reason would have to be the loan application process which can be done both online as well as offline and is an extremely hassle-free process. Last but not the least, the reason instant loans are most borrowers' go-to choice of credit is because of the minimal documentation that is required. Depending on the type of instant loan the borrower is looking to avail, the documents required will vary but are minimal nevertheless.
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 take a gold loan from Rupeek, you can be assured that you are getting a higher loan amount for your gold at a low rate of interest. When you pledge your gold with Rupeek, you can get the highest LTV (Loan to Value) and get up to 75% of the market value of the pledged gold as your loan amount. Rupeek also offers the lowest loan interest rates in the market.
Rupeek offers you three different schemes under each loan amount: No Tension Max Value Loan (highest loan interest rate), Max Value Loan, and High Value Loan (lowest loan interest rate).
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.
To ascertain repayment capacity, lenders usually assess the proportion of the borrower's income to debt. Since this is an important eligibility criterion, the borrower's income must overshadow their debt so that the lender can trust that when the time comes the borrower will easily be able to return the principal amount along with the EMI. Ideally, the borrower is expected to earn around 18,000 - 21,000 per month. Only then is he/she eligible to apply for an instant loan. But in the case of a collateral-based loan, this requirement can be relaxed. All you'll have to do is pledge collateral such as gold and submit salary slips (irrespective of the amount) and appointment letter along with the loan application. In the case of self-employment, you will have to submit your income statement attested by a certified auditor.
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