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Guwahati
pandu
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Instant loan in pandu

Pandu is a bustling residential cum commercial locality in Guwahati. It is located about 15 km from the Guwahati Airport. Pandu has a railway station of its own. The Kamakhya Junction, located about 3.8 km from the locality, also serves the area. The locality draws its name from the Pandunath Temple that is set atop the Tilla hills. This temple is dedicated to King Pandu, the father of the five Pandava princes from the epic of Mahabharata. The locality stands on the banks of River Brahmaputra and serves as the largest river port in Assam. Several business establishments have established their presence in this area. People often rely on instant loans in Pandu to avail cash for their businesses. The locality offers basic civic amenities like schools, colleges, markets, etc. to the residents.

Difference between instant loans and personal loans

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.

Eligibility to apply for an instant loan and documents required

An instant loan can be of two types - 

Secured instant loans- If you apply for a secured loan, i.e. an instant loan against collateral, you can get a higher loan amount. The eligibility criteria are also relaxed. Usually, it does not matter whether you can show income proof or not. You may also apply for a loan with only two documents - PAN Card and Aadhaar Card. 

Unsecured instant loans- If you apply for an unsecured instant loan, the lender would approve the loan based on your income and expenditure ratio, credit score, and the stability of income. To avail an unsecured loan, you have to satisfy the minimum monthly income criteria set by the lender and is usually above INR 21,000 per month. Moreover, you have to submit documents like PAN Card, Aadhaar Card, income proof, age proof, income tax file, bank account statement, and quite often, a guarantor.

 Hence, if you want a no-frills loan, it is prudent to apply for a secured instant cash loan online.

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Frequently asked questions

Can I take an instant loan for travel?

It is said that traveling is the best reality check you can ever give yourself. If you are an avid traveler whose travel plans keep getting foiled by budget constraints, worry not! Instant cash loans are the best way to ensure you don't skimp on your hotel stay or your buffet spread. You can avail fast loans online at favorable interest rates just with your credit score. A lot of factors such as your scope for negotiation, flexible repayment options are all determined by your credit score. A credit score of 650 or above is the standard credit score in order to avail the best personal rates. You will have to submit about 6-7 documents including your Aadhar card, PAN card, Bank Account Statements, etc.

What is netbanking verification while applying for an instant loan?

Net banking verification is a relatively recent mechanism through which Indian lending institutions determine the borrower's financial health and repayment capability. Through net banking verification, algorithms set by the lenders get access to the salary account of the borrower and check whether the salary has been credited to the salary account of the borrower on the payday or not. The entire process is automated and secured and takes no more than a few minutes. When you apply for an instant cash loan online, the lender gives you two options. The first is to apply for the loan through net banking. The other is by uploading your documents. If you choose the former, the lender will verify your account through net banking and approve the loan.

What are the documents required for an instant loan?

Financial institutions are extremely flexible and usually willing to accommodate any shortcomings the borrower might have. The main institutions that disburse these loans are: 1) Commercial banks 2) Non-Banking Financial Companies (NBFCs) 3) Housing Finance Companies (HFC) Banks are severely governed by the central bank because of which there are several regulations they need to adhere to. This implies that they require the borrower to have a high credit score and submit all the necessary documents. This automatically drives most borrowers towards the more flexible options. That is, HFCs and NBFCs for their urgent fund requirements. Instant loans both secured and unsecured usually take up to just 60 minutes from loan application to disbursal. Unsecured loans can entirely be availed online whereas secured loans will require a lender appointed representative to visit you to verify your documents and value your collateral. Post successful approval, the loan amount is disbursed.

Is personal loan and instant loan the same?

Although personal loan and instant loan serve the same purpose - to provide you with funds urgently, there are a few fundamental differences between the two loans. A personal loan is a collateral-free loan, and hence, is unsecured. An instant loan, on the other hand, can be secured or unsecured. When you apply for an unsecured, i.e. without-collateral loan, the lender charges a higher interest rate. However, when you apply for a collateral-based loan, like a gold loan or a loan against property, the lender gives a hefty discount in the interest rates and might also offer a longer tenure. Another difference between an instant loan and a personal loan is that a personal loan may or may not get approved instantly, but an instant loan generally does not take more than an hour to get approved. Hence, if you need urgent loans, an instant loan online can be the best bet.

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