sub_locality
Agra
Park Road
close btn

Service Update- (Covid-19)

In accordance with the respective state government’s directive, we’ve resumed operations in all the cities. However, a few services will remain affected while others will continue as usual. To read about the services or moratorium updates, Click here

Instant loan in Park Road

Park Road, or Central Park Road, in Sector 1, Lohamandi, is one of the most prominent commercial localities in Agra, near Sikandra. Park Road originates from the Sikandra - Bodla Road and terminates at 100 Feet Road. The road is easily accessible from significant tourist destinations like Agra Fort. The locality comes under Agra South assembly constituency and Agra parliamentary constituency. The nearest railway stations are Raja Ki Mandi and Agra City. Central Park, Soor Vatika, is located on the street. On both sides of Park Road, there are many shopping centres, banks, hospitals, ATMs, office complexes, and residential apartments, making it one of the most visited streets in Agra. People living in the locality frequently avail instant loans in Park Road to meet their financial goals.

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.

Eligibility to apply for an instant loan and documents required

Instant loans are typically of two types- Unsecured loans that don't require collateral security and secured loans that require the borrower to pledge collateral security against the loan. Borrowers that get a instant loan get access to various benefits as compared to those that borrow unsecured loans. For instance, borrowers that avail secured loans get to borrow a higher loan amount. Since borrowers are required to pledge an asset whose market value needs to be about 30% more than the loan amount, the eligibility criteria are also relaxed. To avail a secured loan, you'll only need basic documents such as PAN Card and Aadhaar Card. However, this isn't the case with unsecured loans. When you apply for an unsecured loan, your loan approval depends on several factors such as your debt-income ratio, existing credit profile, and income status. Additionally, to be eligible for an unsecured loan, as a borrower, you will need to have a minimum income of INR 21,000 per month. Along with this proof of income, you will also have to submit other documents such as PAN Card, Aadhaar Card, Age proof, Income tax file, Account transaction statement, and sometimes even a guarantor. If you are looking to avail a quick, hassle-free loan, secured loans are the way to go.

Rupeek ad

Instant Gold Loan Calculator

Today's maximum loan value/gm **
max LTV

Last Updated :

Last Updated :

Frequently asked questions

What are the interest rates offered by Rupeek for an online gold loan?

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 four types of interest rates, depending on your loan amount and your location. When the loan amount that you are trying to procure is less, the interest goes up.

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).

  1. When the loan amount is higher than INR 20 lakh, the interest rate falls between 0.89% and 1.39%.
  2. When the loan amount is between INR 5 lakh and INR 20 lakh, the interest rate can be as low as 0.89% and as high as 1.39%.
  3. When the loan amount is between INR 2 lakh and 5 lakh, the interest rate can range between 0.99% and 1.59%.
  4. When the loan amount is less than INR 2 lakh, the interest rate is at 1.29% at the lowest and 1.69% at the highest.




How can I get instant loan in one day?

You don’t have to worry about getting an instant loan in a day. As long as you have the necessary documents ready at hand, you can get the loan in an hour. An instant cash loan gets its popularity as it is one of the easiest and the quickest loans that anyone can apply for. All you have to do is visit the website of the lender or download their app and apply for an instant loan. You can also call at their desk to place a loan. If you have applied for an unsecured loan, you have to upload documents that prove your identity, address, and income. If you have applied for a secured loan, the representative from the organization will arrive at your doorstep to check the authenticity of your collateral as well as to verify your documents. As soon as your loan approval is done, the amount will get transferred to your account with no delay.

What type of loan can be taken for a medical emergency?

Medical emergencies have a 100% track record of cropping up unannounced. One can never be too prepared to handle such situations. Though the individual may be insured, most hospitals expect the payment to be made upfront whereas insurance companies take a considerable amount of time to turnaround. In such situations, instant loans prove to be handy as they barely take an hour to be approved. Not all lenders demand end-end documentation. Some even approve loans with just an Aadar card. Availing an instant cash loan only requires a couple of steps. All you need to do is download the lender's app, submit your personal details, and apply for the instant loan. Your eligibility amount and interest rate will both depend on your credit score and your EMIs will commence exactly a month since the date of loan approval.

What is the eligibility criteria for an instant loan?

The eligibility criteria for loans differ from one lender to another. Most majors are eligible for these instant loans. The terms of these loans are contingent on certain aspects such as age, income profile, and continuity, etc. To apply for an instant loan the borrower needs to be anywhere between 21-68 years old to be eligible to apply for an instant loan. While it is typically expected of the borrower to have a stable source of income, you may still apply even if you don't. In such a case, the borrower will either have to apply along with a borrower who can produce an income statement or deposit gold as collateral instead. The standard credit score expected is 650. If your score is lesser than 650, you will still be eligible for an instant loan but for a relatively smaller amount at an increased interest rate.

Rupeek ad

Apply now for 30 minutes doorstep service#

+91
Please enter valid Mobile Number
gold img
Apply for Gold Loan 30 Minutes Doorstep Service
close
+91
Please enter valid Mobile Number
close
success img

Loan Request Successful

Your request has been received, our customer relationship manager has been notified and will call you shortly