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Instant loan in patan

Patan in Jabalpur is a small town and a Nagar Panchayat in the Inidan state of Madhya Pradesh. It is loated on 37A State highway, at a distance of 30 km from Jabalpur, which connects Damoh to Jabalpur. There are five nearby villages to Patan, which include Kahuakheda, Guru Pipriya, Gadaghat, Budi Koni and Thana. There are no railway stations within 10 km radius of Patan. Being a remote region, people here are quite rural in their livelihood and approach and hence instant loan in Patan in Jabalpur is often availed by the locals here to cope up with their poor state of affairs.

Features of an instant loan

Instant loans are one of the simplest and most popular loans in India. Out of all loans offered by Indian lenders, instant loans are the most feature-rich and easy loan you can avail. Some of the prominent features of an instant loan are:

Flexibility- The first feature that makes an instant loan unique is its flexibility. You may use the loan amount for any purpose you want to. 

Loan approval- The second feature is the speed at which instant loan approvals occur. Usually, an instant loan gets approved within an hour of the loan application. 

Ease of loan application- The third feature is that you can apply for an instant loan online or offline. The entire process, from application to approval, is transparent, quick, and painless and is hassle-free when it comes to gold repayment. 

Minimal documentation-Last but not the least, instant loans are so popular due to the minimum documentation required to apply for an instant loan. You need to upload no more than five to six documents to submit your loan application.

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

How secure is my gold with Rupeek?

If you are worried about the safety of your collateral as well as of the personal details you have shared with the lender, all you have to do is check if the lender has been approved by the Reserve Bank of India. Rupeek is an approved lending institution that has been in the market since 2015, providing excellent services to its customers. Rupeek is one of the best instant gold loan lending institutions in India, gaining popularity, thanks to its quick, hassle-free services as well as for its doorstep loan services. Rupeek offers your collateral the maximum protection. As soon as you hand over your gold assets to Rupeek, it makes sure that your assets get a 100% free insurance cover. It also makes sure that the deposited gold is safe in the vaults of a partner bank where it is heavily guarded with round the clock security and real-time monitoring. The personal details that you share with Rupeek are also given equal protection. The details you enter are secured with 256-bit encryption and SSL technologies.

What are the reasons to take an instant loan?

One of the most flexible sources from which you can get urgent loans is by getting an instant loan. You can use the amount obtained using an instant cash loan for any purpose. You can use it to set up a business, go for a trip, pay a medical bill, sponsor an event, construct a house, or just about anything - except for speculative or illegal activities. You can get an instant loan approval pretty quickly, usually not taking more than an hour. Thus it makes the best solution as far as emergency funds or urgent loans are concerned. You will have to have an excellent credit score and an income statement to obtain an instant cash loan. If neither are at your disposal, you can procure instant cash loans with the help of a gold loan. Gold loans offer many benefits such as flexible loan repayment options and lower interest rates.

Can I change my tenure once I have applied for an instant loan?

Whether or not you can change the loan term after the loan approval depends on the type of loan you have opted for and your lender. There are two types of loans when it comes to instant cash loans - an unsecured instant loan and a secured instant loan. In the case of an a secured loan, since the loan is flexible, it is possible to change the loan term after the loan approval. A secured loan is where the borrower has to pledge an asset in the form of collateral with the lender. In the second type of loan, in an unsecured instant loan, whether or not you can change the loan term depends on the lender. In any case, it is always better to be clear about your financial health and choose the best EMI available to you after careful deliberation.

How to apply for an instant loan online

To avail an instant loan online, you must have a smartphone or a computer with an internet connection. All you should do is to visit the lender's website or download the app from PlayStore and place a loan request. Alternatively, you may call the lender's customer care number. The loan application to loan disbursal process takes around 60 minutes. As soon as you request for a loan, a relationship manager would call you and seek appointment. After this, a company-approved loan officer would visit your place of residence or office and verify documents like Aadhar card, PAN Card, and other things. The Appraiser would also check your financial records to ascertain your repayment capability. Depending on your financial status, the officer would inform the loan amount you are eligible to receive. If you agree to the amount and the interest rate, the officer will process the loan. Generally, the amount gets transferred to your account within five minutes of loan approval.

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