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Mumbai
Powai
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Instant loan in Powai

Powai is a residential neighbourhood in Central Mumbai. It is centred around the Powai Lake and is bordered by Vikhroli hills, Chandivali, L.B.S. Marg, and the Sanjay Gandhi National Park. Powai is conveniently accessible from other parts of Mumbai through the Eastern Express Highway, Jogeshwari-Vikhroli Link Road, and Lal Bahadur Shastri Road. The nearest railway station is Central Line's Kanjurmarg. The nearest metro station is SakiNaka. Powai houses the campus of IIT Bombay and other major schools in the locality are Hiranandani Foundation School, Bombay Scottish School, and Gopal Sharma Memorial School. The biggest hospital in the area is the Dr L H Hiranandani Hospital. Powai has many corporate complexes like Hiranandani Kensington SEZ and Hiranandani Business Park, where many business conglomerates have their offices. The employees of corporate houses often need urgent money and rely on instant loans in Powai.

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. 

Reasons to take an instant loan

People often turn to instant loans in Mumbai for several purposes.They can be classified into:

1) Unplanned expenses: Owing to how quickly it can be availed, instant cash loans are a convenient form of credit that comes very handy in case of financial emergencies. In scenarios such as hospitalization, sometimes the bill amount might exceed the insurance cover. Instant loans can be availed within an hour and are very helpful when one has to meet unplanned expenses.

2) Planned expenses: If you are looking to start or expand your business, you can avail an instant loan to help meet your fund requirements. The funds stemming from an instant loan can be spent as per the borrower's discretion. If you choose to spend the loan mount on business, construction, or renovation of your house you are even eligible for tax rebates. Be it a leisure trip or a wedding, instant loans can be availed for any reason.

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Frequently asked questions

What should be my credit score for an instant loan eligibility?

The credit score is the most significant score that determines your eligibility for an instant loan. The minimum credit score required to avail a loan depends on the lender. While some lenders want you to have a score above 700, others would sanction a loan even when your credit score is zero. Generally, when you apply for a collateral-free instant cash loan, the lender wants you to have a score of 700 and above. But, if your credit score is low, or you want to get low interest rates, then applying for a secured loan, like a gold loan, would be a better option. A secured loan disburses an amount of up to 75% of the asset's market value. To sum up, you will need a high credit score when you wish to avail a collateral-free loan, but in case of a secured loan, credit score often does not play a determining role.

What are the tips while applying for an instant loan in India?

instant loans are the best source to avail funds if you are in urgent requirement of the same. However, to have a significant say in the terms of the loan, the borrower needs to be in possession of a high credit score. This credit score is a direct reflection of your past repayment pattern. The higher the credit score, the better your chances of availing a loan as per your terms. 700 is considered an ideal credit score, anything north of that gives you an upper hand as the borrower. There are two types of instant loans- Secured and Unsecured. In case of a low credit score, the borrower can always opt for a secured loan, in which case the credit score will not majorly influence the terms of the loan as collateral is involved. However, if the borrower has a commendable debt-income ration, then he/she can leverage that and opt for an unsecured instant loan at an attractive interest rate. Irrespective of which loan one chooses to avail, it will not take more than an hour to receive these funds.

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.

instant loan or overdraft - Which is the better option?

The primary difference between an instant cash loan and an overdraft is that an instant cash loan can provide you with more funds than an overdraft. An overdraft is more flexible when it comes to the repayment options as well as the amount. Generally, there is a limit to how much amount you can avail as an overdraft. With an instant loan, that is not the case. For an instant loan, your eligibility depends on your credit profile, age, income, existing liabilities, and other factors. If you apply for a collateral-based loan, then the lender may approve up to 75% of the pledged asset. Another critical factor that separates an instant loan from an overdraft is the loan interest rates. Generally, the interest rate of an overdraft is much higher than the interest charged on an instant loan. Hence, depending on your need and loan repayment capability, you should choose the type which suits you more.

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