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Kadapa
rajampet
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Instant loan in rajampet

Rajampet was once a non-descript place that emerged as a trade centre after the Madras Railway started its operation. Since then, the town has served as a major distribution centre for Pullampet as well as a large portion of the taluks of Rayachoti and Sidhout. Today it is one of the largest towns in the district of Kadapa in Andhra Pradesh. It is a part of the Rayalaseema Region. Weaving is the primary industry of the town and the only one that helps a considerable section of its population to earn a livelihood. Many of the inhabitants avail instant loan in Rajampet and set up their own shops or trades to sustain themselves. Rajampet has a significant proportion of Muslim population and one of the largest mosques in the district is located here.

Reasons to take an instant loan

The flexibility in the end-use of an instant loan makes it one of the most popular loans in India. Denizens often avail instant loans in Kadapa for various reasons. The first reason why people avail an instant loan is to address sudden financial emergencies. Sometimes, in case of hospitalisation, the bill amount may exceed the available cash. An instant loan provides urgent money, which one can use on anything related to health. Another reason why people apply for an instant loan is to set up a business. In some cases, using the instant loan amount for business may also enable you to apply for tax rebates. Many borrowers also avail an instant loan to sponsor a vacation or a tour. The fourth reason why people apply for an instant cash loan is to spend it on sponsoring a big event like a marriage.

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

What are the reasons for an instant loan to get rejected?

An instant loan rarely gets rejected. But, there are times when a lender is bound by industry norms to not approve an instant cash loan due to issues beyond their control. The first reason why an instant loan may get rejected is a low credit score. Generally, any credit score below 700 is considered an unhealthy credit score, and the lender may not approve a loan. Additionally, if the borrower is a frequent job hopper, the lender might not approve the loan. Another reason why the loan application might get rejected is if the borrower had been a regular defaulter in the past. Hence, if you want your loan application to get cleared in the first time, consider increasing your credit score and having a stable debt to income ratio.

Can I get an instant loan if I'm a homemaker?

As a homemaker, you have to keep a lot many things in your mind, which often includes paying urgent bills. An instant cash loan for a homemaker can ensure an uninterrupted flow of funds which you may use on anything related to your and your family's well-being. An instant loan usually takes no more than 60 minutes to be approved. Hence, you can stay assured about the availability of funds whenever the need arises. To avail an instant loan as a homemaker, you need to submit collateral security to the lender. Depending on the nature, status, and quality of your collateral security, you may get up to 75% of the asset's current market value as a loan. The documents you need to submit include PAN Card, Aadhaar Card, age proof, proof of income, and photographs.

What's the maximum limit for an instant loan?

Instant loans are flexible and are processed in the blink of an eye. You have the latitude to spend the borrowed amount as per your discretion. The loan amount and upper cap for an instant loan differs from one lender to another. If you wish to avail an unsecured loan, the upper cap for the same is usually INR 5 lakhs. A lower loan amount subsequently comes at a higher loan interest rate. If you are looking to avail a loan of 5 lakhs or more, you can opt for a collateral-based loan such as an instant gold loan. When you apply for a secured loan, the amount you avail can go up to 75% of the collateral. Hence, the upper cap when it comes to a secured loan is subject to change depending on the collateral pledged. This loan amount is decided based on your credit profile, preferred loan term, and repayment capacity.

Do you need any collateral to avail an instant loan?

You don’t always need collateral to obtain an instant cash loan. There are two types of instant cash loans - a collateral-based instant loan and a collateral-free instant loan. A collateral-based instant loan is secured against an asset of the borrower, such as gold. When an instant cash loan is procured against an asset, the borrower can enjoy some benefits including lower loan interest rates, higher loan amounts, etc. Loan amounts can be disbursed up to 75% of the market value of the asset. When a loan is taken against collateral, the borrower is also not required to submit their credit score or their income statement. In the case of an unsecured instant loan, although the borrower is not required to pledge his asset, he will have to pay a higher loan interest rate. They will also have to present their credit score and income statement or salary slips, depending on which, the loan approval will be done. The loan interest rate will be calculated depending on their financial health. Unlike the case of a collateral-based loan, a collateral-free loan also has an upper limit of 5 lakhs.

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