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Instant loan in rasta peth

Rasta Peth is a region situated in the city of Pune City. The Rasta Peth name is derived from the name of Raste who is a close relative of Peshwa. Rasta Peth is an exceptionally centralized area of old Pune city. Significant Spots like Pune Station, Camp, Shaniwar Wada, Dagadusheth Halwai Ganapati Temple, Laxmi street, Bund Garden are easily accessible from Rasta Peth. Rasta Peth is one of the prime locations offering loads of schools, clinics, hospitals and is situated in close proximity to railway station and bus stop. It is possible to navigate to any part of Pune within a short amount of time. Residents choose instant loans in Rasta Peth to meet their everyday needs.

Reasons to take an instant loan

People often turn to instant loans in Pune 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.

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.

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Frequently asked questions

What are the other types of short-terms loans I can take?

Short-term loans are loans that usually have a repayment period of not more than one to two years. Short-term loans have recently shot to fame due to features like instant loan approval and collateral-free nature. The first type of short-term loan is a bridge loan, which you may apply for while waiting for a high-value loan to be approved. The second type is a loan overdraft, which means you can apply for an additional loan if you have an existing loan. The third type of short-term loan is a demand loan, where you can pledge your savings certificates or insurance policies to get up to 75-80% loan. The fourth type is a gold loan, where you can pledge your gold to avail a loan at ultra-low interest rates. Although a gold loan is a collateral-based loan, the benefits of this type of loan makes it extremely popular with Indian borrowers.

How to apply for an online gold loan with Rupeek?

The application process of a gold loan with Rupeek is extremely simple and straightforward. To apply for a gold loan online, the borrower needs to download the Rupeek app from Google PlayStore and place a loan request from within the app. Alternatively, you may the customer care number and place the loan request. After you apply for the loan, a customer service representative would call you, confirm your details, and schedule an appointment. The appointment time is usually thirty minutes from the time of the loan request. After this, a gold appraiser would meet you, verify the KYC documents and the gold, and approve the loan. To avail a secured gold loan, you need to furnish basic KYC documents like PAN Card, Aadhaar Card, and the likes. Generally, the complete process of loan application to loan approval takes roughly 60 minutes.

What are the benefits of a gold loan over an instant loan?

There are two types of instant loans- Collateral free loans (also known as Unsecured loans) that do not require you to pledge any asset against the loan) and Collateral loans (also known as secured loans) that require you to pledge gold in exchange for the loan. The most advantageous factor of a gold loan is that the loan amount is much higher as compared to an unsecured loan. Additionally, the interest rates of secured loans such as gold loans are often lesser than that of unsecured loans such as an unsecured personal loan for instance or any other conventional instant loan interest rates. Last but not the least, when it comes to gold loans, several lenders often enable the latitude to repay the entire principal loan amount along with the interest without sans additional charges. A gold loan would be the best choice if you are looking to urgently obtain a large loan at low-interest rates.

What happens if I miss a payment while paying off my instant loan?

Usually, most lenders send automated reminder messages before the due date for EMI payment of the instant loan. However, there are times when a borrower skips the payment due to various reasons. If unfortunately, a borrower misses the EMI payment, the lender would impose a penalty on the next payment. This would raise the next month's EMI substantially. On subsequent defaults, the lender might hand over the case to a third party loan recovery agent, who might force the borrower in various ways. Additionally, the borrower's credit score takes a hit, making further loan applications difficult. Hence, as a borrower, you must always create a provision for paying off the EMIs and loan repayment even before applying for the loan.

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