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Delhi
Sadar Bazar
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Instant loan in Sadar Bazar

Sadar Bazaar in Agra is one of the most popular commercial destinations in the heart of Agra City. The market is famous for electronic and leather goods and street foods. The locality is easily accessible from Raja Ki Mandi, Agra City, and Agra Cantonment railway stations. It is also nearby major tourist destinations in Agra, like Agra Fort and Taj Mahal. The Sarojini Naidu Medical College is located near Sadar Bazaar. The locality comes under the Agra South assembly constituency and Agra parliamentary constituency. National Highway 44 passes through the locality. As the locality is relatively more expensive than other areas in Agra, people often apply for instant loans in Sadar Bazaar to get instant cash at low interest.

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 Delhi 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 benefits of a gold loan over an instant loan?

The two types of instant loans are - loans that are secured with a collateral and loans that are not secured. In the case of a loan that requires a collateral, you have to pledge your property to procur the funds from the lender. A gold loan is an example of a secured loan, where the gold is the collateral. An unsecured personal loan, on the other hand, is unsecured as it does not require a collateral. But a secured loan provides the borrower with many benefits that an unsecured loan doesn't. For one thing, the loan interest rate charged on an unsecured loan is much higher than the interest rate charged on a secured loan. The loan amount that can be obtained against a collateral is also higher than the amount that can be obtained through an unsecured loan. While a collateral-free loan requires the lender to submit their income statement and their credit score, a collateral-based loan do not require those documents. There are also many flexible loan repayment options that are available to a secured loan unlike an unsecured loan.

What identity proof is valid for a instant loan?

Submitting an identity proof is mandatory when you wish to avail an instant cash loan online. An identity proof shows your nationality, which may determine your eligibility for the loan approval. To avail an instant loan, you have to submit address proof, age-related documents, income proof, and other documents, along with the identity proof. The documents that are valid as the identity proof are PAN Card, Aadhaar Card, Passport, Electoral Photo Identity Card, Driving License, Ration Card, Birth Certificate, Matriculation certification, Life Insurance policy bond, and Student Photo Identity Card. Out of all documents, PAN Card is the most important document that is most often considered a mandatory requirement.You may also be asked to present your income statement or a salary slip if you are availing of an unsecured loan as a proof of your financial security.

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

Only in few rare and extreme cases does an instant loan get rejected. This happens when the lender has to adhere to the standards and the norms set by the industry for their safety. Since the credit score and the salary slip of the borrower are the two main important factors that determine their eligibility for an instant loan, any mismatch in these cases can lead to failure of the loan approval. If the borrower has poor credit scores - such as below 650, the loan will not get sanctioned. It is generally preferred to have credit scores above 700. If the borrower also doesn’t have a steady source of income or constantly jumps from one job to another, he is also not likely to get the loan amount. Having a stable source of income and a good credit score is advisable when taking an instant loan. If that is not an option available to you, you can consider an instant cash loan against collateral.

What are the documents required for a gold loan with Rupeek?

Placing a gold loan application with Rupeek is a very simple process. The procedure is very smooth and hassle-free. The borrower is required to submit a few documents to the lender before the loan approval. The borrower has to download the Rupeek app, or visit the lender’s portal to apply for an instant loan. The borrower can also apply for a loan by ringing up the customer service. Within thirty minutes of the loan application, an official from the company will arrive at your doorstep to check the authenticity of your gold as well as to appraise your documents. The documents the borrower is required to have are the identity proof and the address proof. These documents, also called the KYC documents, can include your PAN Card, Aadhaar Card, Driving License, Passport, Voter’s Id, etc. The other documents, such as a salary slip, or your income statement and your credit score, that would be required in the case of an unsecured instant loan are not required when you apply for a secured instant loan.

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