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Hyderabad
sainikpuri
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Instant loan in sainikpuri

Located in the north-eastern part of Hyderabad, Sainikpuri is a well-planned posh residential locality. The neighbourhood was initially developed for retired army personnel, as a co-operative housing society. But now it has residences of defence personnel as well as civilians. Sainikpuri has well laid roads and the area is covered in greenery. Since living space in this elite area are a bit expensive, people often resort to instant loan in Sainikpuri to acquire a home here. Sainikpuri has all kinds of facilities for its residents, including health and fitness clubs, gyms, library, music schools, and sports centres. The area has a large auditorium that offers various sports services. The College of Defence Management (CDM) and several other reputed educational institutions are located in Sainikpuri. The Kapra Lake is another attractions of this area.

Eligibility to apply for an instant loan and documents required

Instant loans are typically of two types- Unsecured loans that don't require collateral security and secured loans that require the borrower to pledge collateral security against the loan. Borrowers that get a instant loan get access to various benefits as compared to those that borrow unsecured loans. For instance, borrowers that avail secured loans get to borrow a higher loan amount. Since borrowers are required to pledge an asset whose market value needs to be about 30% more than the loan amount, the eligibility criteria are also relaxed. To avail a secured loan, you'll only need basic documents such as PAN Card and Aadhaar Card. However, this isn't the case with unsecured loans. When you apply for an unsecured loan, your loan approval depends on several factors such as your debt-income ratio, existing credit profile, and income status. Additionally, to be eligible for an unsecured loan, as a borrower, you will need to have a minimum income of INR 21,000 per month. Along with this proof of income, you will also have to submit other documents such as PAN Card, Aadhaar Card, Age proof, Income tax file, Account transaction statement, and sometimes even a guarantor. If you are looking to avail a quick, hassle-free loan, secured loans are the way to go.

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

Can I get an instant loan using Aadhar card?

When you apply for an unsecured loan, you are asked to submit documents that prove your identity, your address, and your income statement. If you are applying for a secured loan, you are only required to submit your identity proof and your address proof. You are asked to submit your income statement in the first scenario because the lender likes to be assured that you have a stable income every month that will permit you to pay your EMIs and take care of your personal needs every month. If the only document that is available to you is your Addhaar Card, then you can opt for a secured loan. A secured loan is even better since it requires neither your credit score nor your income score. Your Aadhaar Card is the most conclusive proof of your citizenship and can act as both your identity and address proofs. It is hence possible to get an instant loan with only your Aadhaar Card.

Is personal loan and instant loan the same?

Even though a personal loan and an instant loan provide quick funds in case of an emergency, there are a few factors that make them different from the other. A personal loan is an unsecured loan since it is collateral-free. An instant cash loan, on the contrary, includes both collateral-based and collateral-free loans. One of the most popular collateral-based instant cash loans is a gold loan. Against the pledging of your gold, you can procure quick funds. The specialty of instant loans is that you get the loan approval instantly. If you are looking for quick funds and urgent loans, an instant loan is your go-to. It doesn’t take more than an hour to process and sanction an instant loan as long as you have all the necessary documents ready. A personal loan is not exclusively about the quickness of the disbursal of the funds. It may or may not be as quick as an instant loan, depending on your requirements as well as the lender. Therefore, there are a few significant differences between an instant loan and a personal loan.

What are the documents required for an instant loan?

Financial institutions are extremely flexible and usually willing to accommodate any shortcomings the borrower might have. The main institutions that disburse these loans are: 1) Commercial banks 2) Non-Banking Financial Companies (NBFCs) 3) Housing Finance Companies (HFC) Banks are severely governed by the central bank because of which there are several regulations they need to adhere to. This implies that they require the borrower to have a high credit score and submit all the necessary documents. This automatically drives most borrowers towards the more flexible options. That is, HFCs and NBFCs for their urgent fund requirements. Instant loans both secured and unsecured usually take up to just 60 minutes from loan application to disbursal. Unsecured loans can entirely be availed online whereas secured loans will require a lender appointed representative to visit you to verify your documents and value your collateral. Post successful approval, the loan amount is disbursed.

Whats the minimum amount of gold loan I can take?

Gold loans are one of the most flexible financial instruments of credit that involves pledging collateral such as gold as security against a loan amount. The loan amount is usually determined by the market value, weight, and purity of the gold. The maximum loan amount one can avail while applying for an instant loan is 75% of the value of the gold as per the RBI. However, there is no minimum amount as such. While the common understanding is that one can save over INR 12,000 o the interest component, the loan interest rate varies in slabs:

1) If the loan amount is less than 2 lakhs per month, the interest rate starts from 1.29% per month.

2) If the loan amount is between 2 and 5 lakhs, then the interest rate starts from 0.99%

3) If the loan amount is 5 lakhs or above, the loan interest rate starts at 0.89%

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