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Sangvi
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Instant loan in Sangvi

Sangvi is a popular locality in Pimpri-Chinchwad City, under the Pune district. It is a great locality for people who want to have employment in Pune as it is well-connected to several major employment areas such as Aundh, Khadki, Wakad, Hinjawadi, etc. Lots of local businesses are also emerging in the locality. Whether it is the IT or the manufacturing domain, job seekers are attracted to this locality. Even many are starting their own business here. However, starting a new business or even making a living in Sangvi can be quite expensive compared to average. Hence, people may need some amount of urgent cash at some point. Be it for personal use or business needs, instant loan in Sangvi can provide instant financial relief, without any lengthy procedure.

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.

Eligibility to apply for an instant loan and documents required

An instant loan can be of two types - 

Secured instant loans- If you apply for a secured loan, i.e. an instant loan against collateral, you can get a higher loan amount. The eligibility criteria are also relaxed. Usually, it does not matter whether you can show income proof or not. You may also apply for a loan with only two documents - PAN Card and Aadhaar Card. 

Unsecured instant loans- If you apply for an unsecured instant loan, the lender would approve the loan based on your income and expenditure ratio, credit score, and the stability of income. To avail an unsecured loan, you have to satisfy the minimum monthly income criteria set by the lender and is usually above INR 21,000 per month. Moreover, you have to submit documents like PAN Card, Aadhaar Card, income proof, age proof, income tax file, bank account statement, and quite often, a guarantor.

 Hence, if you want a no-frills loan, it is prudent to apply for a secured instant cash loan online.

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Frequently asked questions

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

The process of the gold loan application can become extremely easy when you apply for the loan through the Rupeek app or via a phone call. The loan officer will visit your house or office within thirty minutes of placing the loan request. The officer would verify the quality and weight of the gold and verify the authenticity of your documents. The documents required to avail of a loan are identity proof documents, such as PAN Card, address proof, and Aadhaar Card. An instant gold loan is one of the easiest types of loans to procure and doesn’t involve much paperwork. Documents such as your salary slip or income statement and your credit score, which are mandatory when it comes to an unsecured loan are not required for a secured instant loan.

Can I take an instant loan for home renovation?

An instant cash loan is often considered as the best loan when you want to carry out urgent home repairing. You may use the funds to carry out plumbing work, electrical work, painting, or structural repairs. Alternatively, you may use it to buy an air conditioner or any other device or gadget which would enhance the aesthetic beauty of your house. The application and the instant loan approval process is pretty straightforward. Keep a few essential documents like PAN Card, Aadhaar Card, and two or three other documents ready, and you would most likely get the funds in your account within an hour of the loan application. The loan interest rate and loan term will depend on your credit worthiness and your ability to make the loan repayment on time. If a home renovation is high on your priority list, an instant loan can be your best friend.

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.

instant loan or overdraft - Which is the better option?

There are some significant differences between an instant cash loan and an overdraft. An overdraft is a more flexible option when compared to an instant cash loan. It is possible to change the borrowed amount later on and the interest need only be paid on the borrowed amount. Another major benefit of a bank overdraft is that there is no extra charge that will befall the borrower when they make the repayment prematurely. In the case of an instant loan, it is possible to avail of much larger loan amounts than an overdraft. It is your financial health such as your credit score and your income that determines the loan amount that you can obtain. In the case of a collateral-based loan, you can get up to 75% of the market value of the pledged gold. But, there is a limit in the amount when it comes to an overdraft. The interest rates on an overdraft also happens to be higher than the interest charged on instant cash loan. Both the sources of the funds come with their own share of merits and demerits. It is advised that you pick the best option depending on your need and your financial state.

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