Sector 30 is an upcoming locality located in the beautiful and well-planned city of North India, Chandigarh. All basic amenities, such as schools, colleges, market places, parks and temples, can be found in and around the locality. Sector 30 also enjoys the presence of many hotels and restaurants within as well around it for travellers and residents to stay and visit. Sector 30 B is one of the most popular sub-localities of Sector 30. The locality is well connected by road and is easily accessible to and from other parts of Chandigarh. The locality also enjoys presence of many builder flats as well as apartments. Instant loan in Sector 30 in Chandigarh is easily and readily available to its inhabitants.
There are two types of instant loans -
A collateral-based instant loan
This type of loan is secured against a collateral property of the borrower. There are many benefits to a secured loan, such as minimal paperwork, lower interest rates, and high-value loans. Usually, the borrower is only required to present their identity and address proofs.
A collateral-free loan
This type of loan is unsecured. The borrower doesn’t have to pledge his property with the lender for obtaining the funds. However, the borrower will be expected to have a high credit score and a stable source of income, usually above INR 21,000 per month. The lenders like to make sure that the debt to income ratio is appropriate for the loan so that the borrower can make the repayments on time. The borrower will also have to submit documents that prove their financial health, such as a salary slip or an income statement, their credit score, and sometimes even a guarantor.
For these reasons, a collateral-based loan is more popular among the lenders.
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.
Your credit score requirement depends on the type of loan that you are taking. There are two types of instant cash loans that a lender may use – the first one is a collateral-free instant loan and the second one is a collateral-based instant loan. Which type of instant loans the borrowers want depends on their eligibility as well as their requirements. In the case of a collateral-free loan, the loan is unsecured. Such a type of loan requires the lender to have a high credit score – preferably 700 or higher. The credit score is the credit history of the borrower, depending on which the lender can assess the loan repayment ability of the borrower. In the case of a collateral-based loan, the loan is secured against a property of the borrower that has been pledged before the lender. This type of loan does not require a credit score because, in case of non-repayment of the loan, the lender will settle the debt by selling the property of the borrower.
Rupeek is a Reserve Bank of India approved lending institution that has provided instant gold loans to millions of borrowers since 2015. Rupeek has carved a niche in the gold loan industry due to its unique business model, which includes providing doorstep loan services to its borrowers. When you deposit gold bars or ornaments with Rupeek, you get a 100% free insurance cover on the deposited gold. All gold bars and ornaments you deposit with Rupeek are stored in a partner bank vault with round the clock security and real-time monitoring. Not only the gold but also the details you enter on the app are secured with 256-bit encryption and SSL technologies, thereby guaranteeing you 100% safety of your personal data.
Before the instant loan approval and transfer of the loan amount, some financial institutions ask for your credit score as well as your salary slip or an income statement. Some lenders require these since the documents assure the lender about your ability to complete the loan repayment. A high credit score, ranging above or on 650 is the preferred credit score. The salary slip is proof of a steady source of income. Fortunately, some lenders still give loan approval even if you do not have a steady source of income, as long as your credit score is high. If you happen to have neither a steady source of income nor a high credit score, you can always opt for an instant cash loan by providing your property as a collateral. You can also apply for a loan as a co-applicant with another borrower who has a steady source of income.
The first thought that strikes the mind when one thinks about starting a business has to be 'investment'. If you are looking to source funds to start your own business, the best option available at your disposal is an instant business loan. This instant loan can be spent at your discretion on any business line or purpose of your choice. Availing credit from certified authorities is recommended when a fledgling business is concerned. The process to avail these easy loans is as simple as ever! All you need to do is download the lender's app, save your personal details on your profile, upload the required documents, and voila! The amount will be transferred to your account in a jiffy. Not only is it very easy to get instant loans, but repaying these on time boosts the individual's credit score. Consequently, a commendable credit score ensures the individual is eligible for better terms and interest rates in the future.
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