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Nagpur
shankar nagar
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Instant loan in shankar nagar

Shankar Nagar is a locality of the Nagpur City in the Indian state of Maharashtra. Some of the nearby localities of Shankar Nagar are Om Sai Nagar, Shriashish, and Shivaji Nagar. Nagpur junction railway station is at a very short distance from this locality. The locality has some famous cinema theatres such as Sudama Theatre and Punam Theatre. Some of the temples in this area are Hanuman Mandir and Maharana Pratap Smruti Mandir. Sailani Darga and Ajni Masjid are some of the nearby mosques in this locality. The locality has plenty of hospitals such as Wockhardt Super Speciality Hospital, Medwin Hospital, and Bhagwati Hospital. People here dont face any trouble relating to hospital charges because of the availability of instant loan in Shankar Nagar. The locality also has some beautiful parks such as Trikoni park and Ritz safari park.

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.

Features of an instant loan

Instant loans are one of the most popular forms of credit in India. Instant cash loans come equipped with several perks and features that make it the most preferred form of credit or most borrowers. There are several reasons why Instant loans have been a roaring hit. The first and foremost reason would have to be its flexibility. It can be availed within a matter of hours, with or without collateral, with or without a healthy credit score, and can be spent as per the discretion of the borrower. Secondly, the speed at which these loans are approved. It is usually only a matter of an hour before these loans are approved. The third reason would have to be the loan application process which can be done both online as well as offline and is an extremely hassle-free process. Last but not the least, the reason instant loans are most borrowers' go-to choice of credit is because of the minimal documentation that is required. Depending on the type of instant loan the borrower is looking to avail, the documents required will vary but are minimal nevertheless.

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Frequently asked questions

What is an instant cash loan?

An instant cash loan is an online collateral-free loan that usually takes no more than a few hours to process. As most of the loan application formalities take place digitally, customers can finish the entire process, from application to disbursal, online. However, as the loan does not require any collateral security, the loan amount is lesser and the interest rate higher than a collateral-based loan. To avail a high-value and low-interest collateral-based loan, you have to visit the lender's website and place a loan request. After applying for an instant cash loan online, the lender would send an official to your house or office within an hour, who would verify your documents, and disburse the amount instantly. By availing a collateral-based loan, customers can save as much as 65% on EMIs than conventional collateral-free loans.

Do I need a high credit score to apply for a gold loan with Rupeek?

700 is considered an ideal credit score. Any score north of 700 is considered respectable and gives the borrower an upper hand when it comes to negotiating the terms of the loan, such as loan tenure, loan interest rates, and loan amount. You will not have to concern yourself over your credit score when it comes to Rupee. You can pledge your gold as security against your loan and avail the same seamlessly. As per the regulations of the governing bank of India, you will be eligible for about 75% of your collateral's market value. Even though income proof such as salary slips, a healthy debt-income ratio, a high credit score are all important when it comes to availing an instant loan, Rupeek discounts these factors if you can secure your loan with collateral instead.

Can I change my tenure once I have applied for 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. In the case of a secured loan, the borrower has the latitude to request for a change in the loan tenure. This is not the case with unsecured loans as the lender may or may not allow the facility to change the tenure of the loan once the loan request has been screened and approved. While lenders are often willing to accommodate any changes the borrower might want to implement, it'll be rather prudent of the borrower to map this out in advance before applying for the loan.

Can I get an instant loan if I'm a homemaker?

As a homemaker, you have to keep a lot many things in your mind, which often includes paying urgent bills. An instant cash loan for a homemaker can ensure an uninterrupted flow of funds which you may use on anything related to your and your family's well-being. An instant loan usually takes no more than 60 minutes to be approved. Hence, you can stay assured about the availability of funds whenever the need arises. To avail an instant loan as a homemaker, you need to submit collateral security to the lender. Depending on the nature, status, and quality of your collateral security, you may get up to 75% of the asset's current market value as a loan. The documents you need to submit include PAN Card, Aadhaar Card, age proof, proof of income, and photographs.

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