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Patiala
sheran wala gate
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Instant loan in sheran wala gate

Sheran Wala Gate is a small locality in Patiala City in the Indian state of Punjab. Other localities closer to the area are the Rajpura colony, Arya samaj, Baradari, Bagichi Het Ram, etc. Punjabi is the regional language spoken in the area and the major political parties of the locality are SAD and INC. The locality is well developed with numerous private bus companies, cinema theatres, hotels and restaurants, hospitals, petrol stations, colleges, schools, and banks. Residents often apply for an instant loan in Sheran Wala Gate in monetary emergencies. The locality has various green and spacious parks which children use for playing and the elderly are often seen taking their evening walks in the park. The State Archive office of Patiala is also located in this locality.

Difference between instant loans and personal loans

While both instant loans and personal loans help serve the same purpose there are a few factors that set them apart. For starters, all personal loans are unsecured loans by nature which implies that it does not require any collateral to be pledged to avail a loan amount. Owing to this when you get a personal loan, you are required to submit relatively more documentation to confirm the borrower's financial health. An important factor when it comes to personal loans is a healthy credit score which is an important determinant as far as personal loan eligibility is concerned. Additionally, when it comes to personal loans, the maximum one can avail is INR 20 Lakhs. However, when it comes to instant loans, it can be classified as either secured or unsecured loans. In the case of a secured instant loan, the documentation required is extremely minimal as borrowers are anyway required to pledge an asset whose market value needs to be about 30% more than the loan amount. The upper cap when it comes to a secured instant loan is contingent on the collateral pledged. For example: If you pledge an asset worth 1 Lakh, you can avail a loan of 75 Lakhs maximum.

Reasons to take an instant loan

The flexibility related to instant loan guarantees that it can be put to any use. People in Patiala procure instant loans for a variety of reasons - whether the expenses are planned or unplanned. The funds procured through an instant loan can be used to pay off unprecedented medical bills. It can also be used to finance a tour or a vacation, or to meet other unexpected emergencies. Whether it is for a house renovation that you need funds for, or it is to start a small business or just about anything, instant cash loans do not stand in your way. You can also use them to pay off your credit card debts, to sponsor an event, or to conduct a grand marriage function. The flexibility offered by an instant cash loan makes sure that you can use your funds for whatever need, as long as it is not for speculative or illegal activities. In some cases, it is also possible to apply for tax rebates when you use an instant loan.

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Frequently asked questions

How much can I borrow in an instant loan?

instant loans are extremely beneficial owing to the speed at which it gets approved and transferred and the range of flexible repayment options available. instant loans can be of two types. When it comes to Collateral-free cash loans, the upper cap of the loan amount is subject to change depending on the borrower's creditworthiness, continuity of income, and income profile. Typically, the upper cap extends up to INR 2 crores if the loan is being availed for business purposes. While the loan interest rate of a collateral-free loan is much higher in contrast to a collateral loan, the lender will charge a lower interest rate and offer up to about 75% of the value of the collateral pledged in case of a collateral loan. The reduced rate of interest in collateral-based loans helps in saving about 65%

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

When you want to apply for a loan in India, many lenders insist you have a credit score of 700 and beyond. A high credit score shows the creditworthiness of the borrower. A borrower with a high credit score can negotiate the rates in their favour. However, Rupeek's gold loan is unique in that sense since it does not require you to have a high credit score or high income. Your gold will be the collateral for your instant loan. As per the regulations of the RBI, you can avail up to 75% of the gold's value as a the loan amount. Since you will be pledging your gold to get the loan, this security is what prompts Rupeek to offer gold loans to its borrowers without a high credit score or salary slips.

Will an instant loan help pay off credit card debt?

When it is about choosing the right financial instrument for getting cash instantly, people often choose credit cards, without realising that the penalty for non-payment can often be detrimental for their financial profile. Credit card debt often causes irreparable damage to the credit rating of a borrower, thereby reducing the chances to apply for a new loan. However, by availing an instant cash loan online, you can settle off your existing card debts and start your financial journey afresh. By settling off your credit card debts, you can partially offset the damage caused to your credit score. And, as the instant loan interest rates are usually lower than credit cards, you may save a substantial amount by paying off your card dues with an instant loan.

Do banks offer instant loans in India?

Indian lenders are one of the most dynamic in terms of loan offerings. In India, loans products are primarily offered by three types of financial institutions - Banks, NBFCs, and Housing Finance Companies. Generally, borrowers prefer NBFCs when they wish to get instant cash loans. Banks do not directly offer instant loans in India, due to the various regulations it has to adhere to. Even when they do, they need the borrowers to maintain a high credit score and possess all required documents. This often prompts borrowers to shift to NBFCs and HFCs for all their instant loan needs. On average, a secured loan, like a gold loan, takes no more than sixty minutes to get loan approval.

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