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Solapur
Solapur

Instant Loan in Solapur

Solapur is a city in Maharashtra that is situated close to the border of Karnataka. Being located on key rail routes and major highway that connects Mumbai, Bangalore, Pune, and Hyderabad, the city enjoys a strategic position. Solapur was once an agglomeration of sixteen villages, all of which were merged to form the Solapur Municipal Corporation. The city is known for its handloom and powerloom products as well as its cotton mills. Solapuri Chadar or towels are among its most famous products. These towels were the first item to receive a Geographical Indication tag in Maharashtra. Solapur houses the National Research Centre on Pomegranate (NRCP). Pomegranate farming is one of the major contributors to the city’s economy. People mostly avail instant Loan in Solapur to overcome their need for funds. Kambar Talav, Bhui-Kot Fort, and Mahatma Gandhi National Zoo are among the popular places to visit in the city.

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Reasons to take an instant loan

People often turn to instant loans in Solapur for several purposes.They can be classified into:

1) Unplanned expenses: Owing to how quickly it can be availed, instant cash loans are a convenient form of credit that comes very handy in case of financial emergencies. In scenarios such as hospitalization, sometimes the bill amount might exceed the insurance cover. Instant loans can be availed within an hour and are very helpful when one has to meet unplanned expenses.

2) Planned expenses: If you are looking to start or expand your business, you can avail an instant loan to help meet your fund requirements. The funds stemming from an instant loan can be spent as per the borrower's discretion. If you choose to spend the loan mount on business, construction, or renovation of your house you are even eligible for tax rebates. Be it a leisure trip or a wedding, instant loans can be availed for any reason.

Eligibility to apply for an instant loan and documents required

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. 

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Frequently asked questions

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.

How to apply for an online gold loan with Rupeek?

The application process of a gold loan with Rupeek is extremely simple and straightforward. To apply for a gold loan online, the borrower needs to download the Rupeek app from Google PlayStore and place a loan request from within the app. Alternatively, you may the customer care number and place the loan request. After you apply for the loan, a customer service representative would call you, confirm your details, and schedule an appointment. The appointment time is usually thirty minutes from the time of the loan request. After this, a gold appraiser would meet you, verify the KYC documents and the gold, and approve the loan. To avail a secured gold loan, you need to furnish basic KYC documents like PAN Card, Aadhaar Card, and the likes. Generally, the complete process of loan application to loan approval takes roughly 60 minutes.

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

It is one hundred percent possible to get an instant cash loan even if you are a student. Even if you are a student or a professional, an instant cash loan is an option that is available to you for quick funds. It is based on the financial health and repayment capabilities of the borrowers that the lenders lend money. If you cannot present a document to establish your stable income, the loan interest rates can be higher and the loan amount can be less. It is advisable that in that case, you apply with a co-applicant who has a stable income and whose financial stability can be proven in the form of a salary slip or an income statement. As long as that is possible, the loan interest rates can be low and the loan amount be more. You can opt for a collateral-based instant cash loan that requires neither a salary slip or an income statement. The interest rates for a gold loan can be as low as 0.89% every month and you can avail up to 75% of the market value of the pledged gold as loan.

Can I repay my instant loan early?

Most of the lenders in the market allow the closure of the loan before it reaches the end of the loan term. The only difference is that the charges that they levy when providing these facilities may differ. One of the two ways by which you can repay the loan amount prematurely and close the debt is by paying the entire amount before the loan term comes to an end. For the full loan pre-payment, you may be charged anywhere between 0% and 3%. The other way is by part pre-payment and paying the existing EMI together with the extra cash in your hand in a lump sum. You may be charged anywhere between 0% to 1% of the lump sum amount in this case. There are many benefits to clearing your debts early. Your credit score will get a boost and you will be eligible to get high-value loans in the future.

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