close btn

Service Update- (Covid-19)

In accordance with the respective state government’s directive, we’ve resumed operations in all the cities. However, a few services will remain affected while others will continue as usual. To read about the services or moratorium updates, Click here

Instant loan in somajiguda

Somajiguda is a commercial hub of Hyderabad. At one time it was a residential neighbourhood but today it has turned into a bustling centre for trade and commerce. The area teems with commercial establishments related to automobile, jewellery, banking, etc. Showrooms of top automobile brands like Skoda, Honda, Volkswagen, Hero, Maruti Suzuki, TVS, Bajaj, and Yamaha are located in this area. People often avail instant loan in Somajiguda to buy their dream vehicle from these showrooms. Somajiguda also has several stores that sell health and fitness products. Many star hotels of the city have Somajiguda as their address, including The Park, IK London, and Katriya hotel & towers. Some of the most popular food joints, restaurants, and watering holes in the city are located here.

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.

Reasons to take an instant loan

People often turn to instant loans in Hyderabad 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.

Rupeek ad

Instant Gold Loan Calculator

Frequently asked questions

What happens if I miss a payment while paying off my instant loan?

It is hard to miss an EMI payment on an instant loan since the lender sends automated reminder messages to make sure that you pay your EMIs on time and to keep your credit score intact. But if you miss a payment due to other reasons, you will be imposed with a penalty on your next payment. Failure to meet that payment will force the lender to hand over your case to a third-party agent. The agent may force the borrower in various ways to recover the loan amount. The credit score of the borrower would also fall, making it difficult for them to obtain further loan amounts in the future. As a borrower, it is required that sufficient resources be arranged for the payment of the EMIs before taking an loan.

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 you get tax benefits on an instant loan?

Owing to how quickly an instant loan can be availed, these funds are usually used to meet urgent fund requirements. However, if you wish to use these funds for planned expenses you may certainly do so and how! If you opt to invest your instant cash loan in the construction of a house or to buy a new property, you are likely to receive tax benefits of op to INR 2 lakhs. Alternately, if the money is only to flip or renovate your house, you will be able to claim tax benefits up to INR 1.5 Lakhs. Last but not the least, if you are availing a loan to set up or expand your business you will be eligible for tax benefits. However, this can only be claimed on the interest component and not on the principal amount.

Is Pan card compulsary to get an instant loan?

A PAN Card is one of the mandatory documents that a borrower has to submit with the lender in order to prove their financial security. It is possible to get an instant loan without a PAN Card. There are better chances of a loan approval if you have provided your PAN Card. It is easier to obtain a secured instant loan than an unsecured instant loan without a PAN Card. This is because, in the case of a secured loan, the lender is assured of the safety of the loan, thanks to the assest that he has procured in the form of collateral. If you are in need of an unsecured instant loan and if you do not have PAN Card, you need to have a high credit score. A high credit score is usually above 700. A high credit score is a mark of your financial health. The lender can also decide to give you an unsecured instant loan without a PAN Card if you have a stable income, which has to be proved with an income statement or with a copy of your bank account statement.

Rupeek ad
gold img
Apply for Gold Loan 30 Minutes Doorstep Service
close
+91
Please enter valid Mobile Number
close
success img

Loan Request Successful

Your request has been received, our customer relationship manager has been notified and will call you shortly