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Instant loan in tilakwadi

Tilakwadi is a neighbourhood located in Belgaum City in the southern state of Karnataka. It comes under the jurisdiction of Belgaum Division. Tilakwadi is a prime and opulent area of Belgaum located simply off the Goa highway, it is close to lots of conveniences like Schools, Hospitals, Shopping, Temples, Hotels, Banks and even Railway station is a brief walk away. Ashraywadi, Hindwadi, Hindu Nagar and Sarvodaya Society are some of the prominent areas located in close vicinity to Tilakwadi. Iskon Mahadev Mandir, Shri Ganesh Mandir and Shri Ram Mandir are some of the acclaimed places of worship located in the Tilakwadi area. The entire process is online and all documents have to be uploaded on the web making instant loans in Tilakwadi, one of the ideal choices for the residents.

Eligibility to apply for an instant loan and documents required

An instant loan can be of two types - 

Secured instant loans- If you apply for a secured loan, i.e. an instant loan against collateral, you can get a higher loan amount. The eligibility criteria are also relaxed. Usually, it does not matter whether you can show income proof or not. You may also apply for a loan with only two documents - PAN Card and Aadhaar Card. 

Unsecured instant loans- If you apply for an unsecured instant loan, the lender would approve the loan based on your income and expenditure ratio, credit score, and the stability of income. To avail an unsecured loan, you have to satisfy the minimum monthly income criteria set by the lender and is usually above INR 21,000 per month. Moreover, you have to submit documents like PAN Card, Aadhaar Card, income proof, age proof, income tax file, bank account statement, and quite often, a guarantor.

 Hence, if you want a no-frills loan, it is prudent to apply for a secured instant cash loan online.

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

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

Whether or not you need to have a high credit score depends on the type of loan you are applying for (collateral-based or collateral-free instant cash loan) and on your lender. You are required to have a credit score only as long as you are opting for a collateral-free instant loan. If you are opting for a collateral-based instant cash loan, you are not required to have a credit score. A credit score is requested by the lenders as it is a mark of your financial health. Your credit score and your financial health are directly proportional to each other. On the other hand, if you are placing an application for a gold loan with Rupeek, your credit score is not required. This is because of the security of the collateral that you have pledged with the lender. This also enables the lender (as per the RBI regulations) to disburse amounts equal to 75% of the market value of the pledged gold to the borrower. Besides, you can also get lower loan interest rates with Rupeek.

Can I take an instant loan with low credit score?

The credit score is one of the important factors that the lenders look for when they give loan approvals. A high credit score is a mark of your financial health. It is preferred to have a credit score of at least 650 or above. A credit score below 700 is a mark of poor financial stability. It is based on your credit score as well as your monthly income that the lender determines the loan amount as well as the loan interest rate. When your credit score is below the preferred range, your loan interest rate is likely to be higher and your loan amount is likely to be less. In this case, you can opt for a collateral-based instant loan since it provides many benefits including low-interest loans. They also do not require you to have a stable income or a high credit score.

How many times can I take an instant loan?

The number of times that you can apply for an instant loan depends on your eligibility. When it comes to a collateral-free loan the lender will have to assess your creditworthiness based on your existing book of loans. Ideally, lenders do not sanction multiple personal loans at the same time. On the other hand, when it comes to secured loans there are no such restrictions. Secured AKA collateral loans can be of two types- Credit Line and Instant. When it comes to Credit Line, you are allowed to deposit the collateral once and withdraw money as and when required. Subsequently, the interest rate applies only to the amount you use up and not the entire amount. However, in case of an instant loan, the entire amount will be credited to you as soon as you deposit the collateral.

What are the interest rates of an instant loan?

The interest rate at which instant loans are availed differs from one borrower to another. This is determined by his/her income status and credit score. Lenders follow a streamlined procedure to disburse an instant loan which involves document verification and ascertaining the borrower's financial capabilities. Often, the loan amount also plays a key role in determining the loan interest rates. For instance, interest rates may vary between 1.29% to 1.65% if the loan amount is under 2 lakhs. If the amount ranges between 2 to 5 lakhs, subsequently the interest rates will also vary between 0.99% to 1.59%. Interest rates may vary between 0.89% and 1.39% provided the loan amount is either 5 lakhs or more. It is because of these interest rate slabs, you are required to assess your repaying capacity before availing for a loan as default in loan repayments reflect badly on credit scores.

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