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Patiala
Upkar Nagar
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Instant loan in Upkar Nagar

Upkar Nagar is a locality in the Patiala city in the Indian state of Punjab. It is located nearby other localities like Charan Bagh, Dlf colony, Abchal Nagar, New Yadvindra colony, etc. Punjabis the regional language spoken in the town and the major political parties of Upkar Nagar are SAD and INC. Some of the important religious landmarks near Upkar Nagar are Shiv Parvati Temple, Shiv Mandir, Dharamshala Shiv Mandir, Madeena Masjid, Eidgaah Patiala, and Prachin Sheetla Mata Mandir. The Indian Institute of Management Technology and Patiala Institute of Engineering and Technology are also nearby. A lot of residents of the locality run hostels and PG’s to accommodate the students studying in the colleges. The residents could easily avail instant loans in Upkar Nagar to facilitate these guest houses and to ensure their smooth functioning.

Difference between instant loans and personal loans

Although both personal and instant loans provide the lender with emergency funds, certain features make them different from each other. These pertain to their nature, their requirements, and their loan amounts. 

Nature: While a personal loan is always unsecured, an instant cash loan can be either secured or unsecured.

Collateral requirement: Personal loans are always collateral-free while instant loans can be collateral-free as well as collateral-based.

Required documents: Personal loans require more paperwork to prove the financial health of the borrower. In the case of secured instant loans, the paperwork is minimal, consisting only of the borrower’s identity and address proof. However, when obtaining an unsecured instant loan, the borrower is required to submit documents to prove their financial health, such as their credit score and income statement.

Upper limit: Up to INR 20 lakh can be procured using a personal loan. When it comes to a secured instant loan, there is no upper limit in the loan amount that can be availed. The lender can receive up to 75% of the market value of the pledged collateral as the loan amount. On the other hand, not more than INR 5 lakh can be obtained as the loan using an unsecured instant loan.

Features of an instant loan

Instant loans are one of the simplest and most popular loans in India. Out of all loans offered by Indian lenders, instant loans are the most feature-rich and easy loan you can avail. Some of the prominent features of an instant loan are:

Flexibility- The first feature that makes an instant loan unique is its flexibility. You may use the loan amount for any purpose you want to. 

Loan approval- The second feature is the speed at which instant loan approvals occur. Usually, an instant loan gets approved within an hour of the loan application. 

Ease of loan application- The third feature is that you can apply for an instant loan online or offline. The entire process, from application to approval, is transparent, quick, and painless and is hassle-free when it comes to gold repayment. 

Minimal documentation-Last but not the least, instant loans are so popular due to the minimum documentation required to apply for an instant loan. You need to upload no more than five to six documents to submit your loan application.

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Frequently asked questions

How long is the tenure to repay an instant loan?

An instant loan is one of the most flexible loans in the financial market. It is depending on your financial health as well as your preferences that the loan term and the EMIs are determined. The shortest span of a loan term can be one month and the longest can be up to 5 years. Which one you prefer depends on your financial health. When you opt for a long term loan, even though your EMIs may be a lesser amount, you will end up paying more, for the interest component. If your loan term is short, the EMIs will be a bigger amount but the amount you pay towards the loan component will be less. Paying the EMIs on time can enhance your credit score. It is advisable to pick the loan tenure depending on your EMIs, the interest rate as well as your financial state.

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.

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

Usually, most lenders send automated reminder messages before the due date for EMI payment of the instant loan. However, there are times when a borrower skips the payment due to various reasons. If unfortunately, a borrower misses the EMI payment, the lender would impose a penalty on the next payment. This would raise the next month's EMI substantially. On subsequent defaults, the lender might hand over the case to a third party loan recovery agent, who might force the borrower in various ways. Additionally, the borrower's credit score takes a hit, making further loan applications difficult. Hence, as a borrower, you must always create a provision for paying off the EMIs and loan repayment even before applying for the loan.

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.

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