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Vadgaon Budruk
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Instant loan in Vadgaon Budruk

Vadgaon Budruk otherwise called Vadgaon is the neighbourhood located in the city of Pune. Vadgaon Budruk town is located around 8 km from the focal point of Pune. It was a little town before 1990 with agriculture being the primary occupational activity. The name of the town was derived due to the presence of various 'Vad'/Banyan trees. Vadgaon Budruk acts as an intersection between Sinhgad Fort and the Pune city. It is known for the Sinhgad Institute and for different IT and BPO industries in the area. Instant loans can be applied easily by sitting at the home, office or from anyplace else connected with the web. Instant loans in Vadgaon Budruk are usually availed by residents for their monetary needs.

Eligibility to apply for an instant loan and documents required

Instant loans are typically of two types- Unsecured loans that don't require collateral security and secured loans that require the borrower to pledge collateral security against the loan. Borrowers that get a instant loan get access to various benefits as compared to those that borrow unsecured loans. For instance, borrowers that avail secured loans get to borrow a higher loan amount. Since borrowers are required to pledge an asset whose market value needs to be about 30% more than the loan amount, the eligibility criteria are also relaxed. To avail a secured loan, you'll only need basic documents such as PAN Card and Aadhaar Card. However, this isn't the case with unsecured loans. When you apply for an unsecured loan, your loan approval depends on several factors such as your debt-income ratio, existing credit profile, and income status. Additionally, to be eligible for an unsecured loan, as a borrower, you will need to have a minimum income of INR 21,000 per month. Along with this proof of income, you will also have to submit other documents such as PAN Card, Aadhaar Card, Age proof, Income tax file, Account transaction statement, and sometimes even a guarantor. If you are looking to avail a quick, hassle-free loan, secured loans are the way to go.

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.

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Frequently asked questions

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

As a student, you cannot apply for many loans. However, an instant loan for education is one of the very few loans that anyone may apply for, and it does not matter whether you are a student or a professional. The best part is that you can use the loan amount for any purpose related to your studies or use it for sponsoring everyday expenses. Generally, lenders charge a little higher loan interest rate and reduce the loan amount if you cannot prove any stable source of income, which is needed to repay the EMIs on time. But if you apply with a co-applicant, who can show a steady source of income, your loan interest rates may be low. Alternatively, if you apply for a collateral-based loan, like a gold loan, the interest rates may start from as low as 0.89% per month.

What are the benefits of a gold loan over 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. The most advantageous factor of a gold loan is that the loan amount is much higher as compared to an unsecured loan. Additionally, the interest rates of secured loans such as gold loans are often lesser than that of unsecured loans such as an unsecured personal loan for instance or any other conventional instant loan interest rates. Last but not the least, when it comes to gold loans, several lenders often enable the latitude to repay the entire principal loan amount along with the interest without sans additional charges. A gold loan would be the best choice if you are looking to urgently obtain a large loan at low-interest rates.

Will an instant loan help pay off credit card debt?

Credit cards are the most sought after instrument of debt. Since credit cards essentially enable an individual to spend money they don't yet have, it often leads to debt compilation which reflects poorly on the individual's creditworthiness. Post such a debacle, even if the individual chooses to opt for a loan, a low credit rating will continue to affect the individual's loan interest rate, loan amount, and other terms of the loan. The individual can redeem himself/herself by availing instant cash loans online. The individual can seek to curb the damage caused to his/her credit rating as the funds stemming from an instant loan can be used to settle existing credit card debts. Since instant loan interest rates are usually lower than that of credit cards, it is advisable to leverage an instant loan to settle credit card dues.

How long will the application process take?

One of the best features of the instant cash loan is the speed of the transaction. You can place a request to get a loan either by downloading the app or by visiting the web portal of the lender. After placing a request, within a few minutes, a representative will get in touch with you to fix an appointment. In case of a collateral-free loan, the entire process can be carried online. However, if it is a collateral-based loan that you have opted, an offcial representative will visit you wihtin 30 minutes from setting the appointment to check the authenticity of your collateral and verify the documents. After the approval of the loan, the loan amount would get transferred to your account. The entire process is very simple and convenient. It wouldn't take more than 60 minutes to carry out the entire process from the loan application to the disbursal of the funds.

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