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Instant loan in vannarpettai

Vannarpettai is a locality situated in the city of Tirunelveli. It stands at a distance of about 5.6 km from the city centre. The Thamirabarani River passes through this locality. The locality stands at the junction of North Bypass Road and Trivandrum Road, which places it in a strategic position as far as connectivity is concerned. Vannarpettai is dotted with many commercial establishments, including hotels, general stores, banks, stores of jewellery, etc. There are quite a few places of worship as well. Several medical facilities and hospitals are present in Vannarpettai. These include the Galaxy Hospitals, ESIC Hospital, and Sudharson Platinum Hospitals. Local residents often avail instant loan in Vannarpettai to meet their requirements for medical care at some of the reputed medical facilities in the locality.

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.

Features of an instant loan

Thanks to the flexibility and the simplicity associated with an instant loan, it is the most popular and demanded source of funds in India. An instant loan offers many exclusive features that makes it a favorite among the borrowers in Tirunelveli. Listed below are some of the most attractive features of an instant loan:

Flexibility - The funds that are obtained through an instant loan can be put to any use, as long as it is not for speculative or illegal purposes.

Loan approval - Usually within an hour from the loan application, the loan amount will get disbursed into your account, just as the name suggests.

Loan application - An instant loan can be placed online as well as offline. The borrower can use the app, the website, or can also call the customer service desk to make a request for the loan. The procedure, from the loan application to the transfer of the amount remains smooth, transparent, and quick.

Minimal paperwork - One of the reasons why instant loans are so popular is that they hardly require any paperwork at all. Not more than five documents are to be uploaded under any circumstance.

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Frequently asked questions

How to deal with a loan default?

Though most borrowers strive for timely payments to elevate their credit score, it does so happen that the borrower might end up intentionally or unintentionally default on an EMI. Arrears in payment are met with various consequences depending on the lender and this ranges between a hefty penalty on subsequent payments and legal recourse. As a prudent borrower, it is advisable to map out a rough budget to ascertain if accomodating repayment of loan along with the interest will be possible. This will help you assess where you stand financially and avail a loan amount and interest rate accordingly. Bear in mind that the terms of your loan can be amended if you might be at risk of default. In such a case, you can immediately contact your lender and request for the same. Additionally, lenders also offer the facility to switch from a monthly repayment mode to pay the principal and interest at the end of the loan tenure, which is the bullet repayment mode.

How long does the gold loan application process take with Rupeek?

Rupeek loans can be availed in no time at all! All you'll have to do is download the Rupeek app, create an account with a unique username, and set a password for the same. Once this is done, you can fill out a gold loan application and place your request. In a matter of just a few minutes, a Rupeek representative will get in touch with you to schedule a visit to any place and time of your convenience. An official loan officer will then arrive at your place to verify your documents and value your gold. Upon successful verification, the officer will state the loan amount that you are eligible to receive. If both parties are in agreement with the loan amount, the officer will process your loan and you will get the money in your account in a jiffy. The entire process from the time you place your loan request to loan disbursal takes only about an hour.

What are the tips while applying for an instant loan in India?

instant loans are the best source to avail funds if you are in urgent requirement of the same. However, to have a significant say in the terms of the loan, the borrower needs to be in possession of a high credit score. This credit score is a direct reflection of your past repayment pattern. The higher the credit score, the better your chances of availing a loan as per your terms. 700 is considered an ideal credit score, anything north of that gives you an upper hand as the borrower. There are two types of instant loans- Secured and Unsecured. In case of a low credit score, the borrower can always opt for a secured loan, in which case the credit score will not majorly influence the terms of the loan as collateral is involved. However, if the borrower has a commendable debt-income ration, then he/she can leverage that and opt for an unsecured instant loan at an attractive interest rate. Irrespective of which loan one chooses to avail, it will not take more than an hour to receive these funds.

What type of loan can be taken for a medical emergency?

Medical emergencies have a 100% track record of cropping up unannounced. One can never be too prepared to handle such situations. Though the individual may be insured, most hospitals expect the payment to be made upfront whereas insurance companies take a considerable amount of time to turnaround. In such situations, instant loans prove to be handy as they barely take an hour to be approved. Not all lenders demand end-end documentation. Some even approve loans with just an Aadar card. Availing an instant cash loan only requires a couple of steps. All you need to do is download the lender's app, submit your personal details, and apply for the instant loan. Your eligibility amount and interest rate will both depend on your credit score and your EMIs will commence exactly a month since the date of loan approval.

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