Varachha Road is a major road in Surat city. It starts from BR Circle and continues to Sarthana Flyway. This long stretch of road connects several areas of the city and makes commuting easy for thousands of people. The Varachha Flyway is also located on this road. It was built to ease traffic jams in the city. Over the years, several businesses have cropped up along this road. Restaurants, shopping outlets, offices, business firms, etc. are a common sight along Varachha Road. People even avail instant loans in Varachha Road to set up their businesses along this busy stretch. Several educational institutions also stand in proximity to this road, such as Shree Swami Atmanand Saraswati Institute of Technology, Shree J B DharukaWala Mahila Arts College, etc.
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.
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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Last Updated :
instant loans are not likely to get rejected. However financial institutions are governed by certain industry norms that restrict the from approving an instant cash loan There are several reasons why an instant loan may get rejected, the most prominent one being a low credit score. Usually, a credit rating of 700 or below is considered unhealthy, causing the borrower's application to be rejected. Other reasons for loan rejection include frequent job changes or defaults in the borrower's credit profile. One of the fail-proof ways of getting a loan application approved without facing any hurdles is to increase your credit score by ensuring timely repayment of former debts and a commendable debt-income ratio. Since applications get considered for sanction within an hour of loan application, it gives the borrower enough time to reflect on his/her profile and apply again.
Rupeek loan interest rates are extremely low, variegated, and practical. By applying for a gold loan at Rupeek, you could stand to gain more than INR 12,000 on the interest component for every lakh you borrow. What's more, your gold gets a full and free insurance cover as long as it is in Rupeek's possession. Rupeek offers various types of interest rates and amounts as per your preference. Here are the interest rates which are subject to change depending on the loan amount-
1) Above 20 Lakhs- Interest rate can range from 0.89% to 1.39%
2) Between 5-20 Lakhs- Interest rate can range between 0.89% and 1.39%
3) Between 2-5 Lakhs- Interest rate can range between 0.99% to 1.59%
4) Less than 2 Lakhs- Interest rate can range between 1.29% and 1.69%
The variation in interest is because Rupeek offers 3 types of loan schemes-
1) High-Value loan (Lowest interest rate)
2) Max Value Loan
3) No Tension Max Value Loan (Highest interest rate)
Financial institutions prefer lending loans to citizens that reside within the same geographical bounds as them. Identity proofs are written, legal evidence of the borrower's nationality because of which they are considered mandatory if you want to apply for loan online. Some of the documents that are entertained as valid identity proof are:
*Electoral Photo Identity Card
*Life Insurance Policy Bond
*Student Photo Identity Card
The other documents that you have to submit include address proof, age proof documents, income proof, and salary slip in case you are availing an unsecured loan.
Applying for a gold loan through the Rupeek app or via the customer care number is simple as it can get! If you are applying for an unsecured loan, you can upload the necessary documents online. Whereas, when it comes to availing a secured loan, a Rupeek official will visit you at a location and time as per your convenience to verify your documents and evaluate your collateral. The documents required to avail and a gold loan are identity proof documents such as PAN Card or Aadhaar card. Instant gold loans are one of the easiest types of loans that can be availed and doesn't involve much paperwork. However, if you are applying for a secured loan, you will have to mandatorily submit your income proof documents such as your salary slip, income statement and credit score.
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