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Instant loan in varapuzha

The northern suburb of Kochi, Varapuzha, is the region known for the bridges and the water-facing lands. The Varapuzha bridge runs over Periyar river and connects the place to the other surburb Cheranallur. Here, the temples like Sree Mahadeva Temple and churches like Mount Carmel & St. Joseph's Roman Catholic Latin Rite Church are seen to coexist. Other church-based institutions such as St. Joseph's Monastery of O.C.D. fathers, Carmel welfare centre etc. has assisted the livelihood of the native population. Chettibhagam market connects the people with the neighbouring places via trade. People go for instant loan in Varapuzha and around, for miscellaneous 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.

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

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.

instant loan or overdraft - Which is the better option?

Instant cash loans fund the borrower more abundantly as compared to overdrafts. On the other hand, overdrafts are more flexible as far as repayment is concerned. Usually, all overdrafts come with an upper cap. On the contrary, in the case of instant cash loans. the loan amount is determined based on several factors such as the borrower's credit profile, income status, the magnitude of liabilities, and repayment history. In the case of secured loans, the lender is most likely to approve about 75% of the collateral value. Loan Interest rates also vary vastly. Overdrafts have a higher interest rate as compared to an instant loan due to the absence of collateral. Make sure to assess your need and repayment capacity before availing a loan. If you bite off more than you can chew, it is bound to reflect poorly on your credit profile.

How secure is my gold with Rupeek?

Rupeek is a Reserve Bank of India approved lending institution that has provided instant gold loans to millions of borrowers since 2015. Rupeek has carved a niche in the gold loan industry due to its unique business model, which includes providing doorstep loan services to its borrowers. When you deposit gold bars or ornaments with Rupeek, you get a 100% free insurance cover on the deposited gold. All gold bars and ornaments you deposit with Rupeek are stored in a partner bank vault with round the clock security and real-time monitoring. Not only the gold but also the details you enter on the app are secured with 256-bit encryption and SSL technologies, thereby guaranteeing you 100% safety of your personal data.

What is the minimum monthly income needed for an instant loan?

To make their approved instant loans safer and less prone to being written off, lenders generally evaluate the income to debt ratio of a borrower before approving the loan. Hence, they require the borrower to earn enough so that they can repay the loan EMIs without burdening their wallet. Usually, you need to earn a minimum of INR 18000 to 21000 every month to be eligible to apply for a collateral-free loan. However, the minimum income criteria can be relaxed if you pledge collateral security while availing the loan. To prove the stability of your income, the lender would ask you to submit salary slips and appointment letter with the loan application. If, however, you are self-employed, then you have to prepare a Chartered Accountant approved Income Statement, which will show your monthly income level.

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