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Instant loan in vasant kunj

Vasant Kunj is a locality in Delhi that has been in the news for its phenomenal transformation. Known for its environment-friendly colonies, it has been lauded for its comfortable geography that easily leads to the Indira Gandhi International Airport and India's first Islamic tomb, Sultan Ghari. The zone is occupied by the wealthy & also gains traction from its close commercial neighbourhood, Gurgaon. It serves as the perfect location for the big corporate giants like Bloomsbury India, Bharti Enterprises, and Maruti Sukuzi India Limited. In such situations, it is ideal for businesses & individuals to fulfill their requirements by acquiring instant loan in Vasant Kunj.

Reasons to take an instant loan

People often turn to instant loans in Delhi for several purposes.They can be classified into:

1) Unplanned expenses: Owing to how quickly it can be availed, instant cash loans are a convenient form of credit that comes very handy in case of financial emergencies. In scenarios such as hospitalization, sometimes the bill amount might exceed the insurance cover. Instant loans can be availed within an hour and are very helpful when one has to meet unplanned expenses.

2) Planned expenses: If you are looking to start or expand your business, you can avail an instant loan to help meet your fund requirements. The funds stemming from an instant loan can be spent as per the borrower's discretion. If you choose to spend the loan mount on business, construction, or renovation of your house you are even eligible for tax rebates. Be it a leisure trip or a wedding, instant loans can be availed for any reason.

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.

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Frequently asked questions

Whats the minimum amount of gold loan I can take?

Gold loans are one of the most flexible financial instruments of credit that involves pledging collateral such as gold as security against a loan amount. The loan amount is usually determined by the market value, weight, and purity of the gold. The maximum loan amount one can avail while applying for an instant loan is 75% of the value of the gold as per the RBI. However, there is no minimum amount as such. While the common understanding is that one can save over INR 12,000 o the interest component, the loan interest rate varies in slabs:

1) If the loan amount is less than 2 lakhs per month, the interest rate starts from 1.29% per month.

2) If the loan amount is between 2 and 5 lakhs, then the interest rate starts from 0.99%

3) If the loan amount is 5 lakhs or above, the loan interest rate starts at 0.89%

Can I change my tenure once I have applied for an instant loan?

Whether or not you can change the loan term after the loan approval depends on the type of loan you have opted for and your lender. There are two types of loans when it comes to instant cash loans - an unsecured instant loan and a secured instant loan. In the case of an a secured loan, since the loan is flexible, it is possible to change the loan term after the loan approval. A secured loan is where the borrower has to pledge an asset in the form of collateral with the lender. In the second type of loan, in an unsecured instant loan, whether or not you can change the loan term depends on the lender. In any case, it is always better to be clear about your financial health and choose the best EMI available to you after careful deliberation.

What's the maximum limit for an instant loan?

Instant loans are flexible and are processed in the blink of an eye. You have the latitude to spend the borrowed amount as per your discretion. The loan amount and upper cap for an instant loan differs from one lender to another. If you wish to avail an unsecured loan, the upper cap for the same is usually INR 5 lakhs. A lower loan amount subsequently comes at a higher loan interest rate. If you are looking to avail a loan of 5 lakhs or more, you can opt for a collateral-based loan such as an instant gold loan. When you apply for a secured loan, the amount you avail can go up to 75% of the collateral. Hence, the upper cap when it comes to a secured loan is subject to change depending on the collateral pledged. This loan amount is decided based on your credit profile, preferred loan term, and repayment capacity.

Can an instant loan request be altered?

The general notion when a borrower places an online loan application request is that he/she has taken stock of their needs and has placed their request only after careful consideration of their repayment capacities. Despite that, financial institutions are accomodating enough to facilitate alterations to the loan request. The components of the loan request that you may change include the loan amount, loan term, and type of loan request placed. Timing however plays a crucial role in the approval of alterations if any. Amendments to your instant loan can be implemented, provided they are stated before the loan approval stage. Post loan approval, the only alteration that can be accommodated happens to be a change in the stipulated loan term.

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