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Ahmedabad
Vatva
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Instant loan in Vatva

Vatva is a residential cum industrial neighbourhood of Ahmedabad. Located in the eastern suburb of the city, the neighbourhood has emerged as a real estate hotspot in recent times. With well-developed social infrastructure, good connectivity, and affordable housing options, the area has caught the attention of real estate developers and investors alike. In fact, many investors are opting for instant loans in Vatva to take advantage of this real estate boom. Vatva boasts of the presence of renowned educational institutions and multi-speciality hospitals. Sagar Super Mall and Radhe Shopping Mall are among the popular shopping outlets of the area. Several tech parks, including the Pinnacle Business Park, Parshwanath Business Park, and the Fortune Industrial Park, are located with a distance of about 15 km from the neighbourhood.

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 Ahmedabad. 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 is the EMI for an instant loan calculated?

Equated Monthly Installment, or EMI, is a combination of principal and interest and is calculated by factoring in the loan amount, loan interest rate, and loan term. During the early part of the repayment tenure, you pay more towards the interest, and as the end of the tenure approaches, the interest component comes down, and you start repaying the principal. The loan amortization schedule is a tabular list which shows the break-up of the principal and the interest component. For example, if you are applying for a loan amount of INR 10 lakh for a repayment tenure of 12 months at an interest rate of 10%, your monthly EMI would be INR 87,920. The EMI is linked to the loan term and the interest rate. Hence, if the interest rate increases and the period remain the same, the EMI would increase. Similarly, if the term decreases and the interest rate remains the same, the EMI would increase.

How long is the tenure to repay an instant loan?

An instant loan is one of the most flexible loans in the financial market. It is depending on your financial health as well as your preferences that the loan term and the EMIs are determined. The shortest span of a loan term can be one month and the longest can be up to 5 years. Which one you prefer depends on your financial health. When you opt for a long term loan, even though your EMIs may be a lesser amount, you will end up paying more, for the interest component. If your loan term is short, the EMIs will be a bigger amount but the amount you pay towards the loan component will be less. Paying the EMIs on time can enhance your credit score. It is advisable to pick the loan tenure depending on your EMIs, the interest rate as well as your financial state.

Whats the minimum amount of gold loan I can take?

An instant gold loan is a fully flexible loan instrument that needs collateral security like a gold bar or ornament. Usually, the loan value depends on the weight and purity of the gold. As per the rules laid down by the Reserve Bank of India, you can avail a loan of up to 75% of the value of the gold. Hence, while there is no minimum amount of gold loan that you may apply for. However, by opting for a high-value loan, you may save over INR 12,000 on interest. Generally, the interest rate for a loan amount less than INR 2 lakh starts from 1.29% per month. For a loan amount of above 2 lakh, but below 5 lakh, the loan interest rate starts from 0.99% and for any loan amount of 5 lakh and above, the loan interest rate starts at 0.89%. Rupeek also offers various schemes for loan repayment.

Will an instant loan help pay off credit card debt?

When it is about choosing the right financial instrument for getting cash instantly, people often choose credit cards, without realising that the penalty for non-payment can often be detrimental for their financial profile. Credit card debt often causes irreparable damage to the credit rating of a borrower, thereby reducing the chances to apply for a new loan. However, by availing an instant cash loan online, you can settle off your existing card debts and start your financial journey afresh. By settling off your credit card debts, you can partially offset the damage caused to your credit score. And, as the instant loan interest rates are usually lower than credit cards, you may save a substantial amount by paying off your card dues with an instant loan.

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