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Instant loan in verka

Verka is a small suburb in the eastern part of Amritsar, a city in the Indian state of Punjab. The suburb is situated on Batala road. It is nearby to the railway station which connects to all major cities like Delhi, Jammu, Katra, Pathankot, Bathinda, Amritsar, Dera Baba Nanak, etc. Some of the major tourist attractions in the city are Sun City Amusement and Water Park, Gurudwara Nanaksar, and Verka Milk Plant. All these places attract many tourists each year which greatly promotes the tourism industry in the area. A lot of residents have taken an instant loan in Verka to run a small business in and around the attractions like guest houses, coffee shops, souvenir shops, etc. The famous Durgiana Temple also known as the Lakshmi Narayan Temple is located at some distance from Verka. Its architecture which is similar to Golden Temple fascinates a lot of tourists.

Reasons to take an instant loan

People often turn to instant loans in Amritsar 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.

Eligibility to apply for an instant loan and documents required

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.

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Frequently asked questions

What are the documents required for a gold loan with Rupeek?

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.

Can I take an instant loan for travel?

Travelling to near and far can set you free from the mundane affairs of life. It prepares you to deal with routine tasks in a better way. However, there are times when money plays a hindrance between you and your travel dreams. An instant cash loan online is the best financial instrument that you can apply for when you need urgent cash. To avail an instant loan at attractive terms and interest rates, you must have a credit score of 650 and above. Credit score determines your repayment capability and can enable you to negotiate with your lender. To avail an instant loan, you have to submit documents like PAN Card, Aadhaar Card, income statement, bank account statement, and a few other documents.

Is Pan card compulsary to get an instant loan?

PAN Card is often considered as a mandatory requirement for availing an instant cash loan online. Also, many lenders allow the facility to apply for an instant loan without the PAN Card. However, the chances of loan approval become high when you apply for a secured loan. A secured loan is a loan in which you pledge an asset to get a loan of up to 75% of the asset's value. If you want to apply for an instant loan without PAN Card, you should try to keep the credit score above 700, which is an accurate indication of your creditworthiness. Alternatively, the lender may ask for a copy of your bank account statement or income statement to prove the legibility of the loan application.

What are the reasons for an instant loan to get rejected?

An instant loan rarely gets rejected. But, there are times when a lender is bound by industry norms to not approve an instant cash loan due to issues beyond their control. The first reason why an instant loan may get rejected is a low credit score. Generally, any credit score below 700 is considered an unhealthy credit score, and the lender may not approve a loan. Additionally, if the borrower is a frequent job hopper, the lender might not approve the loan. Another reason why the loan application might get rejected is if the borrower had been a regular defaulter in the past. Hence, if you want your loan application to get cleared in the first time, consider increasing your credit score and having a stable debt to income ratio.

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