sub_locality
Indore
vijay nagar
close btn

Service Update- (Covid-19)

In accordance with the respective state government’s directive, we’ve resumed operations in all the cities. However, a few services will remain affected while others will continue as usual. To read about the services or moratorium updates, Click here

Instant loan in vijay nagar

Vijay Nagar is a major residential area in Indore and is also a part of Greater Indore. This are is developed by the Indore Development Authority, and there was a sudden surge in the population of the suburb in the late 1990s. This has led to an immediate outpouring in markets, businesses, services, real estate prices and they have been the highest in Indore, also because of the unstoppable influx of immigrants. Vijay Nagar is in the eastern part of the city and is between MR-9, MR-10, and Eastern Ring Road. Recently, with the development of Indore BRTS, Vijay Nagar is experiencing rampant growth. Instant loan in Vijay Nagar is an advantage for many who have plans to invest in new ventures and to maintain the current markets. Today, it has developed as the major commercial hub of Indore.

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.

Reasons to take an instant loan

The flexibility related to instant loan guarantees that it can be put to any use. People in Indore procure instant loans for a variety of reasons - whether the expenses are planned or unplanned. The funds procured through an instant loan can be used to pay off unprecedented medical bills. It can also be used to finance a tour or a vacation, or to meet other unexpected emergencies. Whether it is for a house renovation that you need funds for, or it is to start a small business or just about anything, instant cash loans do not stand in your way. You can also use them to pay off your credit card debts, to sponsor an event, or to conduct a grand marriage function. The flexibility offered by an instant cash loan makes sure that you can use your funds for whatever need, as long as it is not for speculative or illegal activities. In some cases, it is also possible to apply for tax rebates when you use an instant loan.

Rupeek ad

Instant Gold Loan Calculator

Today's maximum loan value/gm **
max LTV

Last Updated :

Last Updated :

Frequently asked questions

How is the EMI for an instant loan calculated?

EMI amounts vary from one borrower to another. That is, the EMI is subject to change depending on the interest rate, loan term, and loan amount. Usually, in a repayment cycle, most of your repayment goes towards the interest, post which your payments gradually trust towards repayment of the principal amount. The loan amortization schedule shows the breakdown of the principal amount vs the interest component. For instance, if you get a loan of 10 lakhs with an agreed repayment tenure of 12 months at a 10% loan interest rate, then your monthly EMI will sum up to 87,920 -/ INR. Depending on the magnitude of each component the EMI amount will also vary. If the interest rate increases while the period remains the same, then you will have to pay more within the same time and hence the EMI will increase and vice versa.

How is the repayment date calculated for an instant loan?

There are some eligibilty criteria associated with an instant cash loan. For example. the lender analyses your credit score and your income statement to be assured of the repayment of the loan amount. Only on passing at these fronts will you be granted the loan amount. These factors, apart from being the criteria for eligibility, also determine the loan interest rates as well as the term of the loan. When both the lender and the borrower come to an agreement regarding these terms, the documents are verfied. The borrower can get the instant-loan approval on the very same day. The EMIs commence after one month from the instant loan approval date. Some lenders offer some flexibility in the case of repayment of the loan. In some cases, the instant loan repayment can be done as a lump sum including the principal amount and the accumulated interest, at the end of the term.

What can an instant loan be used for?

An instant loan is the most popular loan in India due to the incredible flexibility it offers. You may use the instant loan amount for virtually any purpose you like, except speculative activities. Many borrowers use the instant loan amount to construct a house. Building a house also makes you eligible to receive tax benefits of up to INR 2 lakh. You may also use the loan amount to renovate your home, which would make you eligible to receive tax benefits of up to INR 1.5 lakh. Self-employed professionals often avail an instant loan to set up a business or meet working capital requirements. Alternatively, you may use the amount to buy a motor vehicle or an electronic gadget. An instant cash loan may also come in handy if you want to pay hospital bills in case of an emergency.

How many times can I take an instant loan?

How many times you may apply for an instant loan depends on your eligibility. When you apply for a collateral-free loan, the lender will check your credit profile and existing loan book. Generally, lenders do not sanction two personal loans at the same time. However, when you apply for a collateral-based loan, like a gold loan, there is no limit to how many times you may avail a loan. Collateral-based loans are usually of two types - instant and credit line. In the instant loan, you get the total loan amount as soon as you deposit the collateral. The interest rate applies to the full sanctioned loan amount. The credit line allows you to deposit the collateral once and take out money whenever you wish to. The interest rate, in this case, applies only to the amount you utilise and not on the whole amount.

Rupeek ad

Apply now for 30 minutes doorstep service#

+91
Please enter valid Mobile Number
gold img
Apply for Gold Loan 30 Minutes Doorstep Service
close
+91
Please enter valid Mobile Number
close
success img

Loan Request Successful

Your request has been received, our customer relationship manager has been notified and will call you shortly