Vishrantwadi is a renowned suburb of Pune City which is quickly developing and relatively new residential neighborhood toward the north of the city and incorporates the territories of Mohanwadi, Pratik Nagar, Kasturbawadi (now known as Kasturba Housing Society), Phule Nagar, Mental Corner, Police Lines, Shanti Nagar, Dhanori, Tingre Nagar, Kalas, Mhaskewasti and Dighi. Vishrantwadi is very much connected with the remainder of Pune by both bus and auto transport throughout the whole day. PMPML offers numerous routes to areas like Swargate, Katraj, Kothrud, Pimpri, Bhosari, Alandi, Lohegaon and some periphery towns encompassing alandi road. There are various armed and air force foundations close by, some of which are the Bombay Engineering Group, Khadki military cantonment, GREF Centre and Lohegaon Air Force station. To fulfil their everyday expenses, residents choose instant loans in Vishrantwadi.
Although both personal and instant loans provide the lender with emergency funds, certain features make them different from each other. These pertain to their nature, their requirements, and their loan amounts.
Nature: While a personal loan is always unsecured, an instant cash loan can be either secured or unsecured.
Collateral requirement: Personal loans are always collateral-free while instant loans can be collateral-free as well as collateral-based.
Required documents: Personal loans require more paperwork to prove the financial health of the borrower. In the case of secured instant loans, the paperwork is minimal, consisting only of the borrower’s identity and address proof. However, when obtaining an unsecured instant loan, the borrower is required to submit documents to prove their financial health, such as their credit score and income statement.
Upper limit: Up to INR 20 lakh can be procured using a personal loan. When it comes to a secured instant loan, there is no upper limit in the loan amount that can be availed. The lender can receive up to 75% of the market value of the pledged collateral as the loan amount. On the other hand, not more than INR 5 lakh can be obtained as the loan using an unsecured instant loan.
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.
If you are worried about the safety of your collateral as well as of the personal details you have shared with the lender, all you have to do is check if the lender has been approved by the Reserve Bank of India. Rupeek is an approved lending institution that has been in the market since 2015, providing excellent services to its customers. Rupeek is one of the best instant gold loan lending institutions in India, gaining popularity, thanks to its quick, hassle-free services as well as for its doorstep loan services. Rupeek offers your collateral the maximum protection. As soon as you hand over your gold assets to Rupeek, it makes sure that your assets get a 100% free insurance cover. It also makes sure that the deposited gold is safe in the vaults of a partner bank where it is heavily guarded with round the clock security and real-time monitoring. The personal details that you share with Rupeek are also given equal protection. The details you enter are secured with 256-bit encryption and SSL technologies.
An instant loan can be of two types - secured (with collateral) and unsecured (without collateral). When you avail a secured instant loan, the lender would ask you to deposit an asset. The loan amount would be finalized after evaluating the current market value of the asset. Generally, lenders approve up to 75% of the market value of the pledged asset. The lenders also charge a lower loan interest rate on collateral-based instant loans. If, however, you apply for an unsecured loan, the lender would impose an upper ceiling on the amount you may apply for. Generally, the upper ceiling is around INR 5 lakh. Moreover, the interest rate may be substantially higher than the secured loan. The borrower will also be asked to present their credit score and income statement or salary slip to depending on which the loan interest rate will be calculated.
Submitting an identity proof is mandatory when you wish to avail an instant cash loan online. An identity proof shows your nationality, which may determine your eligibility for the loan approval. To avail an instant loan, you have to submit address proof, age-related documents, income proof, and other documents, along with the identity proof. The documents that are valid as the identity proof are PAN Card, Aadhaar Card, Passport, Electoral Photo Identity Card, Driving License, Ration Card, Birth Certificate, Matriculation certification, Life Insurance policy bond, and Student Photo Identity Card. Out of all documents, PAN Card is the most important document that is most often considered a mandatory requirement.You may also be asked to present your income statement or a salary slip if you are availing of an unsecured loan as a proof of your financial security.
Even though a personal loan and an instant loan provide quick funds in case of an emergency, there are a few factors that make them different from the other. A personal loan is an unsecured loan since it is collateral-free. An instant cash loan, on the contrary, includes both collateral-based and collateral-free loans. One of the most popular collateral-based instant cash loans is a gold loan. Against the pledging of your gold, you can procure quick funds. The specialty of instant loans is that you get the loan approval instantly. If you are looking for quick funds and urgent loans, an instant loan is your go-to. It doesn’t take more than an hour to process and sanction an instant loan as long as you have all the necessary documents ready. A personal loan is not exclusively about the quickness of the disbursal of the funds. It may or may not be as quick as an instant loan, depending on your requirements as well as the lender. Therefore, there are a few significant differences between an instant loan and a personal loan.
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