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Instant loan in yemmiganur

Yemmiganur is one of the major towns in Kurnool district. It was a part of the Vijaynagara Empire. It is located 16 km from the Tungabhadra River and it is home to a community of weavers. The chief industries of Yemmiganur are cotton ginning, peanut milling and weaving. As far as the weaving industry is concerned there are many weavers who leave this job and find other work as the wages are very low, as for those who continue weaving they are dependent on instants loans in Yemmiganur to make ends meet. Another point worthy of mentioning is the annual Yemmiganur Car Festival.

Difference between instant loans and personal loans

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.

Features of an instant loan

Instant loans are one of the most popular forms of credit in India. Instant cash loans come equipped with several perks and features that make it the most preferred form of credit or most borrowers. There are several reasons why Instant loans have been a roaring hit. The first and foremost reason would have to be its flexibility. It can be availed within a matter of hours, with or without collateral, with or without a healthy credit score, and can be spent as per the discretion of the borrower. Secondly, the speed at which these loans are approved. It is usually only a matter of an hour before these loans are approved. The third reason would have to be the loan application process which can be done both online as well as offline and is an extremely hassle-free process. Last but not the least, the reason instant loans are most borrowers' go-to choice of credit is because of the minimal documentation that is required. Depending on the type of instant loan the borrower is looking to avail, the documents required will vary but are minimal nevertheless.

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Frequently asked questions

What can an instant loan be used for?

instant loans are the most flexible and speedy financial instruments available. One of the major perks of availing an instant loan is that it can be spent as per your discretion. This amount can be spent to meet your household expenses, unexpected medical emergencies, education expenses, or any other cause as per your will provided it doesn't involve speculative activities such s gambling. What's more, this even makes you eligible to receive tax benefits. For example, if you are availing a loan to build a house you are eligible to receive up to 2 Lakhs INR. On the other hand, if the money is being utilized to renovate your home, you will then be eligible to receive up to 1.5 Lakh INR tax benefits. Entrepreneurs or professionals that are self-employed leverage these loans to meet their working capital requirements. You can also invest these funds in buying a vehicle for the family or any electronic items.

What is the minimum monthly income needed for an instant loan?

To ascertain repayment capacity, lenders usually assess the proportion of the borrower's income to debt. Since this is an important eligibility criterion, the borrower's income must overshadow their debt so that the lender can trust that when the time comes the borrower will easily be able to return the principal amount along with the EMI. Ideally, the borrower is expected to earn around 18,000 - 21,000 per month. Only then is he/she eligible to apply for an instant loan. But in the case of a collateral-based loan, this requirement can be relaxed. All you'll have to do is pledge collateral such as gold and submit salary slips (irrespective of the amount) and appointment letter along with the loan application. In the case of self-employment, you will have to submit your income statement attested by a certified auditor.

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.

What are the reasons to take an instant loan?

An instant loan is probably the most flexible immediate loan you can avail when you need money. The best feature of an instant cash loan is that you can use it for any purpose, other than speculative activities. Hence, you may use it to construct a house, sponsor an event or a tour, set up a business, pay medical bills, or on anything which is legal and non-risky. An instant cash loan is usually approved in an hour, thus allowing you to take care of sudden emergencies. The interest rate depends on your credit profile and relation with the lender. Some lenders even allow the facility to pay the interest, along with the principal, at the time of maturity. Additionally, by repaying the instant loan EMIs on time, you may enhance your credit score, which may increase your eligibility to apply for a loan in future.

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