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Instant loan in India

India, the second most populous country and the world’s largest democracy also falls on the list of top 10 mineral resource rich countries. Even before the British invaded the country, India was a wealthy country trading gold, precious gems, silk and spices to other countries due to its peninsular geography. Ever since then, India’s love for gold has only grown exponentially - both as means of investment and for personal use. A World Gold Council report in 2018 estimated that gold alone, directly contributed $30 billion to the Indian economy. This primarily stems from the consumption and manufacturing of the yellow metal for exports. The Indian culture is synonymous with gold jewellery right from ancient times as the Hindu scriptures depict gods and goddesses wearing gold jewellery. It was believed that gold had the power to purify anything it comes in contact with. This is essentially why the gold rate in India is a key factor for investments followed by millions of residents in India. The gold rate is influenced by factors like global market, value of US dollars, demand and supply of particular regions etc. 

Features of an instant loan

Instant loans are one of the simplest and most popular loans in India. Out of all loans offered by Indian lenders, instant loans are the most feature-rich and easy loan you can avail. Some of the prominent features of an instant loan are:

Flexibility- The first feature that makes an instant loan unique is its flexibility. You may use the loan amount for any purpose you want to. 

Loan approval- The second feature is the speed at which instant loan approvals occur. Usually, an instant loan gets approved within an hour of the loan application. 

Ease of loan application- The third feature is that you can apply for an instant loan online or offline. The entire process, from application to approval, is transparent, quick, and painless and is hassle-free when it comes to gold repayment. 

Minimal documentation-Last but not the least, instant loans are so popular due to the minimum documentation required to apply for an instant loan. You need to upload no more than five to six documents to submit your loan application.

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

How to increase the chances of instant loan approval?

Whether or not your instant loan gets approved depends on several factors such as your nationality as per your identity proof, existing credit profile, debt-Income ratio, repayment capacity, to name a few. Though instant loans are designed to be flexible, speedy and hassle-free lenders are still vigilant when it comes to loan approval. There are a few measures you can follow to ensure that your instant loan gets approved. Ensure you have a respectable credit score (700 is considered the standard credit score). If not, this can be improved by ensuring timely repayment of prior credit. Alternately, if you apply as a co-applicant with someone with a steady source of income, this can strengthen your position as a borrower. the best and foolproof way of ensuring that your loan gets approved is to opt for a secured loan and pledge collateral that is at least 30% higher in value than the loan amount you are looking to avail. Once the basic eligibility criteria has been met, it is only a matter of minutes before your loan amount is disbursed.

Whats the minimum amount of gold loan I can take?

Gold loans are one of the most flexible financial instruments of credit that involves pledging collateral such as gold as security against a loan amount. The loan amount is usually determined by the market value, weight, and purity of the gold. The maximum loan amount one can avail while applying for an instant loan is 75% of the value of the gold as per the RBI. However, there is no minimum amount as such. While the common understanding is that one can save over INR 12,000 o the interest component, the loan interest rate varies in slabs:

1) If the loan amount is less than 2 lakhs per month, the interest rate starts from 1.29% per month.

2) If the loan amount is between 2 and 5 lakhs, then the interest rate starts from 0.99%

3) If the loan amount is 5 lakhs or above, the loan interest rate starts at 0.89%

How does an instant loan get disbursed?

An instant cash loan can be of two types - secured and unsecured. If you apply for a secured loan, the lender will send a loan officer to your doorstep to verify the original documents and collateral security before approving or rejecting the loan. If you apply for an unsecured loan, the lender would verify your documents online and approve or reject the loan. The loan approval, in this case, would depend mainly on your repayment history and financial profile. The loan application is approved it gets directly credited to your bank account on approval. Usually, the entire process from loan application to approval of the loan takes roughly 60 minutes.

What are the other types of short-terms loans I can take?

Short-term loans are loans that usually have a repayment period of not more than one to two years. Short-term loans have recently shot to fame due to features like instant loan approval and collateral-free nature. The first type of short-term loan is a bridge loan, which you may apply for while waiting for a high-value loan to be approved. The second type is a loan overdraft, which means you can apply for an additional loan if you have an existing loan. The third type of short-term loan is a demand loan, where you can pledge your savings certificates or insurance policies to get up to 75-80% loan. The fourth type is a gold loan, where you can pledge your gold to avail a loan at ultra-low interest rates. Although a gold loan is a collateral-based loan, the benefits of this type of loan makes it extremely popular with Indian borrowers.

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