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The banking sector is changing rapidly. Nowadays, most people are averse to standing in long queues to apply for loans, which is why instant loans have become quite attractive.
As indicated by the term, instant loan is a type of loan which requires minimal documentation and is approved quickly without any hassles. Moreover, it does not require any asset showcase. It is quick and convenient where borrowers can apply for loans online without going to banks. These features make an instant loan online more attractive than traditional bank loans. These loans are also called personal loans or quick loans.
In India, there are various types of quick loans. Let us understand the different types:
An instant loan in India is beneficial to a borrower for various reasons. The top features and benefits of a quick loan in India are listed below:
In contrast to a traditional application for a loan, the application for this loan is paperless because it is online. A debtor can upload the required documents online, making the translation entirely paperless.
These loans are unsecured loans because of which you will not have to submit any security or collateral while applying for a loan.
These loans are quick and instant because the processing time is less. Hence, these kinds of loans are attractive when people need immediate funds.
The processing time of this loan is less than a traditional loan which makes it helpful during immediate requirements of the fund.
You can choose your repayment tenure depending on the lender's maximum repayment tenure. Hence, it is very flexible in comparison to traditional bank loans.
A person applying for a quick loan can choose the loan amount themselves, too, subject to the minimum and maximum amount of the lenders. A quick loan can be availed from Rs. 5000 to Rs. 5 lakhs.
The interest rates are competitive, and if you have a decent credit score, you can get a loan at an affordable interest rate.
You should take an instant loan online from Rupeezo. It offers a seamless experience. The process is extremely user-friendly and requires minimal documentation. Competitive interest rates from banks and Non-Banking Financial Companies (NBFCs) make loans attractive from Rupeezo. The process is very fast and helpful in times of need.
In a nutshell, an instant loan is a convenient form of loan which is easy to apply for since it requires very little paperwork and is quick. Our quick processing time and high approval rates, makes for a great platform to take loans. It also assists the borrowers in the process.
Rupeezo is a premium loan aggregation platform that lives up to its reputation of quick loans and high approval rates.
You should take an instant loan online from Rupeezo. It offers a seamless experience. The process is extremely user-friendly and requires minimal documentation. Competitive interest rates from banks and Non-Banking Financial Companies (NBFCs) make loans attractive from Rupeezo. The process is very fast and helpful in times of need.
In a nutshell, an instant loan is a convenient form of loan which is easy to apply for since it requires very little paperwork and is quick. Our quick processing time and high approval rates, makes for a great platform to take loans. It also assists the borrowers in the process.
Is it good to avail personal loan in India?
Getting a personal loan is a good idea if you have a stable income and want quick money for medical emergencies, wedding needs, moving costs, or vacation. It provides you with more money when compared to credit cards.
How is Rupeezo’s personal loan secured?
Secured loans require collateral, i.e., your financial assets (your home, some land, etc.). If your credit score is good, you can easily get an unsecured instant personal loan that does not require any collateral.
Can you pay off early for a personal loan?
Yes, you can pay your loan early. You can even pay the whole amount in a single installment. You can decide your installment money and even your locking period.
What is the interest rate on a personal loan at Rupeezo?
If you have a decent credit score, you can avail of a loan with lower interest rates starting from 11.99%. However, interest rates vary according to your personal loan amount.
How can I calculate the interest rate on a personal loan?
To calculate your interest rate for a personal loan, you can contact us at Rupeezo.
What is the lowest salary needed for a personal loan?
Minimum salary of Rs. 20K is enough to get a personal loan at Rupeezo. However, relaxation is provided in a few cases.
Which documents are required for a personal loan?
Your income proof (bank statement, salary sheet), address proof, and ID proof. These are the primary documents that are required for the documentation process.
List of personal loan types at Rupeezo:
The list of personal loan types includes secured and unsecured loans. Loans that require collateral are called secured loans, and the loans which do not require any collateral are called unsecured loans. For more information, check out our website.
What is the maximum amount I can get applying for a personal loan?
Rupeezo offers up to 15 lac rupees for a personal loan.
How can I repay my personal loan?
You can repay your loans as monthly installments online, or you can even repay your loan instantly without any installments. The repayment process can be set up according to one’s own comfort and availability.
What credit rating should I have to avail myself of a loan?
The credit score should be 750 or more. Hence, have a decent credit score. However, you can also take a secured loan that requires collateral, i.e. your financial assets.
How can I track my personal loan application status?
You can track your application status via email or customer service.
How can I cancel my personal loan after the loan is disbursed?
Loan cancellation is easily carried out, but a cancellation fee must be paid. However, no cancellation fee is induced if the loan application is withdrawn in the early stages.
What happens if I do not pay the amount of my personal loan?
The lender will report your account as a non-performing asset or an NPA, which will lower your credit score, resulting in lowering your credibility to get a loan further on.
How does Rupeezo help people to offer instant personal loans?
Rupeezo provides online, hassle-free loan services throughout India, bringing a quick solution to people’s monetary problems. Online documentation and our experienced hands make taking an instant personal loan a childs play.