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Bhopal
Aadhar Card Loan in Bhopal
aadhar-card-loan-in-Bhopal

Aadhar Card Loan in Bhopal

Renowned for its upper and lower lakes, Bhopal is one of the greenest cities in India. The capital of Madhya Pradesh, the city is home to a diverse range of flora and fauna, especially in the Van Vihar National Park. Apart from natural riches, Bhopal also has the most number of educational institutes of national importance such as NLIU, IISER, IIFM, IIIT, SPA, etc.

The city attracts settlement from across the country owing to the presence of Bharat Heavy Electricals Limited - India’s largest manufacturing and engineering enterprise. Urbanisation is also at full swing in Bhopal, as it was one of the first cities to get enlisted under Narendra Modi’s Smart Cities Mission. All these factors and more have led to an increase in the city’s cost of living in recent times. Consequently, there has been a boost in demand for easy financing options like an Aadhaar card loan in Bhopal, which individuals can utilise to fund their variegated requirements.

Benefits Of A Loan Against Aadhaar Card

These are unsecured credit products that one can avail by providing their Aadhaar card as identity and address proof. The most significant advantage of these loans is that they are available against minimal documentation, thus enabling a streamlined application process.

These loans do not impose any end-use restrictions and consequently allow borrowers to address any number of small or big-ticket financial requirements. A loan on Aadhaar card can be utilised for this following purposes -

  • Pay for travelling expenses.
  • To pay relocation expenses in Bhopal.
  • Home renovation.
  • Financing a wedding.
  • To cover the expenses of higher education.
  • Pay medical bills.
  • Buy household furniture or appliances.
  • To pay off salaries to one’s employees.

These are only a few of the numerous possible uses of funds availed from this loan product. However, these do have their shortcomings as well. Though readily available, an unsecured loan can be difficult to avail due to their stringent eligibility criteria and other requirements. An Aadhaar card loan in Bhopal is no different and requires borrowers to meet certain eligibility criteria.

If you have been searching “Aadhaar card loan providers near me”, almost every result you come across will require you fulfil several criteria. It is, thus, advisable to look for alternatives that will offer you the same benefits without such stringent conditions. One such credit facility is a gold loan - it has beneficial differences from that of an Aadhaar card loan and yet all the advantageous similarities.

Comparison Between Aadhaar Card Loan And Gold Loan

The following table encapsulates the contrast between a gold loan and an Aadhaar card loan in Bhopal.

Parameters

Loan Against Aadhaar Card

Loan Against Gold

Eligibility

Should have a capacity to repay, a prescribed level of income, CIBIL score of at least 750, etc.

One only needs to be over 18 years old.

Documentation

Apart from the Aadhaar card, one needs to provide income proof, ITR papers etc.

Only KYC documents are required.

Loan Amount

Depends on the applicant’s income.

Depends on the amount of gold provided by the borrower and the LTV.

Interest Rate

It is high due to the unsecured nature of the loan.

It is low as it is a secured loan.

Form the above mentioned points, it is evident that borrowers will enjoy more benefits if they opt for a gold-backed loan. These are, in a way, a secured form of a loan on Aadhaar card without salary proof, and are much easier to avail. Further, the high collateral value adjacent to these loans options makes them much more readily available. Moreover, when you avail a gold loan from Rupeek, the list of advantages is even longer.

Advantages Of A Rupeek Gold Loan

Our gold-backed Aadhaar card loan in Bhopal is framed to serve as a product that does not become a lasting burden on our customers. To ensure a seamless borrowing experience, we offer benefits such as,

  • Customer-Friendly Repayment Methods

We offer flexible repayment schemes to our customers so that repaying the borrowed amount does not pose as a financial burden. Borrowers can repay it using methods like a single bullet payment, interest pre-payment, etc. or pay monthly EMIs.

  • Quick Approval

Our gold-backed credit facility is an ideal alternative to an emergency loan on Aadhaar card in Bhopal as these get approved within 60 minutes in an average.

  • Helpful Gold Credit Line

Borrowers can avail our overdraft facility named as Rupeek Quick. With its help, you can withdraw as much want from a pre-sanctioned amount. You will only have to pay interest for the sum you have utilised and not the entire principle.

To further improve your convenience, we also offer a doorstep loan facility. When you apply for a loan from us, we send our representative to the location of your choosing to complete the KYC documentation and gold valuation. If you are a resident of Bhopal, there are multiple locations where we provide our service.

Bhopal Locations Where Rupeek Is Active

At present, we provide our gold-backed immediate loans to the following areas in Bhopal.

  • Gandhi Nagar
  • Arera Hills
  • Jahangirabad
  • Bagh Swaniya
  • Anand Nagar
  • Bairagarh
  • Vallabh Bhawan
  • Chuna Bhatti
  • Bhel Town
  • Kolar Road
  • Govindpura
  • Kohefiza

With our services made easily accessible, it is unwise to opt for a funding product like an Aadhaar card loan in Bhopal, that will affect your finances and remain a burden for a more extended period. Avail Rupeek gold loan instead and finance your expenses without any long-term commitment.

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Benefits of Gold Loan over Aadhar Card Loan.
  • <1 lakh
  • 2 lakh
  • 3 lakh
  • 5 lakh
  • 10 lakh
  • 20 lakh
Comparision Parameters Aadhar Card Loan Gold Loan
Interest Rate 2.39% 0.79%
Monthly Interest Amount
Eligibility & Documentation More Documents Needed Only KYC Needed
Processing Time & Disbursement 2 days to 1 week Within a day
Required Gold Weight -
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Frequently asked questions

  1. Can I avail instant funding via Aadhaar card loan?

Since Aadhaar card contains the biometric details of its owner, the verification process for this loan can be completed instantly. This speeds up the process of availing funds, and the loan amount is sanctioned instantly upon approval.

  1. Can I pay my Rupeek gold loan in part-payments?

You can pay your Rupeek gold loan using part-payments, but the sum should be more than a month’s EMI and less than the entire loan amount.

  1. Can one avail a quick personal loan using Aadhaar card with a credit score of 700?

While a standard financial institution asks for a credit scored of at least 750, few lenders approve applications with a lesser score as well. But in such circumstances, the rate of interest charged by them will also be unreasonably high.

  1. Will Rupeek offer insurance for my gold?

Yes, we offer 100% insurance on the gold you pledge to us.

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