Aadhar Card Loan in Rajahmundry

Located on the eastern bank of Godavari River in Andhra Pradesh, Rajahmundry is a tourism hub. Touted the birthplace of Telugu language, this city is known for its arts, culture and traditions. It is home to several historical temples and locations and attracts travellers from across the world.

Several platinum, silver and gold shops in the city make it one of the largest bullion markets in the country. The thriving economy of the city has led to the establishment of several industries. This has created ample business opportunities for entrepreneurs and profitability for existing companies.

As business and development opportunities expand, residents in the city require funds to bolster the growth. Consequently, Aadhaar card loan in Rajahmundry has become popular sources of availing immediate funding in the city.

When applying for a loan, many choose to avail one against their Aadhaar card as it facilitates a streamlined documentation process. Listed below are the most notable features of an Aadhaar card loan in Rajahmundry.

Versatile Usage: A reason to avail an Aadhaar card loan in East Godavariis that borrowers can utilise the amount per their requirements. It may be to pay medical bills or even to invest in one’s business. Individuals also apply for Aadhaar card loan for debt consolidation.
No Collateral: When applying for a quick personal loan using Aadhaar card, you don’t need to pledge any asset as collateral. This enables you to retain your assets while ensuring financial stability.

These benefits make instant cash loan on Aadhaar card a viable funding option that offers monetary assistance without dipping into one’s savings. However, while it may appear as a convenient funding option, this loan option also comes with its own set of disadvantages.

Opting for a personal loan on Aadhaar card may effectively solve a borrower’s liquidity crisis. However, there is the problem of high interest rate and processing fee that comes with this kind of loan.

Listed here are some of the disadvantages of availing an Aadhaar card loan in Rajahmundry.

Comparatively Higher Rates Of Interest:While interest rates of Aadhaar card loan in Rajahmundry are lower than credit card rates, they are still comparatively higher than secured modes of finance.
Processing Fees:Aadhaar card loan in Rajahmundry levies a processing fee on borrowers. This is the cost a financial institution incurs when processing one’s loan payment. This fee is usually taken out on the loan amount or charged along with loan repayment. This makes the process of repayment for this funding option heavy on the pockets.
Fixed Monthly Payments:These loan options require the borrowers to repay the amount availed in fixed EMIs throughout the tenure. When it comes to making high interest payments per month, a borrower might often be unable to keep up.

These issues may cause the borrower to default or skip certain payment dates. This ultimately affects a person’s CIBIL score.

Thus, a more reliable option would be to switch to a secured loan facility that ensures monetary stability for a borrower.

Gold loans are a secured financing option and allow borrowers to avail a high quantum by hypothecating their gold assets.

Unlike loan on Aadhaar card, gold loans do not impose stringent eligibility requirements on potential borrowers. Consequently, low CIBIL score doesn’t pose an issue for when opting for this secure loan facility. Further, this paperless loan Rajahmundry does not mandate an elaborate documentation process involving one’s salary slip, transaction proof, etc. Submitting simple KYC related documents is sufficient to ensure credibility.

Further, gold loans do not come with a long repayment term like Aadhaar card loans. Its tenure comprises four to six months, allowing individuals to enjoy minimal liability.

Thus, gold loans are a more feasible option, as compared to unsecured loans like one availed against an Aadhaar card. In this regard, borrowers should take a look through the variegated benefits offered by Rupeek’s gold loan to maximise their benefits from the same.

Here are the most pertinent reasons why potential borrowers should choose Rupeek –

Rupeek offers its customers a low-interest rate, starting from 0.79% per month. Borrowers can also use the gold loan calculator to compute the amount they can receive against the gold pledged.
Borrowers are provided with a high per gram value of the gold they pledge. We offer 80% LTV on pledged gold that can go to a maximum of Rs. 1.5 crore.
The documentation process for gold loan is simple as you only need to present your KYC documents. The borrower needs to be at least 18 years or above.
Rupeek also offers doorstep facilities for a gold loan where we complete approval and fund transfer process in 60 minutes. After reaching your premise upon receiving an application in 30 minutes, our loan manager takes about 30 minutes to verify documents and sanction funds. Our officials leave with the gold only after you receive the funds in your account.
You can also avail Rupeek’s overdraft facility known as Rupeek Quick where we offer borrowers an extended credit line for pledged gold. With this facility, you can withdraw the amount you require from a pre-sanctioned quantum and pay interest only on the amount utilised.

With these benefits and more, Rupeek serves as a convenient option when it comes to availing instant funds. Therefore, instead of searching for Aadhaar card loan provider near me, switch to Rupeek gold loan services for ease of access and optimise the loan’s usability.

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	-