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

Aadhar Card Loan in Vijayawada

Vijayawada is a significant hub of education in Andhra Pradesh. The city also hosts an extensive market for agriculture and industrial goods. Vijayawada’s fast-growing economy has earned it the title of “Global city of the future” by McKinsey Quarterly. 

Although the city’s living costs are moderate, it may be wise for residents to cover large expenses, like wedding costs, or emergencies using an Aadhaar card loan in Vijayawada. It lets people preserve their savings as a contingent fund and manage finances more efficiently.

What Is The Purpose Of An Aadhaar Card Loans?

It is a conventionally unsecured source of financing, requiring no collateral from the borrower. This loan also comes with no end-use restriction. So, borrowers can use it for meeting various expenses, like –

  • An instant cash loan on Aadhaar card can help individuals cover sudden medical bills hassle-freely.
  • A person can use this loan to tide over hefty costs of home renovation.
  • Multiple debts can weigh down a person’s disposable income. They can use a personal loan on Aadhaar card to consolidate their debts into one.
  • Lavish trips need sizeable spending. This loan can help individuals defray costs of that sort.
  • Education expenses are soaring by the day, especially if one aspires to move abroad. A personal loan against Aadhaar card can expand one’s financial leeway, letting them cover such costs easily.

Who Can Take An Aadhaar Card Loan In Vijayawada?

To apply for a quick personal loan using Aadhaar card, you must be meet a few criteria set by the lending institution. The loan amount and the interest rate is determined based on a person’s eligibility.

Listed below are the yardsticks for a collateral-free instant loan on Aadhaar card:  

  • Applicant must sport a CIBIL score of 750 or higher
  • He/she should have a stable source of income
  • FOIR should be within the range of 40% - 50%

Fulfilling these criteria makes you eligible for an unsecured Aadhaar card loan in Vijayawada. The rigid eligibility criteria may create issues for newly exposed individuals to credit or do not possess a reliable income source yet. The interest on loan amount may also be high as it is an unsecured mode of finance.

A secured personal loan Vijayawada, like a gold loan, may be more suitable for offsetting these shortcomings. A gold-backed Aadhaar card loan is more easily accessible because of the highly liquid underlying asset and offers more incredible benefits than its unsecured counterpart.

What Is The Difference Between Conventional Aadhaar Card Loan And Gold Loan?

This table illustrates the key differences between these two financial products.

Parameters

 Gold loan

Aadhaar card loan

Loan type

Secured mode of finance

Unsecured mode of finance

 Rate of interest

Low rate of interest

Comparatively higher rate of interest.

 Eligibility criteria

Lenient

Rigid

CIBIL score

Not necessary

750 and above

Loan amount

Is based on the gold ornaments’ value and the lender.

Depends on a persons’ eligibility and the lending institution.

An unsecured Aadhaar card loan falls short in many respects when it comes to conveniently meeting an individual’s monetary requirements. One such aspect not mentioned above is the disbursal period. Because it involves no collateral, lending institutions need to verify an applicant’s credibility extensively.

If an emergency situation is why you were searching for ‘Aadhaar card loan provider near me’, you have landed on the right page. We at Rupeek offer loan in just 30 minutes. Besides that, we provide a range of other benefits with our gold-backed Aadhaar card loan in Vijayawada.

Why Choose Rupeek Gold Loan?

At Rupeek, prospective borrowers are offered with several benefits upon availing our gold loan services

  • Doorstep Service:After submitting your application with us, officials at Rupeek will reach your premises within 30 minutes. In the next 30 minutes, they verify documentations, appraise the gold ornaments and disburse funds against it. Our officials will wait within your premises until the loan amount reaches your account. 
  • Affordable Interest Rate: Enjoy moderate interest payment with Rupeek. Our gold loan interest rates start from 0.79% per month, making it significantly more affordable than an unsecured loan option. 
  • High LTV:At Rupeek, consumers receive a high gram per value for their gold ornaments. We offer an LTV of up to 80% against pledged gold ornaments. Borrowers can calculate their fund amount by using the gold loan calculator
  • Gold Credit Line:To provide customers with instant liquidity, Rupeek is here with its gold overdraft loan facility. Also known as Rupeek Quick, it lets borrowers withdraw funds from a pre-determined credit limit and pay interest only on the amount utilised. 

Top Service Localities Of Rupeek In Vijayawada

Listed here are the various spots within Vijayawada, where we offer our doorstep Aadhaar card loan in Vijayawada against gold. 

  • Gollapudi
  • Gannavaram
  • Vuyyuru
  • Ramavarappadu
  • Kondapalli
  • Bhavanipuram
  • Ibrahimpatnam
  • Nidamanuru
  • Nandigama
  • Autonagar
  • Satyanarayanapuram
  • Kankipadu
  • Kanchikacharla
  • Mylavaram

Forget the hassles of a conventional loan on Aadhaar card with our services. Avail loan in just 60 minutes from the comfort of your home with Rupeek and see to your expenses ever so conveniently.

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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 get an Rs. 1 crore Aadhaar card loan against gold from Rupeek?

Rupeek offers customers with a gold loan ranging from Rs. 15000 to Rs. 1.5 crores. You can avail a loan of Rs. 1 crore if you pledge gold jewellery of sufficient amount.

  1. Do I need to be salaried to get an Aadhaar card loan?

Both self-employed and salaried individuals can get an Aadhaar card loan in Vijayawada. But, lending institutions usually prefer salaried individuals for a collateral-free loan as their income source is more stable. Alternatively, you can turn to a gold-backed loan to avoid this inconvenience.

  1. How can I repay an Aadhaar card loan against gold to Rupeek?

We provide multiple schemes for repayment. You can choose to repay in fixed monthly instalments or settle the loan at your pace during the tenure.

  1. Do I need income proof for a gold-backed Aadhaar card loan?

You do not need to furnish any income proof to secure a gold loan from us. All you need are KYC documents, like Aadhaar card and address proof, if necessary.

  1. Does Aadhaar card loan payment affect the CIBIL score?

Yes. If you default or delay in repayment of the total payable amount, your CIBIL score will drop. 

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