Credit Card Loan in Ahmedabad

Credit Card Loan in Ahmedabad

Nicknamed as the 'Manchester of India', Ahmedabad is the largest city of Gujarat that is popular not only as a tourist hub but also as a thriving commercial hub. The city harbours some of India's most popular tourist destinations like – Sabarmati Ashram, Ahmed Shah's mosque, Kite Museum, etc.

Over the years, Gujarat's former capital has been acknowledged for its flourishing cotton textiles sector, diamond cutting industry, and authentic street food. In a fast-paced city like this, individuals often look for financial aids like a credit card loan in Ahmedabad to cover both business and personal expenses. Generally, such a funding option comes in handy in more than one way by providing quick access to funds as and when required.

Besides loans against credit card limit, individuals in Ahmedabad may also consider availing a gold loan to meet their financial needs with much ease. Nevertheless, to make the most of any financing facility, it is always recommended to become aware of the features and accompanying benefits. This directly helps in making an informed decision and planning repayment accordingly.

What Is a Credit Card Loan?

Instant loan on credit card serves as a funding option that is essentially made available against the payment card's unused credit limit. Ideally, cardholders with a good repayment track record and a clean credit history can avail loan against their credit card.

Though it comes in handy as an instant funding option, the accompanying rate of interest and associated charges are relatively high. Before individuals look up for 'credit card loan provider near me,' they should make it a point to find out more about the features and benefits that different lending institutions offer.

Salient Features Of A Credit Card Loan

These are among the prominent features of a loan against credit card

  • Zero Or Negligible Documentation

Most financial institutions extend pre-approved credit to applicants. As a result, credit card holders do not have to submit any additional credit card loan documents. This not only simplifies the documentation process but also ensures quick disbursal.

  • Easy Repayment

Borrowers can repay the availed loan amount in easy instalments within pre-specified repayment tenure. To further ensure a smooth repayment experience, borrowers are advised to look for credit card lowest interest rate in Ahmedabad as it tends to vary from one credit card provider to another.

  • Credit Limit-based Loan

Like discussed, credit cardholders can avail a personal loan against credit card's remaining credit limit. However, some financial institutions may allow cardholders to get a loan over their existing credit limit by meeting additional qualifying criteria.

  • Zero Collateral

Being an unsecured funding option, individuals do not need to provide any asset as security. However, the loan option comes with stringent eligibility criteria that need to be met by the applicant to avail the required funds.

  • Loan Balance Transfer

Usually, some credit card providers may allow credit card refinancing in Ahmedabad. Through such an option, cardholders may avail funds against a credit card issued by another financial institution other than the current lender.

Individuals may consider using a credit card calculator to compute which tenure would be most suitable for their repayment capability. However, one must note that individuals must fulfil loan against credit card eligibility to access instant funds.

Different credit card companies may require applicants to meet additional qualifying criteria to secure a substantial credit card loan.

Though there are several benefits of availing a credit card loan in Ahmedabad, it has its share of drawbacks. As an intending borrower, individuals need to become familiar with such flaws before applying for a loan against their payment card.

Short-comings Of Credit Card Loan

These are among the most prominent shortcomings of a credit card loan in Ahmedabad

  • High Rate Of Interest

Usually, the loan on credit card in Ahmedabad interest rate is relatively high, making it challenging to repay the borrowed sum smoothly. Furthermore, such funding option also accompanies a high processing fee, and in case the borrower fails to repay the sum within the given tenure, they have to pay the penalty as well.

  • High CIBIL Score Eligibility For Credit Card Loan

Individuals cannot avail a credit loan in Ahmedabad with bad credit scores. They need to have a high CIBIL score along with a timely repayment record to avail a loan against their credit card.

  • Low Limit

The fact that funds are given against the available credit card loan limit in Ahmedabad makes the sanctioned sum fairly low than regular loan options. A large segment of Ahmedabad's salaried population has a credit card with a moderate credit limit. This further restricts their chances of securing a high loan value against their unused card limit.

  • Stringent Eligibility

Besides a high credit score, applicants must have a stable job with a regular income source to be considered eligible for this loan. Also, a clean credit history helps to get a credit card loan in Ahmedabad sanctioned easily.

All these pointers manifest as disadvantages of this funding option. Nonetheless, Ahmedabad residents can look for a better alternative like a gold loan to meet their financial requirements.

Gold Loan – Features And Accompanying Benefits

Here are some of the noteworthy features of a gold loan –

  • Secured Loan Option

Gold loan is a secured loan option where applicants need to submit gold as a security. Post appraisal, they can avail funds against the value of the gold submitted. Notably, different lending institutions may accept varied forms of gold to provide a loan against it.

  • Quick Loan Processing

When compared to most funding options, the time taken to process a gold loan application is relatively quick. This helps applicants to avail required funds quickly and comes in handy during an emergency.

  • Simple Eligibility Criteria

Being a secured loan, there is usually no specific criteria pertaining to applicants' credit history, existing debt and source of income, among others.

Nevertheless, to make the most of this funding option, it is vital to look for a gold loan provider that extends borrower-centric features against simple requirements. To avail lucrative features, consider Rupeek gold loan and make your borrowing experience more convenient.

Rupeek Gold Loan – The Better Alternative

These following pointers make Rupeek gold loan a better alternative when compared to credit card loan in Ahmedabad

  • Interest Rate @ 0.49%

Rupeek gold loan can be availed at a rate of interest that starts from 0.49% each month. The said rate of interest ensures smooth repayment experience.

  • Repayment Feature

Individuals can opt for customised repayment schemes from a gold loan. One can either opt for regular EMIs or choose a more flexible repayment option. Notably, the flexible payment option allows borrowers to make bullet payments at a go. It also allows them to pick a pre-fixed tenure and repay with the same accordingly.

  • High Per Gram Value

Based on the gold's valuation, borrowers can avail up to Rs. 1.5 Crores as loan. To ascertain the loan value, individuals can use the gold loan calculator online and deduce the same in a few steps.

  • Doorstep Services

Rupeek provides doorstep services to applicants. The entire process takes less than 60 minutes to complete and comprises verification of documents, appraisal of gold value and loan disbursal.

  • Overdraft Feature

Other than these, the Rupeek also extends the overdraft facility known as Rupeek Quick. Such a feature allows current customers to avail funds as and when required from a pre-set credit line. Interest is charged only on the amount utilised.

Rupeek Gold Loan In Ahmedabad

Individuals based in any of these locations in Ahmedabad can avail Rupeek gold loan at their doorstep easily –

  • Navrangpura
  • Ongc
  • Asarwa
  • Manek Chowk
  • Maninagar
  • Khadia
  • Sabarmati
  • Vastrapur
  • Lal Darwaja
  • Naroda

Hence, individuals who do not qualify to avail a credit card loan in Ahmedabad to meet their personal or business requirement can apply for Rupeek gold loan. This secured loan option will allow applicants to avail substantial funds without eroding their savings in any way.

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Benefits of Gold Loan over Credit Card Loan.
  • <1 lakh
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Comparision Parameters Credit Card Loan Gold Loan
Interest Rate 2.39% 0.49%
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. How much loan can an applicant avail against his/her credit card?

The loan amount depends mainly on two factors, namely – the applicant's credit profile and his/her payment card's credit limit. However, the applicant's income also determines the loan amount.

  1. Is it better to get a credit card or to avail a loan?

If an individual can repay his/her credit card bills on time and have only a few additional expenses to take care of, he/she may consider taking a credit card. Alternatively, if individuals are planning to make a high-end expense, they may consider taking a loan.

  1. What is the credit score requirement to avail a Rupeek gold loan?

Since Rupeek gold loan is a secured loan option, there is no such requirement for credit score to be eligible.

  1. How is the interest rate on gold loans computed?

This factor depends on the lending institution. It is also based on whether you are opting for a fixed rate of interest or floating rate.

  1. How does a credit card loan in Ahmedabad work?

To avail a loan against a credit card, individuals need to apply for it on a lender's website. Once the application is approved, the sanctioned limit is credited to the applicant's account.

  1. Is the gold loan a term loan?

Gold loan is a short-term loan that comes with flexible tenure. Usually, the tenure ranges up to 12 months.

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