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Chennai
Credit Card Loan in Chennai
credit-card-loan-in-Chennai

Credit Card Loan in Chennai

Previously known as Madras, the capital city of Tamil Nadu is the native land of classical dance form Bharatanatyam. Besides notable areas like Marina Beach, Kapaleeshwarar Temple, and Valluvar Kottam drawing in visitors, a significant contributor to Chennai’s tourism industry is its excellent medical infrastructure. The ‘Detroit of India’ also houses several large-scale automotive companies like BMW, Renault, and Ashok Leyland, which along with its major IT sector make for most of Chennai’s urban employment.

Maintaining living standards in one of India’s major metropolitan cities may often weigh down one’s financial reservoir, leading to the increasing popularity of prompt borrowing options like credit card loan in Chennai to aid in emergencies like medical expenses.

Characteristics Of A Loan Against Credit Card

Recent times have seen increased usage of credit cards for frequent expenses, as have several by-products. One such product is an instant loan on credit card, which is a personal loan offered by banks on unutilised credit limits of cardholders. Such loans are seeing rising popularity owing to their following features.

  • Borrowers do not need to pledge any asset to avail such credit, since these are collateral-free.
  • Credit cards come with pre-approved loans, which take off the burden of elaborate paperwork to get such financial products approved.
  • A documentation-free procedure naturally facilitates prompt approval and disbursal of funds, especially during emergency requirements.
  • Lending institutions do not monitor these funds’ end-use, enabling individuals to avail a credit card loan for car or any other requirement unless unlawful.
  • An EMI-facility also makes sure loan-seekers do not need to worry about lump-sum repayment amounts.
  • Availing loans against credit card does require a post-dated check or a guarantor.
  • Borrowers can also choose a credit card consolidation loan to shift outstanding amounts from other cards to a single card.

Although such striking benefits can lure any potential borrower into choosing this means of credit, the detailed requirements to achieve one might come as a surprise to many individuals.

Drawbacks Of A Credit Card Loan In Chennai

Given the unsecured nature of a credit card loan, banks make sure applicants qualifying for one meet the following eligibility criteria.

  • Must own a credit card. You need to apply for one if you are not an existing cardholder to make it through a loan against credit card eligibility Chennai.
  • Display a sound repayment history without any record of non-payment.
  • Have a commendable credit record.

Plus, with rising delinquency rates, lenders charge strikingly high interest rates on such financial products, soaring up to as high as 21% p.a. Such hefty repayment charges might pose a hindrance to many loan-seekers. Also, applicants unable to meet the CIBIL score eligibility for a credit card might not make it to the benefits of such borrowing options at all.

Why let such inconveniences affect the urgent need for funds?

If you are one of the individuals looking for credit card loan bad credit, it is high time you opt for a gold loan instead.

Gold Loan V/S Credit Card Loan

Refer to the given table to understand how a gold loan can benefit you better than a loan on credit card Chennai.

Points of Difference

Credit Card Loan

Gold Loan

Eligibility

- Must own a credit card.

- Credit score must be above 750.

- Must not have any defaulter record.

- Must be above 18 years of age and possess sufficient gold.

Interest Rates

Strikingly high.

Much lower.

Loan Value

Depends on cardholder’s unused credit limit, and is much lower.

Comparatively higher, according to the quantity of gold pledged.

Repayment tenure

Can be stretched till 5 years, or 60 months.

Does not exceed 12 months.

If the above points of differences have convinced you to give up your “credit loan provider near me” searches, it is time you select a gold loan provider with the best deals.

You can consider Rupeek to that end. With an array of multiple loan schemes to suit every requirement and budget, we offer a more viable alternative to personal loan against credit card as an instant financial aid.

Rupeek – Your One-Stop Funding Solution

Besides an easy online application process and lenient eligibility parameters, Rupeek offers the following promising benefits on availing its loan against gold.

  • Compact Loan Tenure: Individuals looking for quick short-term funding can benefit better with a gold loan than a credit card takeover loan Chennai since the former can be taken and completed within a maximum of 12 months.
  • High Loan Value: Borrowers can avail up to Rs. 1.5 crores worth of liquid fund, unlike credit card loan limit Chennai. Such a humongous loan amount is made possible with Rupeek’s highest per gram rate that lets you avail up to 80% of your gold’s value depending on current gold market rates. Check available credit against your jewellery with our online gold loan calculator.
  • Affordable Interest Payment: Rupeek offers the lowest interest rates on a gold loan, starting from 0.79% per month. Borrowers can also enjoy additional rebates on timely repayment.
  • Flexibility In Repayment: Individuals can choose from regular EMIs or payment options as per convenience for their gold loan repayment.
  • No End-use Restriction: Like a loan against credit card, Rupeek also allows borrowers the liberty to use availed funds against any personal or professional financial requirement.
  • Foreclosure Facility: Rupeek allows borrowers to complete repayment and close a loan amount before the end of its tenure, without levying any additional pre-payment penalties.

In addition to the above benefits, existing Rupeek customers also get to enjoy an exclusive gold overdraft facility post availing their first gold loan.

Gold Overdraft Loan Facility

Rupeek offers an extended credit line against gold, Rupeek Quick, to its existing borrowers to facilitate prompt funding. Using this gold overdraft facility, customers can pledge additional gold jewellery to avail a credit limit, from which they can withdraw instant funds at their convenience. Additionally, borrowers can also save on repayment by paying interest only on the borrowed amount and not the entire sum.

Upon successful application, you can enjoy instant online gold loan at your doorstep with a 30-minute loan disbursal at Rupeek’s select operational locations in Chennai.

Find Us In Chennai

Following is a list of some of the prominent areas of Rupeek gold loan services in Chennai.

  • Kodambakkam
  • Perambur
  • Triplicane
  • Nungabakkam
  • Koyambedu
  • Porur
  • Anna Nagar
  • Mylapore
  • Vadapalani
  • Tiruvottiyur
  • Valasaravakkam
  • Maduravoyal
  • Velacheri
  • Tiruvanmiyur

Keeping up with living costs in an extensive economy, like Madras, can be taxing on one’s disposable income. Don’t let such circumstances exhaust your savings in the absence of a credit card loan in Chennai. Visit the Rupeek website to apply for a gold loan instead and avail the best deals on online funds.

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Benefits of Gold Loan over Credit Card Loan.
  • <1 lakh
  • 2 lakh
  • 3 lakh
  • 5 lakh
  • 10 lakh
  • 20 lakh
Comparision Parameters Credit 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 a credit card loan if my name is on the defaulter’s list?

No, lending institutions do not allow individuals with a default record to avail a loan against credit card.

  1. What are the documents required to get a loan against credit card in Chennai?

Generally, availing a credit card loan in Chennai does not involve any paperwork. All information of an applicant is updated in the bank’s database when applying for a credit card itself. In case you do not own a card already, apply for one by submitting KYC documents, employment and income proof, and recent passport-sized photographs.

  1. Does a credit card loan affect my credit score?

Yes, a personal loan against a credit card can affect your CIBIL score in both positive and negative ways, depending upon your repayment patterns. While timely repayments can help you boost your creditworthiness, late or missing payments will bring down your credit score.

  1. Can I shift an existing loan to Rupeek?

Yes, you can utilise Rupeek’s loan transfer facility to shift an existing gold loan. Submit your loan pledge card after clearing on outstanding payments with the current lender, and save up to Rs. 12,377 per lakh on interest payment.

  1. What do I do in case of a mismatch between returned gold and pledged gold items?

In case you feel there is a discrepancy with your returned gold, kindly contact our customer helpdesk. We shall be glad to provide you with prompt assistance.

  1. How do I change my registered mobile number with Rupeek?

If you have your registered mobile number altered during an ongoing loan under any circumstances, kindly contact our customer support team to help us update the modified information into our database.

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