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Credit Card Loan in Indore
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Credit Card Loan in Indore

Famous for its historical palaces such as the 7-storey Rajwada Palace, Indore is the largest city in Madhya Pradesh. It is also the most populous city and is considered one of Western India’s educational hub as it is home to both IIT and IIM. The city also acts as the state’s financial capital and the third oldest stock exchange in India, Madhya Pradesh Stock Exchange is also located here.

The costs of living in this city have risen over the years in tandem with its flourishing economy. It becomes difficult to match up all sorts of expenses and income at times and a credit card loan in Indore can be useful in covering unforeseen expenses.

Loan Against Credit Card – Benefits

Apart from being readily available, these loans provide other advantages than the usual personal loans available in the market. The table below compares standard personal loans with these.

Personal loan

Credit card loan

Documentation

Documents like income proof, tax invoice are required.

Documentation is simple as most of them are already with the credit card provider.

Loan amount

Depends upon the applicant’s monthly income.

It depends upon the applicant’s unused amount on their credit card. The amount is calculated through a credit card loan calculator.

Repayment tenure

At least 1 year.

Repayment tenures are generally shorter, starting from a couple of months.

Rate of interest

Starts from approximately 9% per annum.

Starts from around 1.17% per month.

Approval time

Excessive documentation lengthens the approval time. These usually take two days to get approved.

As these are pre-approved, they are processed and disbursed within 24 hours.

Eligibility

Applicant’s CIBIL score should be above 750, and their age should be older than 21.

An excellent repayment record and a credit score above 750 is necessary.

Although a great alternative against other unsecured credit products, a credit card loan in Indore does have a few shortcomings of its own.

Shortcomings Of A Credit Card Loan

A person cannot get more than their credit card limit. Most people do not have a substantial card limit, which bars them from getting a considerable loan.

Furthermore, as these are collateral-free credit products, their interest rate is comparatively higher than its secured alternatives. Lastly, even a single delay of credit card bill payment can affect your credit card loan for car application.

One can avoid these without compromising on its positive aspects by availing a gold-backed loan. These are equally easy to get approved and require simple KYC documents only. The rate of interest charged on these loans are nominal, and if you avail it from Rupeek, it can go as low as 0.79% per month. One doesn’t even have to maintain a credit history to avail this type of loan. Apart from that, we also provide a massive range of other benefits to our customers.

Advantages With Rupeek

At Rupeek, we understand that a loan is usually perceived as a burden, and we have framed these benefits to change that notion. When you avail our gold-backed credit product, you get advantages like:

  • Borrower-Friendly Repayment Schemes

Unlike a credit card loan, you get to choose between two repayment schemes. You can either chose to pay monthly EMIs or pay flexibly as and how it suits you within the tenure.

  • A Vast Range Of Loan Amount

Our loan amount starts from Rs. 15,000 to Rs. 1.5 crores. Such a massive range enables borrowers to avail their required amount without compromising their needs or taking on an unnecessary burden.

  • Fast Approval

Our loans are approved within 60 minutes, which is relatively faster than an instant loan on credit card. This is considerably quicker, considering you are pledging collateral and can avail such high amounts of loan.

  • Gold Credit Line

You can get an extended credit line by opting for our overdraft facility called Rupeek Quick. With this, you can withdraw as much as you want from your sanctioned amount. The interest is also charged only on the amount you have used and not the entire principal.

Besides, you also get our doorstep loan service when you apply for a gold-backed credit facility. Our representative will visit your house, do all the needful procedure and credit the approved amount in no time. We offer our services across all the top localities in Indore, ensuring you no longer need to search for ‘credit card loan provider near me’ no matter where you reside.

Rupeek’s Operational Locations In Indore

We are continually trying to provide our credit facility to everyone in need. As of now, we have our operations in the following locations in Indore.

  • Indore Khajrana
  • Sudama Nagar
  • Lokmanya Nagar
  • Moti Tabela
  • Radio Colony
  • Bijasan Road
  • Vijay Nagar
  • Siyaganj
  • Khatiwala Tank
  • Nanda Nagar
  • Pardesipura
  • Rajendra Nagar
  • Indore Cloth Market

Avoid the hassles of a credit card loan in Indore by opting for a gold loan from Rupeek. Besides benefits described above, enjoy hassle-free overdraft loan against gold and withdraw funds anytime you want without paying additional interest on the amount you don’t use.

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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. Is my gold safe with Rupeek?

We keep the pledged gold in a military-grade vault of our partnered bank, ensuring top-notch safety. The location of the bank is also not more than 5km away from the borrower’s house.

  1. What is the eligibility for a Rupeek gold loan?

One only needs to be older than 18 years old to apply for a Rupeek gold loan. Unlike loan against credit card eligibility Indore, we do not ask for one’s CIBIL score.

  1. Can I apply for a loan against credit card online?

Yes, you can apply for this credit facility through net banking. You can view your pre-approved offer on credit card loan and apply accordingly.

  1. Can I get a credit card loan faster than a gold loan?

 A credit card loan in Indore takes near about 24 hours to get sanctioned. On the other hand, you can get a gold loan with us in just under an hour.

  1. Do I have to pay a processing fee for my loan on a credit card?

The processing fee on loan against a credit card is nominal as it is pre-approved.

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