Credit Card Loan in Madurai

Credit Card Loan in Madurai

Referred to as the cultural capital of Tamil Nadu, Madurai is situated on the banks of River Vaigai. Besides being one of the leading educational hubs in the state, this city is also renowned for its famous ancient monuments. Among the various tourist attractions in Madurai, the Meenakshi Amman Temple and Maamannar Thirumalainayak Temple are the most visited destinations.

In recent years, manufacturing industries, like automobile and rubber, have played a vital role in developing the city’s economy. However, with the economic growth in Madurai, the cost of living has also significantly increased. This has led most individuals to resort to financial institutions to avail a credit card loan in Madurai. This form of financial assistance enables them to raise funds quickly to fulfil various financial requirements.

What Are The Features Of A Loan Against Credit Card?

The following are some of the features of a credit card loan:

  • It is an unsecured loan and does not require borrowers to hypothecate any asset.
  • There’s no requirement of credit card loan documents as it’s a pre-approved offer provided by a financial institution.
  • Transfer the outstanding amount on different credit cards to a single card and minimise the burden of EMIs.
  • You can opt for this type of loan to pay credit card outstanding.
  • The loan amount is sanctioned against your available credit limit.
  • Many financial institutions offer online credit card loan calculators which enable computing the monthly EMI.

What Are The Eligibility Criteria For A Credit Card Loan In Madurai?

To avail an instant loan on credit card, borrowers need to meet the following eligibility criteria:

  • The credit score has to meet the financial institution’s requirement. Usually, a score of above 750 is considered to be adequate.
  • They must have a decent track record of credit repayment.

What Are Some Of The Disadvantages Of A Credit Card Loan?

  • High Interest Rates: The interest rate on the loan amount is determined by the credit score and income of the borrower. Hence, to pay credit card lowest interest rate Madurai, one needs to maintain an exceptional credit score.
  • Stringent Eligibility Criteria: As noted above, individuals are required to have a high credit score to avail this type of financial assistance. Moreover, their credit repayment history is also checked before sanctioning the loan. Fulfilling these criteria is often challenging for most individuals.
  • Insufficient Loan Amount: Since the loan is only sanctioned against your remaining credit limit, it may not be enough to finance your expenses.

Due to the above-mentioned drawbacks, individuals requiring instant access to funds are now opting for gold loans instead of a credit card loan in Madurai.

A gold loan is a secured advance sanctioned to a borrower by lenders against gold ornaments, kept as collateral by the former.

How Is Gold Loan A Better Option?

If you’re ever in need of funds urgently, the idle asset sitting in your locker can come to your rescue. Here are some of the benefits of a gold loan:

  • Minimal documentation
  • No restrictions on the utilisation of funds
  • No credit score requirement
  • Low-interest rates
  • Shorter loan tenure

Besides these, you may also be a beneficiary of some additional lender-specific features if you opt for a gold loan. We, here at Rupeek, have become extremely popular among the residents of Madurai as providers of efficient gold loan solutions.

What Are The Benefits Of Rupeek Gold Loan?

Here’s how you will benefit from availing our gold loan:

  • Lowest Interest Rates: Contrary to a credit card loan in Madurai, you can avail a gold loan at extremely low-interest rates. Our rates start at 0.49% p.m. However, it is subject to change based on your location and the scheme you opt for.
  • Loan At Your Doorstep: The entire process, including document verification and gold appraisal, takes place from the comfort of your home.
  • High Loan Amount: With us, you can avail a loan of up to Rs. 1.5 crore, which is significantly higher than the maximum credit card loan limit.
  • Gold Loan Overdraft: We offer loan overdraft against gold. This facility is known as Rupeek Quick. It allows you to pay interest only on the amount you utilise from a pre-sanctioned limit.
  • Bullet Repayment: You can choose to make repayments through monthly instalments, or you can pay the entire loan amount at the end of the tenure, i.e. 6 months.

To apply for a gold loan, and enjoy these benefits, place a request via our app. Our authorised executive will be there at your location in 30 minutes to complete the mandatory formalities. Once, the KYC and gold valuation process is complete, the loan amount will be transferred to your account instantly.

Locations Where Rupeek Operates

You can avail our doorstep services if you’re a resident of the following areas:

  • Thiruparankundram
  • Tirumangalam
  • Palanganatham
  • Vilakkuthoon
  • Othakadai
  • Tirunagar
  • Alanganallur
  • Kamarajar Salai
  • Anna Nagar
  • Vadipatti
  • Sholavandan
  • Madurai Main

You can now end your search for the “best credit card loan provider near me”. Instead of a credit card loan in Madurai, avail our gold loan and finance your expenses with ease.

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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% 0.49%
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. Does timely payment of monthly EMIs improve my credit card score?

Yes, if you’ve availed a credit card loan, you can improve your credit score by paying the monthly EMIs on time.

  1. Can I take a credit card loan for car?

Yes, you can avail a credit card loan for a car as there are no end-use limitations on the loan amount. However, it is likely that the amount will be insufficient to finance the purchase of a vehicle.

  1. What is the amount I can avail with a credit card loan in Madurai?

The amount that you can avail is restricted to the unused limit of your credit card. For example, if you have a credit limit of Rs. 50,000 and you’ve already utilised Rs. 5,000, you will be eligible for a loan of Rs. 45,000.

  1. How does Rupeek ensure my gold’s safety?

Once the formalities are complete, your gold is carried to the authorised bank branch in a secure bag with a GPS tracker. Once it arrives at the bank, it is stored in a vault under bank-grade surveillance. Moreover, we provide 100% door to door security.

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