Credit Card Loan in Mumbai

Credit Card Loan in Mumbai

Regarded as the financial capital of India, Mumbai houses head offices of various financial institutions, MNCs, and other major companies operating in India. Mumbai also serves as a notable hub for foreign trade in India.

Individuals need considerable purchasing power to live in India’s costliest city. But, after covering monthly bills of all sorts and other planned expenses, seldom does one have the leeway to cater to unforeseen expenditures. People can take a credit card loan in Mumbai to mitigate financial obligations of that kind.

What Is An Instant Loan On Credit Card?

credit card loan in Mumbai is a sub-type of unsecured loans, which is available against a card’s unused credit limit. Check out the following features of this financing facility –

  • Since a personal loan against credit card is an unsecured loan, it requires no collateral.
  • Lenders do not employ any end-use restriction on this mode of credit. So, one can use it for an array of monetary requirements.
  • Also, lenders already possess the necessary documents. One can do away with the submission of credit card loan documents, making it a more favourable financing option during emergencies.
  • The repayment of a loan on credit card Mumbai is flexible as borrowers can repay a large sum in EMIs. Simply using the credit card to cover large expenses might be straining.
  • Borrowers can also opt for a balance transfer facility with this financial product.

Apart from these, a lender may allow certain applicants to opt for an extended loan amount, over their credit card limit. However, it depends on that individual’s credit history.

Who Is Eligible For A Credit Card Loan In Bombay?

Loan against credit card eligibility Mumbai includes the following criteria –

  • Maintaining a clean credit history, devoid of any default.
  • Has a high credit score of 750 or more.

Any individual with a poor score or instances of payment default in the record might not be eligible for a credit card loan in Mumbai. One may need to confirm this aspect when searching for ‘credit card loan providers near me’.

What Are The Shortfalls Of A Credit Card Refinancing Mumbai?

Irrespective of its pre-approved nature and hassle-free application process, an instant loan on a credit card may not be a favourable option for many owing to the following reasons –

  • High rates of interest
  • Stringent eligibility checks
  • The loan quantum may not be sizeable

A credit card consolidation loan might be ill-suited for individuals looking for instant, affordable funds or people who have just availed a credit card. They can consider a gold loan in its lieu.

What Are The Reasons To Opt For A Gold Loan?

A credit card loan and a gold loan stand on the two ends of a financial spectrum. Here are some prominent reasons to opt for a gold loan instead because of features like –

  • Lenient eligibility criteria
  • Favourable loan terms
  • Affordable interest rates
  • Shorter loan tenure
  • Faster approval and disbursal

Moreover, since gold loans also offer restriction-free usage, one can use the funds for several purposes. It is also imperative to select a lender to ensure they can get desired benefits over a credit card loan in Mumbai. In this regard, people can consider Rupeek.

We offer exclusive features like doorstep services and many more, making it easy to avail the funds and repay it with multiple repayment schemes.

Why Rupeek?

Here are some prominent reasons that make Rupeek a favourable choice for many –

  1. Overdraft Facility

Termed as Rupeek Quick, it allows our existing customers to pledge additional gold ornaments and avail more funds without any hassle. Borrowers will receive the money in their account, and they can withdraw it as per their convenience. 

 A notable benefit of this credit line facility is that here debtors are only liable to pay interest on the amount they use, and not the entire credit line.

  1. Flexible Loan Repayment Options

To make loan repayment affordable, we have introduced different repayment schemes. It offers the necessary flexibility to make this process more accessible for individuals.

  1. High Loan Amount – Low-Interest Rate

With Rupeek’s segment-leading per-gram rate, applicants can get more funds against their gold articles. One can now avail up to Rs. 1.5 crores as a gold loan from us.

Furthermore, our interest rate starts from as low as 0.49% per month, making loan repayment easier on the borrower’s pocket.

  1. Hassle-Free Balance Transfer

With our convenient loan transfer facility, individuals can now save substantially on their loan repayments. Once borrower shares the existing pledge card, our representatives will get back to him/her and guide the concerned individual through the process. Individuals can save up to Rs. 12377 per lakh with our loan transfer process.

  1. Robust Security Measures

At Rupeek, we have introduced a series of security measures to ensure the safety of gold items. Here are the particulars –

  • Our loan managers use GPS-enabled bags to carry gold ornaments.
  • We store these gold articles in military-grade vaults of our lending partners.
  • We provide mandatory gold insurance coverage during the loan tenure.
  1. Doorstep Services

With our doorstep services, availing a gold loan is now easier than ever. Once an applicant initiates a loan request, our representatives will reach his/her doorstep within 30 minutes to provide the necessary services.

Rupeek’s Doorstep Services In Bombay

Individuals can enjoy doorstep gold loan from Rupeek from in and around the following localities –

  • Andheri
  • Borivali
  • Bandra
  • Chembur
  • Churchgate
  • Dharavi
  • Dadar
  • Nagpada
  • Lala Lajpat Rai Marg
  • Malabar Hill
  • Mumbai Central
  • Malad
  • Nariman Point
  • Shivaji Park
  • Santacruz
  • Trombay

A credit card loan in Mumbai makes for a convenient borrowing option owing to its hassle-free documentation and quick processing. On the other hand, its stringent eligibility terms and limited loan amount often leaves applicants searching for alternatives. Our gold loan offers an ideal substitute with quicker disbursal, low rates of interest, and flexibility in repayment.

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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. Are there any charges on credit card loan pre-closure?

Yes, lenders charge a foreclosure fee upon closing a credit card loan in Mumbai. However, the particulars may vary from one company to another. Check beforehand to make an informed choice.

  1. What is a pre-approved offer on credit card loan?

Pre-approved offers are extended by lenders to their existing customers. It helps to streamline the credit card loan application process and saves time. Also, such offers are mostly customised to the specifics of a customer.

  1. How to close a gold loan with Rupeek?

To close your gold loan with Rupeek, you need to visit the ‘Repay your Loan’ page and sign in using an OTP. Following that, you can click on the ‘Close Loan’ option, check the account summary and make necessary payments to complete this process.

  1. How to get a referral bonus with Rupeek gold loan?

A month’s interest up to Rs. 2000 is exempted as a referral bonus. To enjoy this bonus, you need to share the personalised referral code with others. When they take a loan of Rs. 50000 or higher, you and the person earn the referral bonus.

  1. How to avail rebate on the repayment of a Rupeek gold loan?

To avail rebate on Rupeek gold loan, you need to make regular repayments. Moreover, with a higher frequency of repayment, you can earn higher refunds.

  1. Are there any foreclosure charges on a Rupeek gold loan?

No, Rupeek does not levy foreclosure charges on its gold loan repayments.

  1. What is the required CIBIL score to avail gold-backed financing form Rupeek?

Rupeek does not check CIBIL score to lend funds against gold.

  1. What is the loan initiation process with Rupeek?

It is online, and applicants can submit their mobile number to commence this process. Following that, a company representative will get back to them for further processing.

  1. What are the particulars of ‘no-tension’ plan offered by Rupeek?

The ‘no-tension’ plan offered by Rupeek allows borrowers the flexibility of repayment. Individuals can pay the full amount at one go after the tenure ends, pay the interest first and the principal later, or any amount as and when feasible within the tenure.

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