Doorstep Loan in India

Doorstep Loan

Financial inclusion constitutes a vital part of India’s pro-economic growth roadmap. To ensure this aspect, banking eco-system has evolved drastically and streamlined its lending process to ensure greater borrowing experience.

Along with embracing the latest technological advances, financial institutions, particularly NBFCs and Fintech companies, made significant strides in providing credit to people.

A doorstep loan is an initiative recently made popular that is gradually overpowering other traditional modes of borrowing. The primary goal of this borrowing option is to minimise loan processing time and facilitate “at-home credit” consumption on demand. 

A Brief Introduction To Doorstep Loans

The original concept of a doorstep loan traces back its origin to western countries. However, studying the evolving credit behaviour of Indians, banks, and other financial institutions adopted this lending pattern to increase their reach.

Typically, an instant doorstep loan refers to a short-term personal loan if not restricted to it. Hence, both secured and unsecured loans can be regarded as doorstep loans wherein the loan processing occurs at a borrower’s home.

For individuals who find it challenging to make time for an extensive process of availing credit, a doorstep loan can be their go-to option. It allows them to raise funds without visiting a lender’s office physically. Instead, the lenders come to their home and initiate this process.

Generally, a loan at doorstep comes in the following variants.

  • Unsecured Personal Loan

It is one of the most common types of unsecured loans lenders offer via doorstep services. While comfort of borrowing is assured, doorstep personal loans involve stringent eligibility parameters and high interest rates, primarily due to lack of security.

  • Credit Card Loan

Typically, it is a pre-approved loan and therefore, the available loan amount is restricted to the unused credit limit of this payment card. Individuals can repay the loan along with their monthly credit card bills through EMIs. However, the eligibility is strict here as well to compensate for absence of collateral.

  • Doorstep Gold loan

It is a more viable credit option available to people when compared to the first two types of doorstep loan. Almost every Indian household possesses gold, but only a few make use of its equity. A gold loan allows individuals to pledge their gold ornaments and avail a substantial amount during an emergency. Needless to say, for people looking for a quick doorstep loan, gold-backed financing can be their life-saviour.

Besides these, people can also look for doorstep loan companies that extend home loans, auto loans, property loans, and others.

Features Of Doorstep Loans

Besides ensuring a comfortable borrowing experience, a doorstep loan also has some common characteristics that people can consider while borrowing.

  • Loan seekers do not have to leave their house to get credit. Instead, their preferred lender visits their residence to complete all loan-related formalities.
  • A doorstep loan expedites credit availing, and thus the amount is disbursed or at least approved within the same day.
  • Risk of misplacement of valuable documents is not there as the process takes place at applicant’s home.
  • Most lenders offer this service free of cost.

To leverage these benefits, people need to fulfil specific eligibility parameters.

Eligibility Criteria For Doorstep Loans

Depending on the loan type, individuals need to meet the following eligibility norms and provide supporting documents. Following are some of the requisites that applicants need to meet, nonetheless.

  1. The age of applicants must be more than 18 years.
  2. Need to be an Indian citizen.
  • They should be salaried or self-employed.
  1. Credit score should be 750 and above (mandatory for unsecured loans).
  2. Should have a steady income, pre-specified by lenders.

Alongside meeting these parameters, individuals have to submit a list of documents, which can include but is not limited to ID and address proof, income proof, and ownership documents of the pledged property.

During an emergency, providing these many documents can be overbearing. Thus, to bypass this hassle, people can consider acquiring a gold-backed doorstep loan for unemployed.

Gold Loan – The Best Doorstep Credit Available In India

While doorstep services can be offered with any financial product, a doorstep loan against gold entails several borrower-friendly features. Some of them are listed below.

  • Lower Interest Rate

Being a secured credit option, the gold doorstep loan interest rate is lower than unsecured ones like personal loans. It allows applicants to repay the loan faster without heaving their monthly budget.

  • Relaxed Eligibility

Since gold is used as security, people need to meet only a few eligibility parameters to get the funds. For people looking for doorstep loan bad credit, a gold loan is their safe bet. Moreover, the documentation is also minimal compared to mortgage loans like LAPs.

  • Income Proof Not Required

People do not have to provide any income proof to assure lenders of their credibility when applying for a gold loan.

  • No Restrictions On End-Use

Individuals can utilise doorstep loan against gold to address diverse financial requirements without any restriction.

While these qualities make a gold loan one of the best doorstep loan variants, you can also enjoy an exclusive borrowing solution when choosing a Rupeek gold loan. All they have to do is voice search for “doorstep loans near me” to find Rupeek contact number.

The Merits Of A Rupeek Doorstep Loan

Following are the benefits of availing of a gold doorstep loan from Rupeek.

  1. High Loan Volume

We offer one of the highest per gram value of gold that lets you avail funds up to Rs. 1.5 crores. However, the loan amount depends primarily on the quantity and purity of gold. You can also use Rupeek gold loan calculator to check the maximum amount you are eligible for against the gold you possess.

  1. Flexible Repayment Options

The interest rate of Rupeek gold loan starts from as low as 0.49% per month. Moreover, we also introduced flexible repayment options that people can choose as per their financial capacity.

Unlike other conventional loans, people can choose any of the following schemes.

  • Borrowers can pay regular EMIs every month. Or,
  • They can repay the amount as and when they can during their tenure.
  • Clear the complete debt in a single go through the bullet payment option.
  • Robust Security

We adopt multi-level safety measures to keep your gold safe. It involves the following steps:

  • Our loan manager collects the gold from your home.
  • Carries it in a GPS-enabled bag to the nearest bank’s vault.
  • You get a notification once the gold reaches its designated place.

Besides, the gold also enjoys complementary door-to-door insurance till the tenure ends.

  1. Quick Loan Process

Our loan manager visits your home within 30 mins from making the application. Starting from gold appraisal and documentation to loan disbursal, it takes about another 30 minutes to complete the process. However, first, you need to know the documents required for gold loans.

  1. Savings On Balance Transfer

When you opt for a loan transfer to Rupeek, you can save up to Rs.12,377/ lakh on interest and enjoy better service terms.

  1. Overdraft Facility

To maximise the benefits, existing Rupeek customers can also opt for an overdraft facility. It allows them to avail an extended credit limit on top of the current loan. Popularly known as Rupeek Quick, its processing takes minimal time.

All you have to do is pledge some gold afresh to get the funds without additional paperwork. Moreover, interest is charged only on the funds utilised, allowing people to save further on interest payment.

Hence, a doorstep loan from Rupeek makes life easier with its promising services and quick response to a loan application.

Apply for a doorstep loan today with Rupeek and reap advantages of our wide offerings!

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Benefits of Gold Loan over Doorstep Loan.
  • <1 lakh
  • 2 lakh
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  • 5 lakh
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  • 20 lakh
Comparision Parameters Doorstep 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 can I apply for a doorstep loan from Rupeek?

First, visit our website or download our app and enter your mobile number to apply for the funds. On receiving the fund, our representative will contact you to confirm an appointment. Within 30 mins, the loan manager will visit your home and initiate the loan procedure.

  1. Is doorstep loan legal in India?

A doorstep loan is legal in India and is offered by several leading financial institutions, including Rupeek.

  1. What are the documents I need to furnish to avail a doorstep loan?

You need to provide KYC, ITR documents, income proof, and bank account details to avail a doorstep loan. However, for Rupeek gold loan, you only have to provide KYC documents and utility bills.

  1. What is the minimum amount I can get from a Rupeek doorstep loan?

You can get a minimum of Rs. 15,000 from a Rupeek doorstep gold loan.

  1. Is there any way to verify the loan agents?

Our loan manager carries a company identity card when they visit your home. Moreover, we will send you an OTP that you need to match with the loan manager to verify their identity.

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