Doorstep Loan in Mumbai

Doorstep Loan in Mumbai

Maharashtra’s capital city, Mumbai, formerly Bombay, is the financial, commercial, and entertainment capital of India. According to the 2011 population census, the city is the most populous city in India as well as the most densely populated urban agglomeration globally. Mumbai is famous for the Marine Drive, which is popularly referred to as Queen’s Necklace. Apart from this, places like Gateway of India, Juhu Beach, Siddhivinayak Temple, Hanging Gardens, Elephanta Caves, and Chowpatty Beach are a few popular tourist attractions around this city.

Being the financial epicentre of India, Mumbai is home to the headquarters of several Indian companies as well as multinational corporations. Though the City of Dreams provides individuals with a flurry of opportunities, its expensive lifestyle often prompt Mumbaikars to opt for financial products like doorstep loans in Mumbai to meet their instant financial crunches. It helps individuals to tide over their financial crises and manage their daily lifestyle efficiently.

Features Of A Doorstep Loan In Mumbai

Doorstep loans, also known as cash loans, are available in two categories: secure and unsecured. Before availing instant doorstep loans, individuals must have a clear concept regarding it. The essential features of this financing option are described below:

  • Doorstep Service: Financiers offer necessary services related to borrowing a doorstep personal loan at a person’s doorstep. While some financial institutions only carry out documentation, others also facilitate doorstep loan disbursal.
  • Quick Approval: From doorstep application to loan disbursal, financial institutions take 2-4 working days to complete the process. However, individuals applying for a doorstep gold loan can receive the sanctioned amount within a few hours.
  • Eligibility Criteria: The eligibility criteria for doorstep loans in Mumbai vary from lender to lender and depend on the type of loan. Both salaried and self-employed individuals can avail doorstep financing. However, before approving doorstep loans, financial institutions check a few necessary information, including the age of an applicant, which must be between 18-65 years, credit score, etc. Specially-abled persons are also eligible for this financial product.
  • Documentation: The documentation process of doorstep financing is minimal. Like eligibility criteria, the documents required for doorstep borrowing may also vary from lender to lender. Individuals willing to apply for an emergency loan must provide photographic ID such as driving license, passport, utility bill, mortgage statement, pension statement, credit card statement, etc. As income proof, individuals need to submit salary slips, bank statements.

Drawbacks Of Doorstep Loan In Mumbai

Through doorstep loans offer quick financing solutions, it comes with certain drawbacks. However, depending on whether it’s secured or unsecured, this factor can differ.

  • Lesser Loan Amount: The amount offered under doorstep loan in Mumbai is lower than standard borrowing for unsecured variants, like a personal loan or business loan. With lower amounts, individuals can only cover smaller expenses.
  • Higher Interest Rate: Unsecured doorstep loans come with a higher interest rate. Therefore, individuals might have to pay a lot more than the actual borrowed amount. One can consider a secured variant to bypass this issue.
  • Extensive Documentation: Whereas unsecured instant personal loans have the drawbacks mentioned above, the secured variants like a loan against property involve extensive documentation, making it a less convenient borrowing option. Individuals applying for secured doorstep financing must submit a list of documents that sometimes becomes troublesome during immediate cash requirements.
  • Credit Score: Individuals who do not have a credit score of 750 or above often struggle to get a doorstep loan.

However, in the case of a secured doorstep loan against gold, individuals need not worry about lengthy documentation or eligibility criteria as financial institutions only emphasise the amount of gold jewellery pledged. It comes with several other advantages over other types of doorstep loan.

Gold-Backed Doorstep Loan In Mumbai - Merits

The benefits of availing of gold-backed doorstep loan are mentioned below:

  • Unlike other secured and unsecured doorstep borrowing options, the processing time of gold-backed doorstep loans is much faster.
  • The documentation is more straightforward than other secured and unsecured doorstep loans.
  • Individuals with bad credit score can also apply for a doorstep loan.
  • The cost of borrowing doorstep financing is much lower than that of similar secured and unsecured doorstep loans.

Depending on lending institutions, one can enjoy additional benefits and features as well. Since a handful of financial institutions are available in India offering doorstep loans, individuals must be careful in choosing their right financial partner. In such cases, one can trust the financial services offered by Rupeek without any second thought.

Reasons To Avail Rupeek’s Gold-Backed Doorstep Loan In Mumbai

Several features distinguish us from the rest, like numerous repayment schemes for ease of servicing a loan. Apart from these, other features that make us stand out from the rest are:

  • Fastest Loan Approval

To make the entire doorstep loan against gold hassle-free and consumer-friendly, we have come up with an easy and hassle-free application process. Individuals can request a doorstep loan against gold by placing a phone call, from our official website, or downloading the app. Once we receive a request, a loan manager reaches the client-specified destination after fixing an appointment.

Following that, he/she appraises the gold ornaments as well as conducts KYC document verification and leaves once this loan amount is credited to a client’s account. Unlike other secured and unsecured doorstep borrowing, we take 45-60 minutes to complete the gold loan processing. Thus, individuals can avail instant doorstep Gold Loan from Rupeek.

  • Robust Security

With Rupeek, you need not worry about your valuables’ security as we follow the highest degree of safety measures. The pieces of jewellery are transferred to partner banks of Rupeek in sealed GPS-enabled bags. After that, these valuables are stored in bank vaults under military-grade security and surveillance. Also, we provide insurance for all the gold items against any theft or unprecedented incidents while transferring the jewellery to and from the client’s house.

  • Minimised Interest Rate And Maximum Loan Value

Rupeek offers gold-backed doorstep loan for unemployed at a starting monthly interest rate of 0.49%. What’s more, individuals can avail maximum gold-backed doorstep loan up to Rs. 1.5 crore with our highest gold per gram rate. Moreover, with the help of a consumer-friendly gold loan calculator, borrowers can calculate the loan amount beforehand and strategise their expenditure accordingly.

  • Savings On Balance Transfer

With Rupeek, individuals can enjoy the facility of hassle-free loan transfer. They can quickly transfer their outstanding loan and save up to 12,377/lakh on interests.

  • Flexible Repayment

Contrary to secured and unsecured doorstep borrowing, which demands periodic repayments, customers of Rupeek can avail flexible repayment facility. They can either pay monthly or any time within the tenure as it suits them.

Apart from these features, borrowers can enjoy another facility named gold overdraft facility.

About Gold Overdraft Facility

Through this facility, existing customers can avail a credit line on and above their existing loan. Also called Rupeek Quick, this facility allows borrowers to withdraw cash as per their financial requirements from the sanctioned limit. On top of that, they can save a substantial amount on interest as this facility involves interest payment only on the credit limit’s utilised amount.

Thus, individuals looking for “instant doorstep loan providers near me” can conclude their search with Rupeek as our financial services are spread across significant areas of Mumbai.

Localities We Operate In Mumbai

To obtain gold-backed doorstep loan in Mumbai, contact us to get our financial services in and around any of the areas mentioned below.

  • Trombay
  • Dharavi
  • Nagpada
  • Santacruz
  • Mumbai central
  • Bandra
  • Borivali
  • Chembur
  • Andheri
  • Dadar
  • Malabar hill
  • Lala Lajpat Rai Marg
  • Nariman point

A doorstep loan in Mumbai helps individuals meet their obligations and cover financial expenses efficiently. Moreover, with Rupeek’s gold-backed doorstep loan, individuals can enjoy additional benefits like high loan value and gold overdraft facility.

Apply now to unlock all the offers of Rupeek’s doorstep loan against gold.

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Benefits of Gold Loan over Doorstep Loan.
  • <1 lakh
  • 2 lakh
  • 3 lakh
  • 5 lakh
  • 10 lakh
  • 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. Do financial institutions charge any cost for a doorstep loan in Mumbai?

The necessary charges include the processing fee and interest. There can also be additional charges like late payment fee, EMI bounce charges, and foreclosure charges.

  1. Do all financial institutions offer doorstep loans?

No, few financial institutions in India offer doorstep loans. One such financier is Rupeek Fintech Private Limited that offers instant loan at customers’ doorstep.

  1. What facilities are offered under doorstep financing in India?

The facilities offered under doorstep financing in India includes Cash/Cheque/DD pick up and drop, insurance application, account opening, KYC formality completion, and loan disbursal.

  1. What essential factors to keep in mind for a gold-backed doorstep loan?

Before they apply for a gold-backed doorstep loan in Mumbai, individuals need to keep in mind factors like the gold’s security, interest rate, repayment schemes, loan-to-value ratio (LTV), and additional fees.

  1. Can I avail more than one loan from Rupeek?

You can acquire more than one loan from Rupeek. However, ensure that repayment of an additional loan does not strain your savings. 

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