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Doorstep Loan in Visakhapatnam
doorstep-loan-in-Visakhapatnam

Doorstep Loan in Visakhapatnam

With its picturesque beaches lending it the nickname of the “Jewel of the East Coast”, Visakhapatnam is a significant tourist destination. Besides its cargo ports making it a significant export hub, the executive capital of Andhra Pradesh gets its economic boost from booming pharma industries. Employment is also generated by several large-scale MNCs and software companies like Concentrix, Tech Mahindra, IBM, and Wipro. Adding to individuals’ convenience are doorstep loans in Visakhapatnam, all the rage in current times.

Know About Doorstep Loans

As the name suggests, home credit or loan at doorstep is a borrowing option where the lender brings different facilities to your doorstep, saving you the time and effort to visit them. These are short-term funds designed specifically for individual borrowers, considering their financial standing and repayment capacity.

The idea of doorstep loan as an independent product is not yet prevalent in India. Individuals can directly contact their choice of lender to place a doorstep service request against their required type of credit. Depending on their doorstep service range, the lending institutions will get back to you with specific requirements of your credit type and schedule a meeting at your residence.

Categories Of Doorstep Loans

Several banks and NBFCs in Vizag extend doorstep services against almost all available funding options. These loans can be divided into 2 broad categories.

  • Secured Loans

These loans are sanctioned against the security of pledged/mortgaged/hypothecated assets. Under this type, borrowers can avail doorstep services for online gold loans, car loans, and loans against property, to name a few. These generally come with:

  • Comparatively relaxed eligibility criteria
  • Affordable rates of interest
  • Adequate loan amount

However, a demerit of finance options like loans against property could be the hassle of additional documentation that includes proof of property ownership.

  • Unsecured Loans

Probably the most popular financing option under this category is a doorstep personal loan. Another prominent type is a credit card loan. Both of these share the following common features.

  • End-use flexibility
  • Do not require collateral
  • Simpler documentation

However, in the absence of security, lenders place increased importance on the eligibility criteria to cut down on delinquency rates.

Irrespective of the above types, a doorstep loan in Visakhapatnam comes with additional specifications, further discussed in detail.

Doorstep Loan In Visakhapatnam – Features

Following are some of the intrinsic characteristics of doorstep finance, which individuals must be aware of before applying.

  • At-home Service

Availing this facility saves borrowers the hassle of visiting a financial institution for loan application or approval. Instead, a representative or agent visits them at their residence to process their loan application.

  • Prompt Approval

The increasing popularity of such services is due to quick doorstep loan approval and disbursal. Generally, doorstep money lenders take a maximum of 2-4 days to process an application and sanction funds, making it a prompt financing option.

  • Personalisation

Doorstep loans fall under an informal funding option, where each individual gets access to funds specifically crafted to match their needs. Upon successful application, a loan agent visits the applicant’s residence to decide the exact loan amount he/she can repay comfortably, according to his/her current finances.

  • High Interest Charges

For unsecured doorstep loans, financial institutions set high interest rates to curb their risk-factors. This is accompanied by other charges, like processing fees, which contributes to an expensive borrowing cost. Add to that, penal interest rates in case of loan default, which is enough to make an individual’s finances go haywire.

  • Short-term Funds

Instant personal loans at the doorstep are generally offered against small loan amounts. This is to ensure easy repayment and curb the possibility of loan default to the maximum extent. It might make such means of funding inadequate for high-cost expenses. At the same time, large doorstep loans at high interest rates could exhaust an individual’s savings.

  • Eligibility

Financial institutions make sure applicants meet the following eligibility criteria to qualify for a doorstep loan in Visakhapatnam. Note that it can vary based on the credit type.

  • Applicants must be a citizen and resident of India.
  • Preferable credit score for an unsecured loan is 750 and above.
  • Applicants must have a steady income flow, preferably from a business or regular employment.
  • The minimum eligible age is 18 years.
  • Individuals’ net earnings should match the lender’s parameters.
  • Documentation

In addition to meeting the said eligibility criteria, applicants also need to provide the following documents.

  • Photographic identity proof, like KYC documents
  • Proof of residence
  • Employee ID card or business registration certificate
  • »

Comparison Between Gold Loan And Other Doorstep Loans

Since we have already established the difference between unsecured and secured loans, the following table focuses on how gold-backed funds stand out from other secured doorstep finance.

Pointers                   

Gold Loans

Other Secured Doorstep Loans

Credit Score

Not required

Can be considered, depending on the credit type

Rates of Interest

Very low

Comparatively high

Eligibility

Relaxed

Rigid

Documentation

Simple and minimal

Complex and extensive

End-use

Flexible

Restricted for home loans, car loans, etc.

Processing Time

Takes 1-2 hours

Might take up to 2-4 working days.

Once you are convinced of the benefits of gold-backed funds over other doorstep finance options, it is time to choose a loan provider with the best offers.

Rupeek Fintech is one of the most trusted doorstep loan lenders in Visakhapatnam, offering funds against gold with various other benefits. With our prompt and adequate services, borrowers can finance any requirement unless it is illegal.

Rupeek – Your Ultimate Doorstep Gold Loan Partner

Besides providing fast loan disbursal against uncomplicated documentation, Rupeek offers significant benefits with doorstep gold loan service.

  • Relaxed Eligibility

Unlike other doorstep finance types, Rupeek gold loan comes with laid-back eligibility criteria. Applicants need to be aged above 18 years old and own required gold to qualify for the minimum loan amount. It’s an ideal doorstep loan for unemployed individuals who can avail an instant loan without a CIBIL score from us.

  • Convenient Repayment Schemes

Rupeek offers flexibility in repayment by providing borrowers with the options to either repay in regular EMIs or pay any amount at any point in the tenure. It also includes a one-time bullet payment.

  • Pre-payment Facility

Borrowers can enjoy part-payment and foreclosure facility with our doorstep gold loans without any additional charges. If you are already servicing a loan, visit Rupeek’s ‘Repay your Loan’ page and sign in to your account with registered mobile number and OTP to view due amounts. After that, choose ‘Part Payment’ as your repayment option and pay any sum above what you pay interest every month and the foreclosure sum.

  • Nominal Interest Rates

Our low-interest-rate loans come with various interest schemes to suit every requirement. Our gold loan interest rates start from as low as 0.79% per month. Rupeek also offers additional discounts on the interest amount to borrowers making regular and advance payments.

  • Lump-sum Loan Amount

Rupeek offers optimum value for collaterals worth loan amount up to Rs compared to other doorstep loan lenders. 1.5 crore. Potential borrowers can run checks on available gold-backed loan amount, as per current gold market value using our 100% transparent online loan calculator.

Additionally, Rupeek customers can access a unique gold credit line facility, suitable for emergency financial requirements.

Gold Credit Line Facility

As part of our customer base, individuals can benefit from a gold overdraft loan facility under Rupeek Quick. Availing this facility gives borrowers access to a sanctioned credit limit, which they can utilise as per their requirements. They only need to pledge additional items of gold jewellery, with no added documentation. Also, one needs to pay interest only on the withdrawn amount for days until you deposit it back.

To enjoy this exclusive benefit, apply for a doorstep loan in Visakhapatnam on the Rupeek website and address all your emergency loan requirements without delay.

Doorstep Loan In Visakhapatnam – Find Us In Vishakhapatnam

Avail Rupeek’s doorstep gold loan from the following areas in Vishakhapatnam.

  • Mvp Colony
  • Port Area
  • Naval Dock Yard
  • Gopalapatnam
  • Madhurawada
  • Pendurthy
  • Andhra University
  • Simhachalam
  • Gajuwaka
  • Viman Nagar
  • Akkayyapalem
  • Maharanipeta
  • Nad Junction
  • Kancharapalem

Get over with your ‘doorstep loan provider near me’ searches already! Join our team of 1 lakh+ trusted customers and never postpone your requirements for a doorstep loan in Visakhapatnam again.

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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% 0.79%
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. Can I avail a doorstep loan from banks, without a job?

Most financial institutions offering doorstep services with traditional funding options do not sanction loans to individuals lacking a steady income source.

  1. Will a doorstep loan default affect my CIBIL score?

Yes, missing a doorstep loan repayment can hurt your CIBIL score.

  1. Are doorstep loans legal in India?

Yes, availing doorstep services against funding options is legal. However, borrowers must always check the credibility of lenders before agreeing on a deal.

  1. What are the documents required to avail a doorstep gold loan?

You only need to submit KYC documents like Voter ID, Aadhaar card, passport, PAN card, or driving licence for ID proof. Additionally, you need to produce any utility bill and lease agreement as proof of residence.

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