Online loans in Mumbai

It is a credit product offered by both traditional financial institutions as well as NBFCs. These lenders either operate as an online-only platform or the online section of an established lending entity. Online loans are available under both secured and unsecured categories depending upon the lender.

These credit facilities do not take up much time from one’s daily schedule, making it a more convenient option over other financial products. One can avail these loans at the comfort of their home, even after banking hours. But, with everything being said, one can still face issues while availing them, especially if one opts for an unsecured online loan.

When talking about such personal financing options, one should first see whether the loan they are opting for is a secured or unsecured loan. Because this single detail can become a significant deciding factor for several things related to the approval of one’s loan. While an unsecured online loan is indisputably better than its standard counterparts, it still bears some shortcomings that can be easily avoided. Some of its issues are:

• High Eligibility Requirement

While it is necessary to avail an online loan from a credible lending authority, it also results in more stringent eligibility criteria. Moreover, the CIBIL score becomes a significant determinant under these circumstances.

• Not The Lowest Interest Rate

Its “unsecured” status is a significant reason behind lenders charging high interest rates. This is because lenders assume a significant risk of payment default without collateral.

• Long Repayment Tenure

The repayment tenures for unsecured loans range between 1 year and 5 years. Not everyone has the time to repay a loan for years and balance that with the rest of their responsibilities.

• Susceptible Security

The lack of face-to-face interaction brings the potential threat of the lending institution being fraudulent. Sharing your confidential data with finance companies without substantial goodwill can cause major problems for you.

One can still get all the benefits of an unsecured online loan without risking their security or maintaining a high CIBIL score. A secured and highly beneficial alternative to this would be an online gold loan from a reliable lender.

An online gold loan essentially possesses all the benefits of an unsecured credit product sans its shortcomings. With a gold-backed loan, you can put your gold jewellery, an idle asset, to the right use when you are in need. Because it’s secured, interest rates are lower, and it involves lesser documentation. Plus, these usually have shorter repayment tenures when compared to an unsecured online loan helping one to get rid of repayment responsibilities faster.

One can get several additional advantages if they choose our gold-backed online loan. These benefits do not just make repayment easy but better one’s entire borrowing experience.

At Rupeek, we strive to provide the most to our customers, and the following is just a step towards that. We offer:

1. Affordable Interest Rate

Impractically high interest rates of unsecured loans can become an added burned to borrowers. We provide interest rates as low as 0.79% per month, ensuring our customer’s convenience. Our online gold loan is to bring you out of a difficult situation and not put you into another.

2. High Loan-to-Value

The LTV decides the amount a borrower will get against their gold, and we offer an LTV of as high as 80% to our customers. One can get up to Rs. 1.5 Crores by pledging their gold to us. Learn more on about the amount you can avail by referring our gold loan calculator.

3. Convenient Repayment Facility

Though long repayment tenures are considered to be a boon, it can become bothersome as well. Especially when talking about loans in Mumbai, no one has enough time to worry about loan repayment for years. If you wish to repay the entire amount at once, we take it; you want to consider our EMI option, we offer that too. We also provide the option of instalment payments at any time during the tenure.

4. Helpful Overdraft Facility

If you want to opt for an extended credit line, we offer you our overdraft facility, Rupeek Quick. Pledge your gold to us and only use as per your requirement from the sanctioned amount. We charge interest on only the amount you have used and not the entire approved sum and further decrease your repayment burdens.

With our doorstep loan facility enjoy the assurance of an offline credit product with our gold loan online. We sent our representative at your place to take care of all the procedures and sanction your loan within 60 minutes. The moment you hand the gold ornaments over to our representative, it is kept in a GPS-traceable bag for you to keep an eye on where we take your gold.

We are rapidly spreading our reach across every corner of the country. As far as Mumbai is concerned, we have our partnered banks and representatives in all its significant locations.

If you are searching “online loan lenders near me” from Mumbai, we are the ideal option for you. The areas where we offer instant cash loan in 1 hour in Mumbai are:

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

The secured status of a credit product does not only provide an assurance to the lender but benefits the borrower too. However, these advantages are subject to the lender you choose as well. In case you are in need of money and have some idle gold jewellery lying around, put that to use and avail our gold-baked loan instead of a standard online loan.