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Online Loan in Mumbai
online-loan-in-Mumbai

Online loans in Mumbai

The financial capital of India, Mumbai, is known for its bustling traffic and glamorous nightlife. It is also home to the Bollywood film industry that is not just stealing hearts in the country but has a massive audience internationally as well.

This city is also home to three of UNESCO’s World Heritage locations, namely Chhatrapati Shivaji Maharaja Terminus, Elephanta Caves, and Victorian & Art Deco Architecture.

The starlit city is not at all easy to live in, however. People can exhaust most of their salaries on basic requirements quickly. In such tough situations, sudden need for substantial funds can become severely challenging. However, it is harder for Mumbaikars to opt for a traditional loan due to a tight working schedule; instead, they can opt for an online loan.

What Are Online Loans?

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.

Shortcomings Of 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.

Gold Loan As A Better Online Alternative

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.

Benefits Of Online Loan With Rupeek

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.

  1. 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.

  1. 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.

  1. 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.

Loan At Your Doorstep

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.

Our Operations In Mumbai

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.

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Benefits of Gold Loan over online loans.
  • <1 lakh
  • 2 lakh
  • 3 lakh
  • 5 lakh
  • 10 lakh
  • 20 lakh
Comparision Parameters Other online loans Online 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. Will my gold be safe with Rupeek?

We have partnered with banks all across India and keep the gold in their military-grade lockers. Your precious gold jewellery will be held in a bank that is at a distance of 5km from your house under professional supervision.

  1. How to apply for online personal loan in Mumbai from Rupeek?

Availing our gold-backed loan is extremely simple. First download our App, visit our website or give us a call. Our representative will visit your place to evaluate your pledged gold and instantly sanction the loan amount. This sum will be credited into your account, and our representative will leave only after that.

  1. Can I pledge any type of gold article for an online loan?

No, our lending partners only accept gold jewellery. Currently, gold bars and coins are not eligible assets for an online gold loan.

  1. What if my gold is stolen from Rupeek’s vault?

We provide 100% insurance for your gold as long as it is with us. So, if your gold gets stolen, we will provide you with an amount equivalent to the current value of your pieces of jewellery.

  1. Will my jewellery remain safe with Rupeek?

We keep your pledged gold in a military-grade vault of one of our parented banks located at a distance of 5 Km radially. You can rest assured about the safety of your pieces of jewellery with us.

  1. Is the CIBIL score required for an online gold loan?

No, we do not ask for CIBIL score so that even a person with no credit history can opt for our online loan.

  1. Can I use an online loan for a home renovation?

Yes, you can use an online loan to renovate your house. An online loan comes with full usage liberty. Thus, it’s usable for a range of purposes.

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