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.
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:
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.
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.
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.
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:
Impractically high interest rates of unsecured loans can become an added burned to borrowers. We provide interest rates as low as 0.49% 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.
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.
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.
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:
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.
|Comparision Parameters||Other online loans||Online Gold loan|
|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||-|
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.
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.
No, our lending partners only accept gold jewellery. Currently, gold bars and coins are not eligible assets for an online gold loan.
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.
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.
No, we do not ask for CIBIL score so that even a person with no credit history can opt for our online loan.
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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