One of the fastest-growing cities of Karnataka, Mysore is famous for its tourism and IT sector. IT giants like Infosys and Wipro have their offices here. Tourism is also a significant part of Mysore’s economy, and places like Mysore Palace, Zoo, Brindavan Garden are notable points around this city.
Mysore’s rapid economic growth in recent years has made staying here significantly costlier. Unforeseen expenditures, big-ticket purchases can be a challenge to meet with only savings. In such situations, an online loan in Mysore offers an apt solution for any financial shortfall.
An online loan is a financial product that comes with a series of borrower-friendly features to help them meet any monetary requirements. Here are some notable ones –
These features of an online loan in Mysore make it a go-to financing option for many. However, a point to note here is that online loans are of two types, secured and unsecured.
In terms of unsecured loan, the eligibility criteria are stringent, and at times it is difficult for some to meet them as well. Therefore, individuals can opt for a secured instant online loan Mysore as an alternative.
Here is a comparison table to provide a better insight –
Particulars |
Secured Loan |
Unsecured Loan |
Collateral |
Needed |
Not needed |
Interest rate |
Lower compared to unsecured loans |
Higher compared to secured loans |
Eligibility Criteria |
Only valid KYC is necessary alongside ownership of the to-be-pledged asset |
The applicant must have a credit score above or equal to 750, low FOIR and credit utilisation ratio, minimum income as specified by the lender, etc. |
Processing time |
If gold is pledged, the processing time is only a few hours. It can go up to more than a few days if it’s a real estate. |
Around 1 – 2 days |
Loan amount |
Based on the LTV |
Based on eligibility |
Even though an unsecured loan in Mysore does not require collateral, the associated eligibility and loan terms are often not favourable for many. In such cases, one can opt for a secured loan, especially a gold loan, to avail better loans terms.
Online gold loan in Mysore allows borrowers to avail funds at favourable terms. It offers benefits like low-interest rate, quicker processing (within a few hours), and many more. Furthermore, restriction-free usage of gold loans allow borrowers to address an array of different expenses, such as –
To make the most of gold loan online benefits, however, one needs to select a reliable lender. In this regard, Rupeek is a name to consider.
Rupeek is one of the leading gold loan providers in India, offering a host of different customer-friendly benefits. Here are some prominent ones –
Alongside these, our borrowers can further benefit with an overdraft facility against gold, Rupeek Quick. It lets borrowers deal with unforeseen expenses more efficiently.
Our existing customers can pledge more gold to avail credit line from which they can withdraw funds as per their will. Also, they are liable to pay interest only on the amount they have used.
Individuals residing in and around the following locations can avail a quick loan in Mysore in just 30 minutes.
An online loan with its favourable features offers an excellent solution for any financial crisis. Plus, with Rupeek’s online gold loan, individuals can enjoy lower interest rates, doorstep service, highest security of gold, and complimentary gold insurance.
Thus, instead of voice searching for ‘Online loan providers near me’, you can contact Rupeek for a quick and hassle-free financing solution.
Comparision Parameters | Other online loans | Online 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 | - |
Once you log in to your Rupeek account, you will find a ‘close loan’ option. Clicking on that will display your account summary, which includes a detailed breakup of the outstanding amount, interest payable, etc. You can pay the full amount thereafter to close your loan.
Yes, you can get a loan without submitting an income proof. However, it’s only possible if you opt for a secured financing option, like a gold loan.
Rupeek only accepts gold ornaments of quality above or equal to 18 carats.
Yes, Rupeek offers a rebate on repayments. However, it depends on the frequency of payment. Therefore, you can fetch a better refund with a higher frequency of payments.
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