Payday Loan in Bangalore

Payday Loan in Bangalore

Bangalore, the capital of Karnataka, is one of the significant contributors to the booming growth of IT sectors in India. However, this Silicon Valley of India is also a repository of natural abundance and historical evidence, attracting tourists all over the world. Some eminent sites of this city include Bangalore Palace, Cubbon Park, Lal Bagh, Tipu Sultan’s Palace and many more. 

However, what surpasses all these aspects is its unique demography. Bengaluru Innovation Report 2019 reveals that almost 37% of the city’s population constitutes people aged between 15 and 35 years. A large population of this millennial-friendly city also shows a general financial orientation that favours short-time borrowing to cope with month-end crisis.

Hence, financing options like a payday loan in Bangalore come into play. Though this instant, short-term credit product is gaining popularity gradually, it also has its share of merits and demerits that you need to take into consideration. 

An Overview Of Payday Loans

Often referred to as microloans, payday loans are short-term, unsecured financial products that allow borrowers to avail funds immediately whenever they face a cash crunch. Conventionally, this loan lets people raise funds during financial woes at a month’s end, and tenure of the same aligns with the payday for salaried professionals

It works somewhat like a personal loan with a few deviations. Following are some of the features of this loan. 

  • Payday loans generally work through a mobile app. All you have to do is download the app of your preferred lender, fill-up personal, financial, professional details, etc. and apply for the amount. The loan amount will be disbursed directly to your wallet. 
  • The interest rate of instant payday loan Bangalore is, the highest among that of all loans available in India. Moreover, the interest is charged daily. 
  • The tenure of this loan varies from lender to lender. You can opt for same-day payday loans as well as choose tenure up to 3 months. 
  • Your monthly income, credit score and other lender-specific terms and conditions influence the payday loan eligibility. 

Voice search for ‘payday loan services in Bangalore near me’ to view all the lenders offering a payday loan in Bangalore. 

Nonetheless, while these instant loans Bangalore may seem alluring to prospective borrowers, it contains some pitfalls that you need to keep in mind to make an informed decision. It includes. 

Varying Interest Rate

Payday loan interest rates can go up to 2% per day. Therefore, it is imperative to gauge your repayment capacity before applying for this loan. 

Additional Charges

The late payment charges and processing fees can be exponentially high and are calculated daily. Therefore, if not handled carefully or repaid on time, this can lead you to debt traps. 

Alternatively, you can opt for a Rupeek gold loan that not only alleviates these concerns but also extends benefits that will help in managing your liabilities efficiently.

Features Of Rupeek Gold Loan

Following are some of the aspects that make Rupeek one of the leading Fintech companies in India when it comes to gold loans.

  • Multiple Repayment Schemes

We have streamlined the repayment options of Rupeek gold loan that facilitate better liability management. You can choose the repayment scheme that is feasible for you. Unlike other conventional loans, Rupeek gold loan comes with two distinct loan schemes

You either can repay the loan amount via EMIs before the tenure ends or as and when you have available funds within the term. 

  • Substantial Loan Value 

Rupeek extends one of the highest LTV that ranges up to 80% depending on the gold quality, quantity and other relevant parameters. Borrow funds up to Rs.1.5 crores and address all financial concerns instantly. 

  • Competitive Interest Rate 

The interest rate on a Rupeek gold loan starts from 0.49% per month that makes the repayment easier and pocket-friendly. Since the amount of interest payment is lower, the overall cost of servicing Rupeek gold loan slashes down. It stands in a stark difference with a payday loan in Bangalore

  • Refinancing Facility 

This lower interest rate of Rupeek gold loan also encourages existing gold loan borrowers to opt for a loan transfer to Rupeek. Roughly, you can save up to Rs.12,377/lakh on interest by choosing this facility. 

  • Doorstep Services 

You can now avail instant online gold loan at your doorstep with Rupeek. After receiving a gold loan request, our loan manager takes 30 mins to reach your residence to initiate the loan processing. It is followed by a gold appraisal, KYC document verification, loan approval and finally disbursal. The entire process takes only 45 to 60 minutes, making it one of the fastest borrowing options available to you right now. 

  • Gold Loan Credit Line 

Borrowers in frequent need of funds can also opt for a gold credit line or overdraft facility against gold. They do not need to show any document, and the amount will be disbursed to their wallet, facilitating better accessibility to instant funds. Also known as Rupeek Quick,
it can prove to be a reliable financial companion during any financial urgency that is short-term. 

Moreover, it further helps in reducing the interest burden as we levy interest rate only on the fund utilised. Individuals can save more with this loan option than a payday loan in Bangalore.

Besides these, if you are current based in this city, do not forget to check out the location list for future reference.

Rupeek’s Service Locations In Bangalore

We are extending Rupeek gold loan right now in the following regions in Bangalore. 

  1. HAL Old Airport Road
  2. Sampangi Rama Nagar
  3. Koramangala
  4. Yelahanka
  5. Electronics City
  6. HSR layout
  7. Banashankari
  8. Whitefield
  9. Bommanahalli
  10. Bellandur
  11. Bannerghatta     
  12. Nelamangala
  13. JP Nagar
  14. Banaswadi
  15. Hoskote

While a payday loan in Bangalore may seem beneficial to many, the legitimacy of such loan providers is arguable as are there instances of fraudulent companies. Therefore, you can settle for Rupeek gold loan for reliable, hassle-free borrowing. 

Apply now for a loan against gold with Rupeek and deal with month-end crunches!

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Benefits of Gold Loan over Payday Loan.
  • <1 lakh
  • 2 lakh
  • 3 lakh
  • 5 lakh
  • 10 lakh
  • 20 lakh
Comparision Parameters Payday Loan 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 -
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Frequently asked questions

  1. What documents do I need to avail a payday loan in Bangalore?

To avail a payday loan, you need to submit the following documents – ID proof, Aadhaar Card, PAN card, address proof, bank details of last 6 months, salary slips of last 3 months, and passport-sized photographs.

  1. Can I avail a payday loan if I do not have an Aadhaar card?

It depends on the lender. Most money lenders in Bangalore do require you to submit an Aadhaar card for KYC verification. However, financiers may also entertain other documents for ID and address proof. 

  1. Is Rupeek gold loan faster than a payday loan?

Rupeek generally approves and disburses a gold loan within 45 to 60 months. On the other hand, payday loan disbursal time depends on the lender chosen.

  1. Does Rupeek have any lock-in period for a gold loan?

No, Rupeek does not have any lock-in period or waiting period for gold loan. 

  1. What is a Rupeek rebate?

On regular repayment of Rupeek gold loan, we offer specific rebates to borrowers. However, the rebate amount depends on the frequency of repayments; more rebate with higher payment frequency. 

  1. What is the tenure for a gold loan?

Rupeek gold loan tenure ranges up to 6 months. However, you can pre-pay or part-pay the outstanding dues whenever you have a surplus.

  1. What is Rupeek’s safety procedure?

Rupeek adopts a reliable security protocol while handling the pledged gold. The gold is generally carried in a GPS-enabled bag to the nearest bank’s vault, where it is deposited for the tenure. Furthermore, we also extend insurance of the pledged gold without charging any extra cost. 

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