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Bhopal is Madhya Pradesh’s capital and one of the largest cities in India. Situated at India’s centre, this city is home to many research & educational institutions like National Law Institute University. Bhopal also houses the renowned Van Vihar National Park.
As one of the prominent economic centres in North and Central India, Bhopal’s cost of living has upped by leaps and bounds over the past two decades. One also needs to incur luxury costs as well, and individuals starting with new jobs in the city can often find themselves in a shortage of cash. They can take a payday loan in Bhopal to that end.
It is a short-term financing option that helps salaried individuals to meet an array of requirements.
Here are 5 points that one must keep in mind about this financial product before availing it –
Irrespective of its customer-friendly features, payday loans have its share of limitations. Applicants must know the pros and cons of this credit mode in advance to make an informed decision.
Advantages |
Disadvantages |
Quick disbursal; takes 1 – 2 hours |
High interest rates; from 0.5% to 2% |
Short loan tenure; depends on a person’s next payday. |
Lack of repayment flexibility; has to be repaid at once. |
Need no credit check |
Limited loan amount |
Based on this comparison, it is fair to conclude that payday loan in Bhopal is not an affordable method of financing. Therefore, one can opt for alternatives like gold loans to enjoy better benefits.
Gold loan is a secured mode of credit. Hence, the loan terms are more favourable and offer a better borrowing experience. Here are the features of a gold loan that makes it a better alternative to any unsecured financing method –
These benefits of gold loans make it a hassle-free method of availing funds. Hence, one must also select a reliable lender to help them make the most of these benefits and have a convenient application and repayment experience.
In this regard, Rupeek is a name to consider. With its industry-first doorstep services and attractive interest rates, one can enjoy both convenience and affordability.
The reasons to select Rupeek as a preferred gold loan provider are the followings –
Individuals can maximise their savings on borrowings with our gold overdraft facility, Rupeek Quick. This facility lets individuals access funds anytime from the approved credit limit against their additionally pledged gold ornaments. Interest is only calculated on what you withdraw from that sanctioned limit.
The loan transfer facility provided by us helps our customers to save substantially on their loan repayments. Once they share their current pledge card details, our executive will navigate them through the remaining process. With Rupeek, one can save up to Rs. 12,377 per lakh on repayments.
With our high per-gram rate, individuals can get up to Rs. 1.5 crores. Prospective borrowers can visit the gold loan calculator below to learn the current per-gram rate and calculate their available loan amount.
Based on the scheme chosen, individuals can enjoy interest rates as low as 0.79% per month with us. It’s much lower than a payday loan in Bhopal that comes at rates as high as 2% per day or 60% per month.
The eligibility criteria for Rupeek gold loans include –
Additionally, we don’t emphasise on meeting any credit score requirements or submit additional documents. Therefore, the disbursal process is swift.
Furthermore, our presence in Bhopal’s major localities enables us to meet any loan requirements and offer doorstep services promptly.
Even though a payday loan in Bhopal offers a quick financial solution, the unfavourable interest rates and short tenure can become a hurdle at times. Going for a gold loan from Rupeek can be conducive to bridging the monetary gap between paydays quickly.
Thus, instead of searching for a “payday loan near me”, call Rupeek for a quick solution.
It is impossible to get a payday loan without salary slip as it acts as the primary income proof.
Aside from the high rates of interest, payday loans entail hidden charges. In case you delay in the repayment of funds or miss out on it, you will need to incur excessive penalty charges. This untoward instance can lead to a debt trap.
The eligibility norms are straightforward. Any individual with a regular income source is eligible for this financial product. Moreover, there is no hassle of a credit check. Thus, borrowers with relatively bad credit history can also apply for it.
To get a gold loan quickly, you can contact Rupeek. The online application, paired with doorstep services, enables customers to get funds within 60 minutes from their home’s comfort.
We do not levy any charges for a loan foreclosure. You can prepay your anytime before the tenure ends free of charge.
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