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Payday Loan in Chennai
payday-loan-in-Chennai

Payday Loan in Chennai

One of India's five metropolitan cities in India, Chennai is an economic powerhouse of this country, with industries across IT, automobile, healthcare, manufacturing, etc. contributing significantly to the city's revenue. In fact, owing to the density of automobile manufacturers, Chennai has also earned the nickname 'Detroit of India'.

Along with these, tourism is also a significant contributor to its economy.

While the city offers Tier-1 benefits to its residents, living in Chennai can be an expensive affair, and requires one to have a strong financial foothold to manage his/her livelihood comfortably. However, more often than not, individuals are faced with financial shortfalls, which give rise to challenges to manage emergency, as well as regular expenses. In such situations, a payday loan in Chennai can act as a viable financial solution.

Payday Loan Chennai – An Easy Financing Option

Payday loan in Madras is a prompt and unsecured financing option that allows individuals to mitigate any monetary crisis. The loan quantum here depends on the next paycheque of an applicant and is usually a portion of his/her total income.

Instant cash loans like this are approved based on a borrower’s credit profile, and it helps them manage the cash crunch arising between two paycheques.

Here are some prominent features of a payday loan in Chennai that borrowers should be aware of before applying –

  1. Cash loans online like these are unsecured in nature. One need not submit any collateral to avail it.
  2. Cash advance loan like this is available promptly. Applicants can avail funds within a couple of hours.
  3. To avail a quick loan like this, one need not submit a long list of documents. Borrowers can avail it with their income proof and KYC documents.
  4. It is also available without any usage restrictions; thus, one can meet an array of requirements.
  5. Payday loan in Chennai is typically a single instalment credit option. Here one needs to pay the principal and interest together at once.
  6. The loan tenure here is short, and lenders often allow borrowers to select it per their convenience. For instance, an individual availed an emergency same day loan on 15th January 2021, and its repayment date is 10th February 2021. In that case, the loan tenure is 26 days.
  7. Lastly, a credit check is not mandatory to avail of this financial product. Individuals struggling to maintain a healthy credit score can also avail it.

Irrespective of the customer-friendly benefits it offers, the high interest rate and associated charges make payday loan in Chennai an expensive financing method to opt for. Further, the loan amount available is not significant, which can be a challenge at times. Alternatively, one can choose gold loans and enjoy better terms of borrowing.

Gold Loans – A Suitable Alternative

Since it is a secured mode of credit, gold loans offer better loan terms that make borrowing easy. Here are the benefits of selecting gold loans –

  • The presence of collateral significantly lowers the interest rate; thus, availing and repaying a credit is more affordable.
  • The accompanying charges of a gold loan are minimal, which reduces the total cost of borrowing.
  • Gold-backed financing offers longer repayment tenure and more flexibility. So, paying it off is not a hassle.
  • It also offers restriction-free usage.

So, instead of searching for a ‘payday loan provider near me’, search for gold loan services to enjoy better terms and facilities.

However, to maximize the benefits from a gold loan, it is imperative to select a reliable lender. In this regard, Rupeek is a trusted name. With its industry-first doorstep service, paired with multiple repayment schemes and other benefits, one can have a satisfactory customer experience.

Rupeek – A Perfect Solution For Financial Crunch

Rupeek focuses on offering unmatchable service, which is both prompt and satisfactory. In this regard, we offer the following benefits that ease the hassle of a loan –

  1. Overdraft Facility

To reduce the hassle of applying for a new loan to avail more funds, we have introduced an overdraft facility popularly known as Rupeek Quick. It offers customers access to a pre-sanctioned amount, from which they can withdraw the amount they require and pay interest only on the amount utilized. This facility also allows existing borrowers to pledge more gold and avail additional funds without initiating a documentation process.

  1. Lenient Eligibility Terms

With Rupeek, any Indian who is above 18 years and has necessary KYC documents is eligible to apply funds. We do not ask for a credit score, or any additional documents to extend any credit.

  1. High Loan Amount And Better Repayment Options

The per-gram rate offered by us for gold loans is one of the highest in the segment. Hence, one can get up to Rs. 1.5 crore against his/her gold jewellery. Borrowers can utilise the gold loan calculator available on our website to find the current per-gram rate and calculate their loan amount.

Moreover, the rate of interest levied by us starts from as low as 0.79%, that makes interest payments more affordable. Also, to make repayment more accessible, we have introduced various customer-friendly schemes. Individuals can now opt for a standard EMI plan, or they can pay as per their will.

  1. Class-Leading Security Measures

At Rupeek, we enforce advance security measures to ensure the safety of gold articles. It includes –

  • Use of GPS-enabled bags to carry the ornaments.
  • Storing them in high-security vaults of partner banking facilities.
  • Offering mandatory insurance coverage during the loan tenure.

We also perform a regular security audit to eradicate any loopholes in our system.

  1. Convenient Loan Balance Transfer Facility

With Rupeek one can now save up to Rs. 12,377 per lakh on repayments, and to do so, he/she can opt for our loan transfer facility. Once a borrower shares his/her current pledge card with our representatives, they will guide him/her through the remaining process.

  1. Doorstep Services

Last but not least, we offer industry-first doorstep service. Therefore, when individuals initiate a loan request, our executives will get back to know about their requirements. Afterwards, our loan managers will visit their scheduled location in just 30 minutes to complete jewellery evaluation and document verification.

Hence, borrowers can now avail funds from the comfort of their home. This has been made further possible due to our strong presence in various localities of Chennai.

Localities Of Chennai Where Rupeek Extends Its Services

Individuals residing in these areas can place a call to Rupeek to avail our services instantly -

  • Anna Nagar
  • Maduravoyal
  • Koyambedu
  • Mylapore
  • Nungambakkam
  • Kodambakkam
  • Tiruvanmiyur
  • Vadapalani
  • Tiruvottiyur
  • Valasaravakkam
  • Perambur
  • Popular
  • Triplicane
  • Velacheri

Payday loan in Chennai is an apt solution for any urgent financial need. However, the high interest rate can make it an expensive affair. Alternatively, one can opt for a gold loan to enjoy similar benefits, but against more favourable terms.

Call Rupeek for a fair, fast and flexible solution.

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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% 0.79%
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. Can I get a payday loan without salary slip?

No, you cannot get a payday loan in Chennai without salary slip. Since the loan amount of this financing method relies on an applicant's monthly income, salary slip is a vital document.

  1. How to make a payday loan application online?

You can either use a financial institution's official website or dedicated payday loan app to apply for it. However, before applying for one, it is vital to read the terms and conditions carefully.

  1. What are debt traps?

Debt traps are a situation where individuals avail new loans to pay off their existing credit. Usually, this situation arises when an individual's debt obligations are more than his/her repayment capacity. Since it is a cyclical process, it is not easy to get out of a debt trap. However, with proper planning, one can pull himself/herself out of it.

  1. What are the eligibility criteria of an online payday loan?

To avail an instant cash loan in 1 hour, one must have a monthly source of income, and he/she must be employed full time in any organization. Also, such individuals must have a bank account to avail a payday loan in Chennai.

  1. What is the loan repayment process with Rupeek?

You can pay-off a Rupeek gold loan online. Once you login to the payment portal, you will find your account summary. After that, you can make payments as per your convenience.

  1. Are there any additional charges on pre-payment of Rupeek gold loans?

No, Rupeek does not levy any additional charges on loan foreclosure.

  1. Is there any lock-in period of funds availed from Rupeek?

No, there is no such lock-in period with a Rupeek gold loan.

  1. How to get a rebate on loan repayment with Rupeek?

To get a rebate on the repayment, you need to make regular payments. Moreover, with a higher frequency of payment, you can earn a better rebate.

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