Payday Loan in Delhi

Payday Loan in Delhi

Delhi, the capital of India, is one of the most historically and culturally significant cities in India. It is home to edifices like the Red Fort and Qutub Minar alongside notable educational institutes like Jawaharlal Nehru University, Hansraj College, Jamia Milia Islamia, and Delhi University.

Sitting at the cusp of the NCR region, Delhi is also one of the wealthiest metropolitan regions in India. Resultantly, it is also a fairly expensive city to live in. Salaried individuals facing a financial shortfall can remedy their situation by opting for a payday loan in Delhi.

Payday Loans Offering A Convenient Solution

Instant payday loan Delhi is a short-term financing option, where lender offer funds based on the individual’s income and credit profile. Typically, the amount available under this mode of financing is a percentage of the applicant’s next paycheque.

payday loan in Delhi aims to offer financial assistance that will help applicants to manage their current financial shortfall, through to the next paycheque. This financial product is also known as cash advance or cheque advanced loan.

Features Of A Payday Loan

Here are some prominent features of this financial product –

  1. Quick: This financial product is known for its instant approval. Individuals can get a payday loan in 30 minutes of their application.
  2. A Handful Of Documents: Individuals need to submit their personal and financial details and must have a bank account to avail an instant loan Delhi. Payday loan approval online further streamlines this process.
  3. Credit Score Not Needed: One of the most prominent features of this financial product is that it does not require a credit check. Thus, one can avail it with a bad credit score as well.
  4. Collateral-free: Since it is an unsecured loan, individuals do not need to pledge any asset to avail a payday loan.
  5. No End-use Restrictions: A loan based on the payday for salaried professionals does not have any limitation on its usage. Hence, individuals can use it to fulfil any purpose they have.

The lack of payday loan eligibility, paired with its features makes it a great financial instrument to manage any sudden expenses. However, high interest rates make it one of the most expensive loans available in the current market. Lenders levy interest as high as 1.5% per day.

Also, the amount available under this financial product is usually not substantial.

You can choose gold loans as an alternative if you want to avoid these hassles while ensuring you enjoy all the major benefits of a payday loan in Delhi. Being a secured mode of credit, this financial product comes with a significantly low borrowing cos and also longer repayment tenure. It also provides facilities like no-end use restriction and a quick approval to increase your convenience.

Since there are multiple gold loan providers operating in the market, it is imperative to choose a reliable one to have a pleasant borrowing experience. In this regard, Rupeek is your ideal partner. Our service portfolio includes industry-first features like doorstep services, flexible repayment options, etc.

Choose Rupeek For Instant Gold-Backed Payday Loan

Here is a list of features that makes our gold loan the ideal alternative to an unsecured payday loan –

  1. Strong Security Measures

We enforce robust security measure to guarantee the safety of your gold items. Our loan managers carry all the pledged gold items in a GPS-traceable bag. Also, we use military-grade vaults to store these ornaments, and borrowers also enjoy a door-to-door insurance policy during the tenure.

  1. Loan Up To Rs. 1.5 Crores

At Rupeek, individuals can get a gold loan up to Rs. 1.5 crores, owing to the highest per-gram rate we offer. A sizeable amount like that can help individuals meet a range of personal expenses without hassle since there’s no end-use restriction either.

You can take the assistance of our gold loan calculator to learn about the per-gram rate that we offer, and the amount of gold your need to avail your desired amount.

  1. Competitive Rate Of Interest

To complement the high LTV ratio, we charge an interest rate on gold loans, which starts from as low as 0.49% per month. It is substantially lower than a payday loan in Delhi that comes with rates ranging between 1% - 1.5% per day. Hence, interest payment with Rupeek is not a hassle.

  1. Loan Transfer Facility

With our loan transfer facility, you get a chance to save up to Rs.12377 per lakh. You just need to share your existing pledge card with our representative, and they will guide you through the process.

  1. Multiple Repayment Options

Customer convenience with Rupeek further enhances with the various repayment options that we offer. You can opt for the traditional EMIs or choose to pay principal later and the interest first. Else, you can select the one-time bullet payment scheme, where you can pay the total debt at once, after the tenure.

  1. Overdraft Facility

We also offer an overdraft facility, known as Rupeek Quick. It allows our existing customers to pledge additional gold and gain access to a credit line. Hence, they can access funds as per their convenience. Moreover, with Rupeek Quick, you need to pay interest on the amount you have used, and not the entire credit line.

  1. Online Application

You can easily apply for a loan from Rupeek by registering your mobile number. Once you initiate a loan request, our company representative will get back to you to learn about your requirements for further processing.

Following successful initial processing, out loan managers will visit your address to evaluate the gold articles and validate the KYC documents. Once they are satisfied, you will receive your loan amount. This process takes about 45-60 minutes.

Our presence in prominent areas of Delhi allows us to offer you such a prompt service. Following your loan request, our manager will reach your address within 30 minutes.

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Localities Of Delhi Where Rupeek Offer Its Services

  • Chandni Chowk
  • Tilak Mar
  • Karol Bagh
  • Connaught Place
  • Pragati Maidan
  • Pusa
  • Najafgargh
  • Maidan Garhi
  • Moti Bagh
  • Justice SB Marg
  • JNU ring road
  • Sansad Marg
  • Anand Vihar
  • Hauz Khas
  • Nehru place

payday loan in Delhi is a great financial product to manage any sudden expense. However, the high rate of interest and short repayment tenure makes it an expensive affair. Instead, individuals can opt for a gold loan where they get to enjoy similar benefits but against more affordable loan terms. Rupeek, with its wide range of repayment schemes and quick service, allows individuals to meet their financial emergencies without any delay.

Pause your search for ‘payday loan lender near me’ and contact Rupeek for a quick and affordable 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% 0.49%
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 is the CIBIL score for a gold loan?

Rupeek does not ask for any CIBIL score to extend funds against gold. You can apply and secure a loan from Rupeek irrespective of your credit score and history.

  1. Can a payday loan in Delhi impact CIBIL score?

Lending companies do not report your borrowing to any credit rating agency. But, if you default on repayment, it can reflect on your credit score.

  1. Who is eligible for a payday loan?

Any salaried individual above the age of 18 years is eligible for a payday loan.

  1. Can I avail an Rs. 1 lakh as payday loan?

Your loan eligibility is based on your salary. If your monthly income is higher than Rs. 1 lakh, you stand to get a loan of such quantum.

  1. Which gold items are accepted for a gold-backed payday loan?

Rupeek only accepts gold ornaments of purity of 18 carats and above for any advance. One cannot pledge gold bars and coins.

  1. Can I part prepay my payday loan against gold?

Yes, Rupeek offers a part-payment facility for their gold loans. But borrowers should note that their repayment amount must be more than the monthly interest, and less than the total repayment amount.

  1. How to avail a rebate on a Rupeek gold loan?

One needs to make regular payments to avail a rebate on Rupeek gold loans. Moreover, with a better repayment frequency, one can earn a higher rebate.

  1. How to close my gold loan with Rupeek?

To close your gold loan, you need to visit the ‘repay your loan’ page and log in to your Rupeek account with the OTP sent to your mobile number. Now, you can select the ‘close loan’ option to view the payment summary and close your loan by paying the full amount.

  1. What is a debt trap?

A debt trap is where individuals need to opt for fresh loans to pay-off their existing ones. It is a cyclic and never-ending process. Typically, such a situation arises when a borrower’s debt obligations exceed his/her repayment capacity. It is not an ideal situation to be in, as it keeps getting worse.

  1. Are payday loans a good idea?

It is difficult to answer whether they are a good idea or not. However, a point to note here is that this financial product comes with extremely high interest rates. So, individuals should be mindful of that before availing.

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