Payday Loan in Madurai

Payday Loan in Madurai

Madurai is a notable business hub of Tamil Nadu. Automobile manufacturers like Isuzu, Volkswagen, Toyota, Mahindra have manufacturing units in and around this city. The Information Technology sector and other small-scale industries contribute significantly to this city’s economy and employment.

Living costs have also surged in line with developments post-liberalisation, especially over the past two decades. Modern technologies have also ushered in new means of coping with rising expenses, like a payday loan in Madurai, curated exclusively for salaried people.

Features Of Payday Loan

Payday loan Madurai offers quick access to funds for meeting any monetary requirement that salaried individuals have. Here are some notable features of this financial product –

  • An instant cash loan like this is unsecured; borrowers do not need to collateralise any asset.
  • Financiers determine sanctionable loan based on an applicant’s monthly gross income.
  • These financing options come with no restriction over its usage, allowing one to meet an array of needs.
  • An online payday loan’s eligibility requirementis also lenient. It does not include any credit check. Hence, one can get it with a bad credit score as well.
  • Borrowers shall repay payday loan same day in Madurai when they receive their following paycheque.
  • One must pay the loan in a single instalment that includes both the principal amount and interest.
  • The interest rate levied on a payday loan in Maduraimakes it an expensive credit option, mainly because interest accrues every day it remains unpaid.

These features may seem disadvantageous to specific individuals, especially ones who live from one paycheque to another or have several upcoming obligations and would like more affordable and flexible means of repayment.

To that end, one can opt for gold loans, allowing borrowers to access funds without any delay. Also, the loan amount available with a gold loan is substantial, and it comes at a more affordable interest rate. The presence of no end-use restriction also increases the convenience of borrowers.

Instead of searching for ‘payday loan provider near me’ get gold loans for financial emergencies. However, while selecting a lender for gold loans, choose one that enhances your borrowing experience. Rupeek is one such lender that helps borrowers to amplify their convenience with features like doorstep services, competitive interest rates, and multiple loan schemes.

Reasons To Opt For Rupeek Gold Loan

Here are some notable features of Rupeek that makes us a preferred gold loan partner for many –

  1. Overdraft Facility

Better known as Rupeek Quick, it allows our current customers to submit more gold and secure a credit line against it. Beneficiaries can draw funds from it at their will and repay interest on the amount they use.

  1. Wide Range Of Funds

Borrowers can avail loans within a range of Rs. 15k, and Rs. 1.5 crores. They can use the gold loan calculator on our website to learn more about the current per-gram rate on offer and find the obtainable loan amount.

  1. Low Rate Of Interest

We also levy interest rate on gold loans that starts from as low as 0.49% per month. It makes interest payment more affordable.

  1. Improved Security Features

With Rupeek, one can now enjoy the benefits of best-in-class security measures. We have employed the following methods for this purpose –

  • Using GPS-enabled bags to carry gold jewellery
  • Storing them in high-security lockers under military-grade surveillance
  • Providing insurance coverage on gold items

We also review our security measures routinely to eliminate loopholes, if any.

  1. Doorstep Services

At Rupeek, we offer industry-first doorstep service that enables our customer to get instant online gold loans at their doorstep. Following a loan application, our loam manager will reach an applicant’s house within 30 minutes to provide the necessary services.

It is possible due to our strong presence in different localities of Madurai.

Madurai Localities Where Rupeek Serves

  • Alanganallur
  • Anna Nagar
  • Kamarajar Salai
  • Madurai Main
  • Othakadai
  • Palanganatham
  • Sholavandan
  • Tirumangalam
  • Tirunagar
  • Thiruparankundram
  • Vilakkuthoon
  • Vadipatti

In case of any liquidity crisis, a payday loan in Madurai can be a viable solution for salaried individuals. But, on the flip side, the associated charges often make it overwhelming. Turn to our gold loan to manage such exigencies without taking-up additional financial burden.

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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. How to initiate a loan request with Rupeek?

You can apply for an instant gold loan with Rupeek by registering your mobile number. After that, a company executive will contact you to know your financial needs and assist you with further processing.

  1. What is a ‘no-tension plan’ offered by Rupeek?

It is one of the repayment options provided by Rupeek where you can choose to pay as per your convenience. You can either make part-payments or decide to pay the entire outstanding in a single bullet payment.

  1. Can I get a payday loan of Rs. 35000?

Financing companies can extend a payday loan of Rs. 35000 if your gross monthly salary is higher than that.

  1. How to get a payday loan without a salary slip?

No, you cannot get a payday loan in Madurai without income proof. Since the loan quantum depends on an individual’s monthly income, it is essential to submit this payday loans document.

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