close btn

Service Update- (Covid-19)

In accordance with the respective state government’s directive, we’ve resumed operations in all the cities. However, a few services will remain affected while others will continue as usual. To read about the services or moratorium updates, Click here

Payday Loan in Vadodara
payday-loan-in-Vadodara

Payday Loan in Vadodara

Previously known as Baroda, Vadodara is home to significant sites like Sardar Patel Planetarium and Lakshmi Vilas Palace, lending it the title of “Sanskaari Nagari” or the “Cultural City” of India. Gujarat’s 3rd largest city also boasts of significant engineering, manufacturing and transmission units of companies like Gujarat State Fertilizers & Chemicals (GSFC), L&T, and Indian Oil Corporation (IOCL).

Small and mid-scale enterprises alongside these MNCs contribute to the city’s economy significantly. These have also created numerous job opportunities, prompting large-scale migration from other parts of the state. In recent years, it has shot up the living standards, often landing salaried individuals in a cash crunch near month-end. These people can turn to a payday loan in Vadodara to resolve such a financial crisis.

Payday Loan – Features

Some of the key characteristics that make cash advance loans a popular funding option in Vadodara are:

  • Instant Loans: Since most lenders in Vadodara offer payday loan online apply via mobile apps, these means of credit are suitable for emergency funding.
  • Ultra-short Tenures: These financial products are typically sanctioned for the period between two paycheques, ranging for a maximum of 4 weeks.
  • Convenient Usability: Payday loan companies in Vadodara do not constrain the end-use of such funds in any way, which enables borrowers to use these to fund most monetary requirements from utility bills to medical expenses.
  • Zero Collateral: Applicants do not need to pledge any asset to avail a payday loan in Vadodara.

Despite such advantageous features, payday loan comes with specific prerequisites that borrowers must be aware of before applying for one.

Eligibility Criteria And Documentation Of A Payday Loan

Refer to the given table for detailed eligibility and documentation requirements for payday loan guaranteed approval.

Parameters

Requirements

Eligibility

- Age

Must be above 18 years

- Employment

Has to be a salaried individual

- Residence

Must be an Indian resident

- Bank Account

Should have a savings account

Documents Required

- KYC documents like Aadhaar card, voter ID, PAN card, passport, or driving license

- Age proof

- Proof of residence

- Passport-sized photographs

- Employee ID card

- Proof of income

The above criteria clearly make payday loan application an unviable funding option for unemployed individuals. For the qualifying applicants, this type of credit poses other negative consequences.

Perils Of Availing A Payday Loan

Following are some inconveniences that an advance salary Vadodara can cause.

  • Taxing Interest Rates: Although any individual can underestimate the lowest interest payday loans of 0.5% - 2% per day, the APR can shoot up to a 730%, which is strikingly expensive compared to other forms of credit.
  • Additional Charges: These financial products also come with substantial processing charges that can go up to 7% of the total loan amount, adding to an already hefty borrowing cost.
  • Small Loan Amounts: Although an easy source of bad credit loans online, payday loans are generally small funds sanctioned to meet the monthly cash flow gaps, and cannot suffice for a big-ticket expenditure.
  • Rollover Loan: If left unpaid beyond the due date, the already high interest payments can avalanche into a lofty sum of rollover loan, coupled with late repayment fines.

Want to avoid such unnecessary hassles?

Switch to a gold loan.

Better Substitute – Gold Loan

Loan seekers can enjoy the following benefits of gold-backed funds over a payday loan in Vadodara.

  • The foremost advantage of gold loans over payday loan Vadodara is lower interest rates, making them a far more economical funding option.
  • Lending institutions provide substantially high funds against gold that can suffice for most high-end financial requirements.
  • This form of credit comes with a longer repayment tenure, which saves borrowers the fear of default.

When deciding to opt for gold loans, turn to Rupeek. We are an RBI-certified NBFC that offers gold loans with all the above benefits and other striking deals.

Avail The Best Gold Loan Services From Rupeek

Following are some of the most prominent pros of a Rupeek gold loan in Vadodara.

  • Enjoy the lowest interest rates on a gold loan, starting from 0.79% per month. Borrowers can also avail added discounts on interest payment with frequent instalments.
  • Partnered with Brinks, we ensure the safe transportation of pledged jewellery via GPS-secured bags. They are then stored in secure vaults of nearest partner-bank, under military-grade surveillance. Plus, all gold items are fully insured against any unforeseen event like theft or damage.
  • Rupeek offers instant cash loan in 1 hour with doorstep services. Upon successful application, borrowers can complete KYC verification with our loan representative from the comfort of their home and enjoy prompt loan transfer after that.
  • Borrowers have the liberty to choose from the repayment schemes of traditional EMIs or payment as per suitability, including single bullet payment.
  • Additionally, we also offer an extended gold credit line facility titled Rupeek Quick to existing customers. Using this, they can pledge additional gold items to secure an extended credit line. One can draw emergency cash immediately from that limit 24x7. What’s more, you are liable to incur interest only on the amount you have used.

Plus, enjoy our hassle-free 30-minute loan transfer service from specific areas in Vadodara.

Our Operational Areas In Vadodara

Following is a list of the localities in Vadodara where you can avail Rupeek’s unique 30-minute disbursal.

  • Khanderao Market
  • Padra
  • Karelibaug
  • Ajwa Road
  • Akota
  • Waghodia Road
  • Alkapuri
  • Makarpura
  • Manjusar
  • Por
  • Manjalpur
  • Navlakhi
  • Bajwa
  • Bodeli
  • Savli
  • Dabhoi

Rupeek aims to make easy funds available to all loan seekers with an excellent alternative to ‘payday loan provider near me’ searches. To avoid the pitfalls of a payday loan in Vadodara, visit our website and place a loan request at the earliest. For more details, contact on your city page helpline.

Rupeek ad
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 -
Rupeek ad

Frequently asked questions

  1. What does the debt trap of payday loans mean?

The repayment of a payday loan is typically scheduled for the immediate next payday. In case individuals cannot pay out the entire sum along with additional charges while sustaining necessary living costs, it impels them to take successive loans to pay off the previous debt, thus resulting in a never-ending debt cycle, also called the debt trap.

  1. Can I avail funds against gold to clear payday loan debt?

Yes, Rupeek does not restrict the usage of gold loans in any way, thus, facilitating a wide range of utilities including clearing payday loan debt.

  1. How can I make partial repayment of Rupeek gold loan?

To make a partial repayment, visit the ‘Repay your Loan’ page and sign in with your registered mobile number and OTP. Choose ‘Part Payment’ under the payment option and proceed with paying any amount between your monthly interest and full-closure amount.

  1. Are payday loan interest rates linked with repo rate?

Most payday loan companies do not operate under the purview of RBI. Thus, any change in the repo rate does not reflect in payday loan interest rates in most cases.

Rupeek ad
gold img
Apply for Gold Loan 30 Minutes Doorstep Service
close
+91
Please enter valid Mobile Number
close
success img

Loan Request Successful

Your request has been received, our customer relationship manager has been notified and will call you shortly