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Payday Loan in Visakhapatnam
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Payday Loan in Visakhapatnam

Popularly known as Vizag, Vishakhapatnam is situated between the embayment of the Bay of Bengal and the Eastern Ghats in the north-eastern part of Andhra Pradesh. This city houses the Easter Naval Command headquarters and is the most populous city of the state. Some of the most popular tourist attractions in Vizag include the Submarine Museum, Kailasagiri, and Borra Caves. 

Information Technology and Pharmaceutical Industries have played a crucial role in developing the economy of this city. However, with an increase in living costs, individuals often find it challenging to meet the monthly expenses, such as rent, child’s school and college fees. Therefore, some often opt for instant, short-term financing options such as a payday loan in Vishakapatnam.

However, individuals willing to avail such solutions need to fulfil specific requirements, such as the eligibility criteria. Moreover, they should also be familiar with its benefits and drawbacks.

Payday Loan Eligibility Criteria

Individuals must fulfil the requirements mentioned below to avail an advance cash loan:

  • Applicants should be above 18 years old
  • All individuals must be a resident and citizen of this country
  • Applicants have to be a full-time salaried employee of an organisation
  • It is mandatory to have a personal bank account

Individuals who are eligible for a payday loan are required to submit the following documents:

  • Passport-size photographs of the applicant
  • Address proof such as utility bills and driving license
  • Government-issued ID proof, for example, Aadhaar card and PAN card
  • Proof of a stable income, like latest salary slips or bank account statements

Most lenders have their own payday loan app; you can use them to check your eligibility and complete the documentation process. However, please note that the eligibility criteria slightly differ from one payday loan provider to another.

Benefits Of A Payday Loan In Vishakhapatnam

The following are the benefits associated with a payday loan:

  • The short processing time enables individuals to get an instant personal loan such as a payday loan same day in Vishakhapatnam.
  • The lender does not consider the CIBIL score of an applicant.
  • An individual can use the loan amount to finance all type of expenses.
  • Individuals do not need to place any collateral to avail this form of credit.
  • The payday loan application procedure is simple and hassle-free.

Although the benefits might appeal to many individuals who urgently need funds, the high interest rates and additional charges imposed by the money lenders in Vishakhapatnam can become a burden for borrowers very quickly.

Hence, opting for secured loan options such as an instant cash loan against gold can be ideal. Moreover, with the added benefits provided by Rupeek such as low interest rates and flexible repayment options, one can fulfil their financial requirements effortlessly.

The Benefits Of Availing Rupeek’s Gold Loan

Here is a comprehensive list of the benefits that one can enjoy by availing Rupeek’s gold-backed payday loan in Vishakhapatnam:

  • Doorstep Loan

You can avail our gold loan from any location where we conduct our operations. Download our app from Google Play Store and place a request. We’ll assign an executive to arrive at your location and complete the mandatory formalities.

  • Instant Disbursal

Our minimal processing time enables you to get an instant cash loan within 60 minutes. Once your gold has been valued by our executive, and the KYC verification is done, the approved loan amount is transferred to your bank account instantly. Hence, if you’re looking for emergency cash immediately, this is a go-to option.

  • Overdraft Against Gold

If you do not require the entire loan amount all at once, availing our gold credit line facility known as Rupeek Quick can be an effective solution. Pledge your gold ornaments and transfer any amount from the approved limit into your account as per your convenience. This facility also makes it possible for you to pay interest only on the amount you use.

  • No End-use Restrictions

A gold-backed payday loan in Vishakhapatnam is free of end-use limitations. Hence, you can use it to fulfil multiple financial requirements. Nevertheless, please note that using it to finance illegal activities is strictly against our policies.

  • Lowest Interest Rates

Presently we levy the lowest interest rates on a gold loan, which start at 0.79% p.m. You can choose any one of our two primary schemes. Based on your choice and location, the interest rate may vary.

Our doorstep loan can be availed from all the major cities of India. If you’re residing in any of the localities where we operate in Vishakhapatnam, you can be a beneficiary of our wide range of features.

Localities Where Rupeek Operates

We operate in the following areas in Vishakapatnam:

  • Andhra University
  • Simhachalam
  • Pendurthy
  • Gopalapatnam
  • Madhurawada
  • Gajuwaka
  • Kancharapalem
  • Mvp Colony
  • Viman Nagar
  • Port Area
  • Naval Dock Yard
  • Akkayyapalem
  • Maharanipeta
  • Nad junction

Unlike a payday loan in Vishakhapatnam, a gold loan comes with much lower interest rates and significantly reduces your chances of falling into a debt trap. Therefore, you can now stop searching for “payday loan providers near me”.

Apply for a gold loan with Rupeek and meet your emergency financial requirements without any complication. 

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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 avail a payday loan offline?

Yes, you can avail a payday loan offline by visiting any of the lending institutions in your city. You can search “payday loan near me” to see the instant personal loan providers near your location.

  1. Can I get a payday loan Vishakapatnam if I have active loans?

Yes, you can avail a payday loan in Vizag even if you have multiple loans that are yet to be repaid.

  1. Is there a maximum and minimum limit for availing a payday loan in Vishakapatnam?

There is no maximum and minimum limit for availing a payday loan; the maximum or minimum loan amount that can be sanctioned is strictly dependent upon the lender and the borrower’s monthly income.

  1. Can I avail a gold-backed payday loan without salary slip?

Yes, you can avail our gold loan without submitting any income proof document. Individuals are only required to submit KYC documents.

  1. How does Rupeek keep my gold safe?

Rupeek has partnered with Brinks, an international security company that safely transports your gold to the authorised bank branch in a bag fitted with a GPS-tracker to keep vigilance at all times. It is stored in a vault under bank-grade security once it arrives there.

  1. Can I pledge any gold item to avail a gold loan?

No, our lending partners only accept gold ornaments with a purity level above 18 karats. Other articles, such as coins are not accepted.

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