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Personal loans in Chennai

Chennai, or formerly known as Madras, is located on the Coromandel coast of Bay of Bengal. The capital of Tamil Nadu, Chennai is one of the largest economic, cultural and educational centres of South India. The city’s strong presence in automobile, healthcare sectors has earned it the badge of ‘Detroit of Asia’ and India’s health capital’.

Moreover, growth in Information Technology, hardware manufacturing, real estate and the retail industry has attracted people from the other parts of India as well.

With the best educational and other facilities and the status of the safest city in India, Chennai’s cost of living has upgraded in the past few years. The thriving economy involves major young workforce, and while the metropolitan cities like Chennai offer higher salaries, various necessities and demands seem to encumber a smooth living even with a handsome salary or income in these cities. To cover expenditures, both small and large, individuals in Chennai can avail a personal loan.

Purpose of Taking a Personal Loan in Chennai

Personal loans are unsecured loans taken for a short or mid-term and offered by banks and NBFCs to fund personal expenses and needs. Personal loans enable borrowers to meet emergency cash shortfalls, and as it entails no-end use restriction, individuals possess the liberty to spend the money without being monitored. Various purposes constitute the need for a personal loan in Chennai. A personal loan helps:

  • To relocate in Chennai
  • To fund higher education
  • To meet emergency medical and other expenses
  • To manage wedding expenses
  • To purchase the latest gadgets or home appliances
  • To fund a vacation
  • To supply the down payment of car or house
  • To remodel or renovate home
  • To pay bills, rents and utility services
  • To consolidate debt

Personal Loan Eligibility criteria

As personal loans are unsecured ones and lenders do not pledge anything as collateral, individuals need to fulfil rigid eligibility criteria to avail one. The eligibility criteria vary with each bank and NBFCs. The factors which are generally taken into consideration include:

  • Age
  • Salary
  • Employment type (Salaried and Self-employment)
  • CIBIL Score (750 or above)
  • Repayment Capacity

Documentation

After fulfilling the eligibility criteria, applicants need to provide some key documents while applying for a personal loan in Chennai.

  • Identity proof: PAN Card/ Voter’s ID/ Aadhaar Card/Driving License/Passport
  • Address proof: Aadhaar Card/lease documents/property purchase agreement/utility bill/passport/driving license
  • Income proof:

(For salaried individuals) - Salary slip/ Bank account statement/ Form 16

(For self-employed individuals) - Previous year’s ITR/ P&L Statement and Balance sheet/ Bank account statement.

  • Photographs: Passport sized photographs.

Due to rigid eligibility criteria and extensive documentation process, individuals in Chennai might find it difficult to avail a personal loan. Lenders that do offer unsecured loans on simpler terms charge exorbitant personal loan interest rates.

Thus, individuals can turn to alternative options, like a gold loan, to bypass these issues.

Benefits of a Gold Loan over Personal Loan in Chennai

People living in Chennai who possess gold ornaments but lack the required CIBIL Score or documents can easily utilise those to overcome any sudden cash shortfall with a gold loan. A gold-backed personal loan can be thought of as an alternative to personal loan for various reasons, such as:

  • Quick Disbursal: Gold-backed personal loans offer quick funding as it requires minimal documentation when compared to unsecured personal loans.
  • Low Cost of Borrowing: Since this financing option is backed by gold, it reduces the overall cost of the borrowed amount.
  • Tenure: Gold loans are short term and can range from 4- 6 months. Thus, borrowers need not carry the burden of EMIs for 12 months – 60 months, like in the case of a traditional personal loan.

The presence of various personal loan providers in Chennai often baffles borrowers during an urgent financial requirement. However, the right choice during their trying time may prove beneficial later during the repayment period. To that end, borrowers can turn to Rupeek to see to their monetary obligations.

Features of a Rupeek Gold Loan

Individuals can enjoy the following benefits with us:

  • Instant Disbursal: It only takes 45 – 60 minutes to avail a gold-backed person loan with us. Thus, borrowers need not worry about funding during medical emergencies or other necessities.
  • Lower Interest Rate: Our interest rate starts from 0.79% per month. Hence, it becomes easier for borrowers to service a gold-backed personal loan with us.
  • Highest Loan to Value Ratio: Individuals can avail up to 80% of their gold ornament’s value with us. Moreover, individuals can check the gold loan calculator to figure out the sum they will be getting.
  • Doorstep Service: The reason the gold loan for personal usage is called hassle-free because of our doorstep instant gold loan Borrowers can meet their financial demands at the comfort of their home while our relationship managers complete all the procedures. Also, they do not need to carry their valuables outside.
  • Flexible Repayment: With the availability of our flexible repayment process, borrowers can repay on a monthly basis or any time within 6 months as per their convenience.
  • Gold Overdraft: One of the lucrative features of our financial services is ‘Rupeek Quick’. Through this overdraft facility, borrowers can avail an extended credit line by pledging their gold. On top of that, individuals get the facility to pay interest only on the expended money and not on the total borrowed amount.

Our financial services have stretched in every nook and corner of India. Therefore, Chennaities need not worry when faced with any medical emergency or miss any higher educational offer with us standing beside them.

Rupeek’s Operational Area of Financial Services

Borrowers who are looking for ‘gold-backed personal loan provider near me’ can find our financial services in the following areas,

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

To meet ends in metropolitan cities like Chennai can become troublesome. Moreover, the demands of modern life along with unprecedented events, can thrust individuals into financial crisis and compel them to turn to savings to overcome various adversities. In cases like this, gold-backed personal loan in Chennai from our financial services at Rupeek can save individuals from additional agony.

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Frequently asked questions

1. What documents do I need to provide while availing business loan from Rupeek?

Only KYC documents including any of the Aadhar Card, Voter Card, Pan Card, Passport, Driving License. Also, you have to provide utility bills, lease agreement of local address as address proof supported by any of these document.

2. What payment methods do Rupeek offer for a gold-backed personal loan?

Rupeek offers several repayments methods. By using Rupeek website or Android App, borrowers can pay through Internet Banking, Debit Cards, UPI, Money transfer using RTGS, IMPS. 

3. How fast can I get a gold-backed personal loan from Rupeek?

With Rupeek, you can get a gold-backed personal loan within 40-60 minutes.

4. Does Rupeek accept all gold items while providing gold loan for personal usage?

No. Rupeek does not accept all gold items such as gold bars and coins. Only gold jewellery above 18 carats is accepted.

6. What is the eligibility criteria of a gold-backed business loan?

Anyone above 18 can apply for a gold-backed personal loan from Rupeek. 

7. What are the processes of applying gold loan for personal usage in Chennai with Rupeek?

Three processes go into applying a gold loan for personal purpose. At first, individuals need to request a loan from the Rupeek website by clicking on apply now option or entering the phone number. Then they have to complete the KYC documentation and gold valuation process at their home. After that, they can get the money transferred to the account.

8. What are the minimum and maximum gold-backed personal loan amount can I get from Rupeek?

The minimum and maximum gold-backed business loan amount are RS.50 lakhs and 1.5 Crore respectively.

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