Ludhiana

Personal Loan in Ludhiana

The largest city of Punjab is house to a number of industries, automobile being the most prominent. Renowned as an industrial centre of northern India Ludhiana contributes to 60% of tractor parts produced in India and boasts of the largest bicycle manufacturing industry in Asia. Besides, the district is also seeing remarkable development in the IT sector and a booming textile industry.

Such economic development automatically results in rising living costs, due to which more individuals are looking for personal loan in Ludhiana to address urgent financial obligations or non-recurring expenses, such as consolidating debts, home renovation, etc.

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What are the Features of a Personal Loan?

  • Collateral-Free Loan

Individuals do not need to pledge any asset to avail personal loans. Instead, they need to satisfy a stringent set of eligibility criteria to qualify for such funds.

  • No End-Use Constraints

Finance companies in Ludhiana do not place any restriction on the end-usage of a personal loan. This gives borrowers the liberty to utilise it for any requirement, from medical emergencies to sponsoring a wedding.

  • Loan Amount

Individuals can avail a personal loan up to Rs.40 lakh on an average, which can vary among various lending institutions.

  • High Interest Rates

Since they are unsecured in most cases, personal loan interest rates are generally high, ranging from 11% to 36%, depending on applicants’ eligibility and the lender.

Who is Eligible for a Personal Loan in Ludhiana?

Provided the lack of security, personal loan providers in Ludhiana require individuals to satisfy rigid eligibility criteria. Some of these are:

  • Applicant must be self-employed or an employee of a private or public company, or MNC.
  • He/she should be aged above 21 years.
  • Monthly income must align with the lending institution’s requirements.
  • Individuals must have work experience of at least 1 year.
  • CIBIL score must not be less than 750.

Besides, applicants need to produce the following documents to qualify for a personal loan in Ludhiana.

  • KYC documents.
  • Income proof with salary slip of the previous 3 months
  • Bank account statement for the past 6 months.
  • Employee ID card.

Such strict personal loan eligibility can deter a lot of individuals from making it to approval. An elaborate documentation process also stretches loan disbursal time significantly.

Why Consider a Rupeek Gold Loan?

Rupeek fintech is an RBI-certified organisation that brings you a more viable alternative to online personal loans. Rupeek allows individuals to avail the best personal loan schemes against their gold ornaments by satisfying simple eligibility criteria.

Here are some of the benefits you can get with a personal loan from us:

  • Doorstep Loan

Rupeek provides instant doorstep service, which lets you complete the verification process along with gold appraisal at your residence, upon approval of your application. It also ensures quick loan transfer thereafter.

  • Low Rates of Interest

With our gold loan, individuals can avail the lowest personal loan interest rates in Ludhiana, starting from 0.49% per month. Rupeek maintains transparency with an online gold loan calculator that you can use to determine the eligible loan amount against your gold items.

  • Flexible Repayment

Borrowers can choose from multiple repayment options like regular EMIs, single bullet payment or pay instalments as per convenience within the given tenure.

  • Gold Overdraft Loan Facility

Rupeek offers an extended line of credit against their gold ornaments. Also known as Rupeek Quick, this facility allows you to withdraw funds anytime from the sanctioned limit as per your needs. The interest is levied only on the borrowed sum and not the entire limit.

What makes our service even more accessible is our presence across all the top locations in Ludhiana!

Areas you can Avail Rupeek in Ludhiana

Following is a list of some key areas in Ludhiana where you can avail gold-backed personal loans from Rupeek.

  • Shimlapuri
  • Ferozpur Road
  • Dhandari Kalan
  • Brown Road
  • Basti Jodhewal
  • Gill Road
  • Basant Avenue
  • Model Town
  • Sarabha Nagar
  • Moti Nagar
  • Focal Point
  • Shivpuri
  • Mundian Kalan

Put an end to “personal loan providers near me” searches with gold loans from us. Apply for personal loans with Rupeek today and avail instant financing for your all your requirements.

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Frequently asked questions

1. What documents are needed for a gold-backed personal loan in Ludhiana?

You only need to submit KYC documents along with lease agreement or utility bills for identification and address verification purposes.

2. What is the maximum amount of personal loan I can avail from Rupeek?

Rupeek offers personal loans worth up to Rs. 1.5 crore against pledged gold items. You can address all your financial concerns adequately with such a loan amount.

3. How do I make a gold loan repayment?

You can visit the online gold loan repayment portal or download the Rupeek app. Just enter your registered mobile number and sign in with the sent OTP. Proceed with the repayments subsequently.

4. What is the required CIBIL score to avail a personal loan against gold?

Eligibility criteria to avail gold loan do not include credit score or repayment history. Borrowers only need to submit their KYC documents for verification.

6. Is there any discount offered on repayment of Rupeek’s personal loan?

Yes, Rupeek offers rebates on timely loan repayments. Borrowers can avail this benefit by making more frequent or early repayments.

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