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Personal loans in Mumbai

The capital of Maharashtra, Mumbai is the most populous city in India (according to the 2011 Census). It is considered as the ‘financial capital of India’ due to the presence of major corporations alongside several MSMEs. Also, the two major stock exchanges of India, NSE and BSE, are situated in this city.

Mumbai being the financial epicentre of India offers immense employment opportunities, and individuals from around the nation as well as from other countries settle here, especially in areas like Bandra, Santa Cruz, Andheri, and Juhu. Resultantly, the cost of living is considerably high in this city, and people often turn to personal loans in Mumbai to manage their financial shortfalls. 

Features of a Personal Loan

It’s a multi-purpose financial product that can solve any monetary requirement that one may have. Here are some prominent features of a personal loan in Bombay

  1. Collateral-free
  2. No end-use restriction
  3. Quick application and disbursal process

Uses of a Personal Loan

A few ways Mumbaikars can use a personal loan are –

  1. Debt Consolidation

Individuals can avail a personal loan in Mumbai and consolidate their debts into one. It helps them to save on interest and also cut down on the hassle of managing multiple recurring payments.

  1. To Support Further Education

With the help of instant personal loans, individuals can support their higher education. Compared to a traditional education loan, this financing facility does not involve any end-use restriction. Thus, borrowers can use the funds to meet an array of education and associated costs.

  1. Renovating Home

Home renovation is a recurring expense, and it incurs a hefty bill in Mumbai. Therefore, instead of exhausting savings, one can quickly avail a home credit personal loan to fund every expense.

  1. Managing Large Expenses

A personal loan can be used to meet big-ticket expenses like that of wedding and travelling. It allows borrowers to keep their savings intact and manage these costs efficiently.

Personal Loan Eligibility and Documents

To avail this financial product, one needs to fulfil the personal loan eligibility criteria set by the respective lender. Here are the standard parameters a prospective borrower needs to satisfy –

  • Credit Score: 750 and above
  • Age: Should be more than 21 years
  • Monthly income: Must be at least Rs. 25000 or above, but might vary based on the lender
  • Work experience: At least one year

Also, individuals need to submit essential personal loan documents during the application process. Here is a glimpse –

Sl. No.

Specifications

Requirements

1

Identity proof

Aadhaar Card, Passport, PAN, Voter ID card, Driving license

2

Address proof

Utility bills, bank passbook, and any identity proof

3

Financial documents

For Salaried individuals

· Salary slip of the previous 3 months

· Bank account statement of last 6 months

· Employee ID card

For Self-employed individuals

· Bank account statement of 1 year

· ITR documents

· Business ownership documents

Personal loans are typically unsecured, and lenders put special emphasis on the eligibility requirements. Additionally, the rising loan default rates have also prompted lenders to be strict about these requirements to curb their share of non-performing assets.

Resultantly, it is often difficult for individuals, especially ones new to credit, to meet such stringent eligibility criteria. In this regard, it may be smart to look for alternatives that offer similar benefits but against less rigid requirements, like a gold loan.

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What is a Gold Loan?

Backed by gold ornaments, this mode of financing allows individuals to avail funds without worrying about their credit score and other eligibility criteria. In recent years the popularity of gold loans has reached new heights. According to a recent report by KPMG, the gold loan segment in India is likely to reach Rs.4.62 lakh crore in F.Y. 2021-22.

When an individual searches for ‘gold-backed personal loan providers near me’, he/she will come across multiple lenders in Mumbai. However, selecting the right lender is essential to have a convenient borrowing experience. In this regard, Rupeek is a trustable name.

Features of a Rupeek Gold Loan in Mumbai

Here is a list of notable features of Rupeek that makes it stand out from other lenders –

  1. High LTV Ratio

At Rupeek, we feature one of the highest loan-to-value ratios. Individuals can avail up to 80% of their gold’s value as a loan with us.

Prospective borrowers may use the gold loan calculator available at our website to check the current per-gram rate and calculate the gold they need to avail their desired amount.

  1. Lowest Interest Rate

We also levy one of the lowest interest rates on personal loan against gold. Our gold-backed personal loan interest rates start from 0.79% per month, ensuring more affordable interest payment.

  1. Flexibility in Repayment

Our aim at Rupeek is to offer a convenient borrowing experience to our customers. In this regard, we have introduced different repayment options to make this process simpler and more accessible. Customers can repay the total payable amount anytime within the tenure or choose monthly EMIs, as per their convenience. To know more, one can check out the different loan schemes we offer.

  1. Balance Transfer Facility

With our affordable loan transfer, borrowers can lower the total repayment cost by as much as Rs. 12377/lakh. One can submit the existing loan pledge card and submit a few essential documents to apply.

Following that, they can transfer their loan to Rupeek once they have repaid the outstanding interest to their existing lender.

  1. Credit Line Facility

Our aim to enhance customer convenience increases further with Rupeek Quick. It is a gold overdraft facility that allows individuals access to instant fund by pledging their gold articles only once. Also, they need to pay interest only on the funds they have used. This facility is especially favourable in mitigating urgent financial obligations.

  1. High Security

Rupeek’s loan managers use GPS-enabled bags to carry gold ornaments. Also, we use high-security vaults to store the pledged articles, and they are covered by an end-to-end insurance policy during the tenure.

  1. Doorstep Service

With Rupeek, one can avail an instant gold-backed personal loan in Mumbai at his/her doorstep. Once applicants complete the online application, a company executive will get in touch them for further processing. After that, a loan manager with an ISO certified gold appraiser kit would visit the address of applicants to evaluate their jewellery and authenticate the documents.

We also ensure a prompt visit to the applicant’s residence or office owing to our strong presence across top Mumbai localities.

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Mumbai Locality List Where Rupeek Operates

People from in and around the following locations in Mumbai can avail our services:

  • Santacruz
  • Trombay
  • Dharavi
  • Nagpada
  • Mumbai Central
  • Andheri
  • Bandra
  • Borivali
  • Chembur
  • Lala Lajpat Rai Marg
  • Dadar
  • Malabar Hill
  • Nariman Point
  • Shivaji Park
  • Churchgate
  • Malad

With lenders like Rupeek, availing personal loan in Mumbai is not a hassle anymore. Borrowers can apply online, and we will be at their doorstep within just 30 minutes.

So, hurry up and apply for a personal loan against gold today with Rupeek!

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Frequently asked questions

1. What are the eligibility requirements of a personal loan with Rupeek?

Rupeek has minimal eligibility requirements. Individuals need to be above 18 years of age and must possess sufficient gold jewellery. Also, they need to submit KYC documents and utility bill/rental agreement to complete this process.

2. Can I repledge my gold-backed personal loan with Rupeek?

Yes, you can repledge your existing gold loan with Rupeek.

3. What is the maximum and minimum amount limits for a personal loan with Rupeek?

The maximum amount one can avail as a personal loan against gold is Rs.1.5 crore, and the minimum limit is Rs.15000.

4. Is a part-prepayment facility available with a personal loan by Rupeek?

Yes, there is a part-prepayment facility available with a gold-backed personal loan in Mumbai from Rupeek. However, this amount must exceed the monthly interest amount but should be less than the foreclosure amount.

6. How to earn referral bonus on personal loans with Rupeek?

Borrowers can earn one month’s interest exemption (up to Rs.2000) by referring others to Rupeek. To earn this waiver amount, one needs to share his/her personalised referral code with other applicants.

7. How to repay a gold-backed personal loan form Rupeek?

Borrowers can use the Rupeek’s online gold loan payment portal to make repayments. Once they log in via an OTP, they can view their profile and make payments accordingly.

8. Is the part-release facility available with my gold-backed personal loan?

Yes, there is a part release facility available with your personal loan against gold. However, note that ornaments being released partially must weigh approximately 10gm or more.

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