Personal Loan in Patiala

Famous for historical structures like Qila Mubarak and Sheesh Mahal, Patiala is a notable tourist spot in Punjab. The city is a significant trade centre with manufacturing, weaving, and cotton as its prominent industries, particularly renowned for the world-famous Patiala pants. The fourth-largest city of Punjab also houses several academic institutions.

Naturally, living costs in Patiala has also surged owing to the massive influx of students and professionals that migrate to this city every year. People in Patiala can, thus, opt for a personal loan to meet large-ticket and unplanned expenses instead of exhausting their savings.

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Why Seek a Personal Loan?

A personal loan in Patiala does not come with any end-use restriction. Hence, borrowers can use this financing option to address any number of their financial concerns. Some of its common uses are –

  • Individuals can seek personal loans to cover medical emergencies.
  • These funds allow you to pay for accommodation, books, and even tuition fees for higher education abroad.
  • You can complete house remodelling and repairs with a home credit personal loan.
  • Consolidate multiple debts to reduce hassle and repayment burden with this financial product.
  • Personal loans can even pay for your expensive trips.

Besides, a personal loan is typically unsecured, which saves borrowers from committing an asset. But, it’s also the reason why lending institutions need borrowers to satisfy stringent criteria to qualify for a personal loan.

What are the Eligibility Criteria for a Personal Loan in Patiala?

Applicants must satisfy the following parameters to successfully avail an online personal loan.

  • 1 year+ work experience, if the applicant’s salaried
  • Credit score 750 and above
  • Aged above 21 years

Borrowers must also satisfy the income level set by the financial institution to qualify for a personal loan with them.

Additionally, applicants must also submit necessary documents for ID proof, address proof, and income proof that include –

  • Bank account statements of the past 6 months (salaried individuals)
  • Employee ID card (salaried individuals)
  • Salary slips of the last 6 months (salaried individuals)
  • Bank account statements of last 1 year (self-employed persons)
  • Copy of ITR
  • Profit & Loss statement and Balance Sheets (self-employed persons)

Moreover, personal loan interest rates can go up to 36%, based on an individual’s eligibility. Thus, it can be a deterrent for individuals with a poor credit history or an unstable source of income. For uninterrupted cash flow in such circumstances, the gold loan comes as an excellent substitute for a personal loan in Patiala.

Why Select a Gold Loan?

Because this personal financing option is backed by gold, the eligibility criteria and documentation process are much more relaxed. Also, the interest rates charged are relatively lower than that of an unsecured personal loan due to the same reason.

But, these are the standard benefits of a gold loan over a personal loan. To maximise your benefits, you may want to select a lending institution with features like high LTV, wide network coverage, etc. when searching for a “personal loan provider near me”. To that end, one can consider Rupeek’s gold-backed personal loan in Patiala, Punjab.

Why is Rupeek Gold Loan a Better Alternative?

Besides simple personal loan eligibility criteria and minimal documentation, we extend the following benefits to our customers –

  • Borrowers can enjoy one of the lowest rates of interest on personal loans with us. What’s more, individuals can earn rebates on regular repayments.
  • Get loan amount worth up to 80% of your gold’s value with our highest per gram rate. Rupeek practices complete transparency with an online gold loan calculator, which enables potential borrowers to check the loan amount for which they’re eligible.
  • Our flexible repayment facility allows borrowers to make single bullet payment or repay in instalments anytime within the tenure. One can also choose to pay EMIs.
  • We provide instant doorstep loan upon successful application to ensure time-effective loan disbursal within 30 minutes of approval.

Additionally, we also offer an exclusive gold overdraft facility, Rupeek Quick, to our existing customers to provide them with easy access to emergency funds.

How does Rupeek Gold Overdraft Loan Work?

Rupeek Quick allows individuals with an ongoing loan with us to avail an extended credit line by pledging additional gold jewellery. The greatest advantage of this facility is that no additional documents need submitting since credit is sanctioned on top of an existing loan, and you only pay interest on the borrowed amount, thereby saving remarkably on repayment.

Additionally, our strong network of services throughout Patiala enables us to stick to our promise of 30-minute loan disbursal.

What are the Prominent Areas of Rupeek’s Operation in Patiala?

Have a look at the list of localities where you can avail Rupeek’s instant doorstep service in Patiala.

  • Rajpura
  • Nabha
  • Bhadson Road
  • Samana
  • Patran
  • Devigarh
  • Bhadson
  • Ghanaur
  • Amloh
  • Banur
  • Ghagga

So, what are you waiting for? Apply for a personal loan in Patiala on the Rupeek website to avail our best offers. Get in touch for more information on personal loan apply online.

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Frequently asked questions

1. What interest rate does Rupeek charge on a personal loan against gold?

Rupeek offers gold-backed personal loan in Patiala at interest rates starting from 0.49%. The applicable interest rate depends on the scheme an applicant opts for.

2. How do I update my mobile number during loan tenure?

In case you need to modify your contact details, kindly contact our customer helpdesk. We’ll be glad to guide you through the process.

3. How do I make a partial repayment of a personal loan with Rupeek?

Visit the “Repay your Loan” page and sign in with your registered mobile number and an OTP. Choose “Part Payment” as your payment option and proceed with any amount between monthly interest and the full-closure sum.

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