Surat

Personal Loan in Surat

The eighth-largest city of India is a hub for major IT companies and hosts virtual branches of MNCs like HCL and IBM. Also known as the Diamond City of India, Surat is globally famous for its diamond cutting and polishing industry.

Pegged to be the fastest-growing city in the world from 2019 to 2035 according to Economic Times, India’s ninth largest urban agglomeration continues to experience escalating living costs, impelling more millennials to seek a personal loan in Surat to finance necessary expenditures.

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Why Do Individuals Need a Personal Loan in Surat?

Personal loans are a popular source of credit due to some of their key benefits like collateral-free nature and no restriction on end-usage. Due to their versatile usability, personal loan in Surat can be used to fund a number of purposes including, but not limited to:

  • Funding Education

Personal loans come with a much shorter tenure compared to traditional student loans which can run for up to 20 years. Plus, convenient repayment also makes it a better alternative.

  • Debt Consolidation

Individuals can choose to repay multiple debts through a single monthly payment with a personal loan for debt consolidation. This also saves them from bearing extra interest charge on fragmented outstanding dues.

  • Addressing Medical Emergencies

Medical expenses can be taxing and sudden. Individuals can benefit the most from urgent personal loans in Surat in such situations. Quick approval and disbursal make them an ideal source of emergency funding.

  • Home Refurbishment

Individuals sceptical of pledging their homes to fund renovations can apply for a personal loan, which covers all expenses like repair, remodelling, or repainting.

Eligibility Criteria to Avail a Personal Loan in Surat

Due to their unsecured nature, personal loan providers in Surat are more cautious with the eligibility of applicants. Individuals need to satisfy the following requirements to avail a personal loan.

  • Applicant must be a salaried individual or self-employed.
  • His/her credit score must at least be 750.
  • Age of the applicant must be above 21 years.
  • Monthly income must satisfy the criteria of concerned financial institution.
  • Working experience of borrowers must be over 1 year.

Besides, applicants also need to submit the following documents for verification.

  • KYC documents
  • Bank account details of the last 6 months.
  • Income proof, like salary slips of the past 3 months
  • Proof of employment.
  • ITR documents.

How is Gold Loan Different from Unsecured Personal Loans?

Such stringent eligibility criteria of personal loans prevent a lot of individuals from qualifying for funds, which is not a desirable outcome during emergencies. The gold loan comes as an excellent alternative for personal loans in Surat with their easy availability.

Refer to the table below to understand some significant benefits of gold loans compared to unsecured personal loans.

Particulars

Gold Loan

Personal Loan

1.

Nature

Secured

Unsecured

2.

Loan Amount

Sanctioned according to pledged gold

Sanctioned as per eligibility of applicants

3.

Eligibility

Applicant should own adequate gold and be 18 years old

List of criteria may vary among lending parties 

4.

Credit Score

None required

Should be 750+

5.

Documents Required

KYC

KYC, employment proof, salary slips, etc.

Why Choose Rupeek?

With India’s leading financial institutions like ICICI Bank, Karur Vysya Bank, and Federal Bank as partners, Rupeek makes the whole process of availing personal loans easier by allowing individuals to avail funds against gold ornaments, otherwise lying idle.

Rupeek aims to make instant personal loans in Surat available to more individuals searching for “personal loan providers near me” with a simple online application process and relaxed eligibility criteria. Additional benefits of opting for a gold-backed personal loan in Surat from Rupeek include:

  • Lowest Interest Rates

Rupeek offers lowest interest rates for a personal loan in Surat, starting from 0.49%. You can compare and choose from competitive gold loan interest schemes as per your requirement.

  • Doorstep Service

Ensure utmost convenience with our doorstep loan service. Upon a successful application, document verification process and gold appraisal will be carried out at your residence.

  • Instant Disbursal

With our straightforward documentation process, avail credit within 45 – 60 minutes of application. Our loan manager will personally confirm the transfer of loan before leaving your address.

  • Convenient Repayment

Rupeek allows flexible repayment Surat, which enables borrowers to repay loans whenever and however they wish within the tenure.

  • High Per Gram Rate

Get maximum value for your gold with the highest LTV of up to 80%. Know an estimate loan amount against the purity of your gold with our gold loan calculator.

  • Gold Credit Line Facility

With our overdraft facility, named Rupeek Quick, borrowers can avail an extended line of credit against collateralised gold items. Plus, you need to pay interest only on the withdrawn amount.

Moreover, get access to funds easily owing to our presence in all the major localities in Surat.

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Rupeek’s Operational Locations in Surat

Avail personal loans in Surat with instant services from Rupeek in and around the following localities.

  • Dumas
  • New Textile Market
  • Sachin
  • Umarwada
  • Dumas Road
  • Piplod
  • Udhana- Magdalla Road
  • Amroli
  • Hajira
  • Olpad
  • Katargam
  • MotaVarachha
  • Pal
  • Adajan

Take off the burden of overbearing expenses with Rupeek gold loan. Get in touch to avail an easy personal loan in Surat up to Rs. 1.5 crore.

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Frequently asked questions

1. How do I apply for a gold-backed personal loan in Surat?

Apply on the Rupeek app or website for a personal loan in Surat. Complete the verification process and get gold appraised at your address. Get loan transferred to your account within 30 minutes.

2. What is the tenure of a personal loan? What are the specifications regarding lock-in period and prepayment penalties?

Ideally, tenure of a gold-backed personal loan is 12 months, but borrowers can choose to repay and terminate it before that as well.

Rupeek does not impose a lock-in period or prepayment penalties.

3. How safe are my pledged gold ornaments with Rupeek?

Pledged gold ornaments are transported in GPS-secured bags and are kept in military-grade bank vaults. Moreover, Rupeek fully insures your items against any unforeseen incident like damage or theft, during the tenure.

4. Can I transfer my existing gold loan to Rupeek?

Yes, you can avail our loan transfer facility to transfer an existing loan to Rupeek, after clearing dues with their previous lender, and save up to Rs. 12,377 per lakh on repayment.

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