Vadodara

Personal Loan in Vadodara

Located on the banks of Vishwamitri River, Vadodara, previously known as Baroda, is the third-largest city of Gujarat. Immensely popular for the exquisite architecture of Laxmi Vilas Palace and the Khanderao Market, Vadodara’s enriched heritage and culture of this city have earned it the status of the ‘Sanskari Nagari’ and ‘Kala Nagari’ of India.

Apart from the rich cultural influence, Vadodara has a mighty presence in the industrial sector. Numerous large-scale corporations, including IOCL, ONGC, GAIL and many others stand as the building block of this city’s economy.

Vadodara’s ever-increasing financial prosperity reflects on the lifestyle of people living in here. However, unbudgeted or large-scale expenses can overstrain a person’s finances. In that case, individuals in Baroda can turn to a personal loan to address cash shortfalls.

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What Are the Features of Personal Loan?

The features of a personal loan include –

  • Collateral-Free: Most personal loans banks and NBFCs offer are unsecured, meaning individuals need not pledge any collateral to get the funds.
  • Interest Rate: As personal loans do not involve any collateral, financial institutions levy a higher personal loan interest rate compared to secured loans.
  • Zero Restriction on Usage: Personal loans do not come with any end-use restriction in most cases, allowing borrowers to use the funds however they intend to.
  • Eligibility Criteria: Banks and NBFCs offer a personal loan to both salaried and self-employed individuals. However, lenders check basic parameters like the applicant’s income level, repayment capacity, employment history, and most importantly credit score. An individual must possess a CIBIL Score of 750 or above to get approval of the personal loan.
  • Documentation: Besides identity proof and address proof, salaried individuals need to provide salary slip, bank account statements, and/or Form 16. Whereas, self-employed individuals need to submit previous year’s ITR, balance sheet and income statement of the business, or bank account statements.
  • Processing Time: It may vary depending on the lender. But, processing and disbursal of a personal loan in Baroda are often time-consuming due to the extensive eligibility-checks and documentation.

Individuals’ with a low-income profile or a poor credit score often find it challenging to satisfy the rigid personal loan eligibility requirements. Moreover, during urgent cash needs like a medical emergency, collating necessary documents may become a hassle. That is why gold loans for personal needs are gaining popularity among consumers in Vadodara because of their minimal documentation and faster processing time.

What are the Benefits of a Gold Loan over Personal Loan?

Although gold ornaments hold immense sentimental value, their utility is limited. Hence, individuals can utilise this idle asset to its fullest by availing a personal loan against it.

Here are a few differences between a traditional personal loan and a gold loan.

Pointers

Personal Loans

Gold Loans

Loan type

Unsecured

Secured

Interest rate

Higher

Lower

Tenure

1-5 years

4-6 months

Eligibility criteria

Stringent

Relaxed

Documents

Extensive

Simple

CIBIL Score

750 or above

Not required

Disbursal time

2-14 days

1 – 2 days

Besides these, borrowers can enjoy several additional benefits by opting for a personal loan against gold from Rupeek.

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How is Rupeek Gold Loan Beneficial?

Individuals willing to take a personal loan in Vadodara from Rupeek are assured of the following benefits.

  • Quick Disbursal: Unlike unsecured business loans, we complete our entire gold loan procedure within 45-60 minutes. With such a fast service, borrowers can meet any urgent cash requirement efficiently.
  • Lower Interest Rate: Our interest rates start from 0.49% per month. With a low gold-backed personal loan interest rate, borrowers can repay their loan quickly.
  • Highest LTV: LTV refers to the loan amount individuals will get against their pledged gold’s value. With us, individuals can enjoy LTV up to 80%. Moreover, borrowers can get a fair idea about the loan amount they can avail by using our gold loan calculator.
  • Flexible Repayment: We offer borrowers the flexibility to repay the loan amount as per their convenience. Unlike a traditional personal, one is not mandated to pay EMIs. Borrowers can pay on a monthly basis or any time within 6 months as per their comfort.

Apart from these benefits, borrowers can enjoy additional advantage from our gold overdraft facility. 

What is the Gold Overdraft Facility offered by Rupeek?

Also known as Rupeek Quick, our gold overdraft facility allows borrowers to get an extended credit line by pledging their gold. On top of that, they can avail the benefit of paying interest only on the expended money and not on the total sanctioned limit.

Where does Rupeek operate in Vadodara?

Individuals in Vadodara who are looking for a ‘gold-backed personal loan provider near me’ can get our financial services in the following areas.

  • Manjusar
  • Por
  • Manjalpur
  • Dabhoi
  • Khanderao Market
  • Padre
  • Krelibaug
  • Waghodia road
  • Alkapuri
  • Makarpura
  • Navlakhi
  • Bajwa
  • Bodeli
  • Savli
  • Ajwa road
  • Akota

With Rupeek’s strong presence across Baroda, availing an online personal loan is no longer a hassle. Enjoy instant loan at your doorstep within just 30 minutes. For more information, get in touch with us today.

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Frequently asked questions

1. What are the advantages of a gold loan for personal needs?

A personal loan against gold enables borrowers to enjoy a faster processing time, higher loan amount, lower interest rate, and quick disbursal against simple eligibility criteria.

2. Do I need CIBIL Score to avail a personal loan against gold?

No, you do not require a CIBIL Score to get the approval of a gold loan for personal purpose.

3. Is my gold pledged for a personal loan safe with Rupeek?

We follow best-in-class security protocols. The loan representative carries the pledged gold ornaments in a GPS-enabled bag. They are stored in a military-grade vault and are covered by complementary insurance during the entire tenure.

4. Can I extend the tenure of an existing personal loan against gold?

Yes, you can re-pledge the gold ornaments to extend a personal loan’s tenure. Kindly contact our support team for additional details.

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