Personal loans in Vadodara

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.

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.

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

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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 0.79% 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. 

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.

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.