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Personal loans in Visakhapatnam

Visakhapatnam, or commonly known as Vizag, is the largest city of Andhra Pradesh and the state’s executive capital as well. Surrounded by scenic beauty, the city lies between the Eastern Ghats and the coast of Bay of Bengal. Popular for its beaches, the ‘Jewel of East Coast’ attracts a lot of tourists all over the year. The city also boasts of numerous Buddhist sites like Pavurallakonda, Sankaram, and Bavikomda.

In recent years, the IT industry’s growth in the city has resulted in a massive local economic boom. Naturally, the cost of living in Vizag has escalated over the years, leaving little financial leeway to consumers. Thus, individuals in Visakhapatnam looking to fund their child’s higher education, pay medical expenses, or buy electronic gadgets, or any unbudgeted cost can utilise a personal loan.

Personal Loan Eligibility and Documentation

These are short to medium-term loans that banks and NBFCs offer without any collateral. Both salaried and self-employed individuals can avail a personal loan in Visakhapatnam.

Financial institutions check certain parameters before approving the loan. This includes the age of the applicant, income level, credit score, employment history, and repayment capacity.

Apart from fulfilling the eligibility criteria, individuals must provide several documents while applying for a personal loan. Though the required documents vary with each lending institution, salaried individuals generally need to provide:

  • Proof of identity (Aadhaar card, Voter’s ID, passport, driving license or PAN card, etc.)
  • Proof of address (Utility bills of previous months or rental agreement)
  • Income proof (salary slip of the last 3 months and the previous 6 months’ bank statements)
  • 2 passport-sized photographs.

Self-employed individuals need to provide previous year’s ITR document, P&L Statement and Balance sheet or bank account statement along with identity and address proof.

While applying for unsecured personal loans in Visakhapatnam, individuals must possess a good credit score, preferably above 750. Banks and NBFCs run an in-depth verification of credit history and score to deem individuals as a reliable borrower. Fulfilling the stringent eligibility criteria and gathering all the documents stand as a problem for many individuals in need of urgent cash. That’s why individuals in Vizag are turning to alternatives like a gold loan to meet their several expenses.

Features of a Personal Loan against Gold

Gold loans enable borrowers to get access to the required funds by utilising the equity of their valuables. They can use short-term gold loans to consolidate their debts or fund any personal need. The advantages of availing a personal loan in Vizag includes:

  • Gold loans ensure hassle-free and quick disbursal since it involves minimal documentation.
  • As opposed to traditional unsecured loans, the repayment tenure of a gold loan is shorter. Hence, one does not have to service a loan for a prolonged period.
  • Because it’s a secured financing option, lenders are more lenient with eligibility criteria, making it easier for consumers to avail this instant personal loan.

Since there are several personal loan providers in the Visakhapatnam, borrowers need to be wise while selecting their lending partner. Individuals can trust our financial services at Rupeek without any second thought.

Rupeek – Benefits We Offer

Borrowers can enjoy the following benefits with us –

  • Doorstep Service

We offer borrowers instant gold loan doorstep services. The entire gold loan processing is carried out by our company representatives at the borrower’s residence.

  • Quick Disbursal

We ensure quick funding within 45-60 minutes from application. Hence, borrowers can meet any urgent financial need promptly with our online personal loan Visakhapatnam.

  • Highest LTV

Borrowers enjoy one of the highest LTV, ranging up to 80%, with Rupeek. Individuals can check our gold loan calculator to assess the total loan amount they will be getting against their gold ornaments. They can also check the gold quantity they need to pledge for availing the desired loan amount.

  • Lower Interest Rate

We offer interest rate at 0.79% per month. With such a low interest rate, borrowers can service their gold-backed personal loan easily.

  • Easy Repayment

With our personal loan against gold, individuals can enjoy flexible repayment options. While EMIs compel borrowers to pay regularly, we provide our customers with the benefit of paying via a single bullet payment or any time within the tenure as per their convenience.

Borrowers looking for additional ease of financing can opt for our overdraft facility against gold, Rupeek Quick.

Rupeek’s Overdraft Facility against Gold

Our gold overdraft facility enables borrowers to avail an extended credit line by pledging their gold. They can withdraw any amount from their sanctioned limit per their requirements. Moreover, with this facility, they get the benefit of paying interest on the utilised amount and not on the entire credit line.

Furthermore, individuals in Visakhapatnam who are looking for a ‘gold-backed personal loan provider near me’ can conclude their search with our financial services at Rupeek available across the major localities.

List of Locations in Visakhapatnam where Rupeek Operates

Our quick funding solution is available across the following locations in Visakhapatnam.

  • Gajuwaka
  • Maharanipeta
  • Viman Nagar
  • Gopalapatnam
  • Pendurthy
  • Akkayyapalem
  • Nad Junction
  • Kancharapalem
  • Andhra University
  • Mvp Colony
  • Madhurawada
  • Port Area
  • Simhachalam
  • Naval dockyard

Get the best personal loan in Visakhapatnam by availing our services today. For additional information call us on 0891 6480818.

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Gold Loan Calculator

Frequently asked questions

1. How much personal loan can I get?

The minimum loan amount that we offer is Rs. 15000. You can take out a personal loan against gold up to Rs. 1.5 crores with us.

2. What is the repayment process for a gold-backed personal loan with Rupeek?

Borrowers need to log in via our repayment portal with an OTP sent to their registered mobile number and select the relevant option accordingly to continue with repayment.

3. Does Rupeek accept gold bars as collateral for a personal loan?

No, our lending partners do not accept gold bars as collateral. You need to pledge gold ornaments of purity level 18 karats or above.

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