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Personal loans in India

personal loan is a multi-faceted financial product that borrowers can use to meet an array of use-cases. Starting from paying off the medical bills, to funding a wedding, this mode of financing can be used in every instance.

Features Of Personal Loan

Several banks and NBFCs offer a personal loan in India. Naturally, the features of lender-specific personal loans vary. Here is a glimpse of the standard characteristics of this financing facility –

Features Of Personal Loan

Several banks and NBFCs offer a personal loan in India. Naturally, the features of lender-specific personal loans vary. Here is a glimpse of the standard characteristics of this financing facility –

  1. No End-use Restrictions

It means borrowers are free to use the fund for any purpose they want. Whether they are facing a medical emergency, or want to fund their child’s higher education, a personal loan comes in handy.

  1. Collateral-free

Personal loan finance company does not ask for any collateral. It results in a quick and hassle-free borrowing experience.

  1. Repayment Tenure

The tenure of a personal loan generally ranges from 12 – 60 months. Financial institutions allow borrowers to select their repayment schedule as per their convenience.

  1. Documentation

Typically, borrowers need to submit KYC documents and income proof to avail a personal loan. Salaried individuals need to provide their salary slips, bank account statements, and Form-16. Self-employed individuals may have to submit the audited income statements, balance sheet, bank account statements of their enterprise.

Eligibility Criteria for Personal Loans

Akin to the features, the specific personal loan eligibility criteria may differ across lenders. But, applicants need to meet the following parameters to acquire a personal loan in India –

  • Age: 21 years and above
  • Credit score: More than 750
  • Monthly income: It varies according to the lender
  • Work experience: At least more than 1 year ( for salaried individuals)

Personal loans are typically unsecured. Thus, the risk of lending is also higher. Hence, financial institutions put additional emphasis on the fulfilment of these criteria mentioned above.

Furthermore, financiers determine the personal loan interest rate based on an applicant’s eligibility. So, highly eligible individuals can take out a personal against moderate interest rates. Contrarily, applicants with low eligibility might have to pay considerably high interest rates or face rejection.

However, these inconveniences are absent in the case of a personal loan against gold. It offers all the primary benefits of a conventional personal loan without its hassles.

Gold Loans – An Alternative

Gold loan is a secured mode of financing, where individuals need not worry about their bad credit score or the inconvenience of lengthy documentation.

Instead, they can pledge their gold articles to avail the necessary funds and support a wide range of requirements. Here are some common ones –

  1. Debt Consolidation

Since the interest charged on gold loans are comparatively lower, it allows borrowers to save substantially on debt consolidation.

  1. Managing Medical Expenses

Since medical emergencies are unprecedented, access to a quick financing option is crucial. In this regard, gold loans offer an ideal solution. Individuals can access funds within a few hours to meet such necessities.

  1. Investing In Business

The high loan amount offered by this financial product allows borrowers to use it for their business expansion.

  1. Financing Travel Expenses

The no end-use restriction and high-value of gold loans help individuals to manage their lavish travel expenses without exhausting their savings.

The low cost of borrowing, minimal documentation, and flexible eligibility are few of the standard benefits that any gold loan offers. But, one must be smart about choosing the right lender when searching for “gold-backed personal loan providers near me” to enjoy optimal advantages.

Reasons To Select Rupeek

Rupeek has introduced a series of different repayment schemes to make gold loan availing a hassle-free and affordable process. Here are some noteworthy features of Rupeek that works in a customer’s favour –

  1. Sizeable Loan Amount

The loan-to-value ratio followed by us can go as high as 80%, allowing borrowers to avail up to Rs. 1.5 crores. Borrowers can utilise their gold’s value to the fullest with us to address an array of personal financial obligations.

  1. Lowest Rate Of Interest

Alongside the highest loan-to-value ratio, borrowers can also enjoy a hassle-free and affordable interest payment with us. We levy one of the lowest interest rates from as low as 0.79% per month.

  1. Flexible Repayment

To make loan repayment more accessible, we have introduced various repayment schemes. Customers have the opportunity to select from different plans like one-time bullet payment, traditional EMI, or pay instalments as per their convenience anytime within the tenure.

  1. Save Up To Rs.12377/Lakh

Transferring a gold-backed personal loan has never been easier. To initiate this process, customers need to submit their existing pledge card with our relationship manager, and they will guide borrowers through this process. Individuals can save up to Rs.12377 per lakh via loan transfer with Rupeek.

  1. High Security

We offer robust security against the pledged gold. Our loan managers use GPS-enabled bag to transport the gold, and we store them in military-grade high-security vaults. Moreover, the gold enjoys insurance coverage throughout the tenure.

But, the reasons don’t just end here. Borrowers can enjoy instant financing anytime anywhere with our gold overdraft facility. Read along.

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Rupeek’s Overdraft Facility Against Gold

The benefits of availing the services of Rupeek continue with the gold loan overdraft facility that we offer. Also known as Rupeek Quick, this facility allows our existing borrowers to pledge additional gold for securing a credit line facility.

It offers them instant access to funds, which they can withdraw anytime from the sanctioned limit according to their convenience. Also, they need to pay interest only on the amount they have withdrawn, saving substantially on repayments.

Application Process For A Personal Loan Against Gold

The gold-backed personal loan apply online process with Rupeek is a hassle-free one. Here are the steps –

Step 1: Visit the official website of Rupeek, enter the mobile number, and click on ‘Apply Now.’

Step 2: Our relationship manager will contact the applicant for further processing and understand their loan requirements.

Step 3: Following successful initial processing, our loan managers will visit the residence of the borrowers within 30 minutes.

Step 4: They will evaluate the gold ornaments and complete the document verification. Once they are content, we will initiate the loan disbursal process.

The entire process will take around 45-60 minute to complete.

A wide range of schemes and repayment options for a personal loan against gold, combined with the doorstep service make acquiring funds more hassle-free and accessible than ever with Rupeek.

End your search for personal loans with a fair, fast and flexible solution from Rupeek.

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Frequently asked questions

1. How to repay a personal loan with Rupeek?

You can quickly repay your personal loan for students with Rupeek via the online payment portal. Log in using the OTP, check your profile, and make payments accordingly.

2. Can I make part prepayments of my personal loan for self-employed with Rupeek?

Yes, you can make part prepayments for your personal loan. However, a point to note here is that the repayment amount should be more than monthly interest payments but must not exceed the foreclosure amount.

3. Is there any part release option with a gold-backed personal loan from Rupeek?

Yes, you can part release the gold ornaments pledged to avail a personal loan. But, it must weigh at least 10 grams or more.

4. Can I re-pledge my existing gold-backed personal loan?

Yes, you can repledge your existing gold-backed personal loan to avail more funds.

6. How can I avail rebate on my personal loan repayments?

You can earn rebate with regular repayments of your personal loan. Moreover, you should keep in mind that frequent repayments will earn you higher rebates.

7. What is the credit score needed to avail a personal loan from Rupeek?

Rupeek performs no credit check to approve a gold loan application. Hence, individuals with an unsatisfactory credit score can also access the services of Rupeek.

8. Is there any lock-in period on a personal loan from Rupeek?

No, there is no lock-in period on personal loan against gold from Rupeek.

9. Are every gold ornaments accepted to avail a personal loan from Rupeek?

No, our lending partners accept gold ornaments of purity at least 18 carats or above.

10. What are the documents needed to avail a personal loan from Rupeek?

Rupeek only asks for KYC documents and utility bill/rent agreement to process and approve a personal loan application.

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