Golden Opportunities

Golden Opportunities: Exploring the Rupeek Gold Loan Solution

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Rupeek is India’s leading fintech lending platform. It lends digitally and is backed by assets. Its financial products make credit accessible in a fair and convenient manner. It is powered by state-of-the-art technology that helps to monetise India’s $2 trillion worth of gold. It has transformed the loan disbursal processes in India into a low-risk, low-touch, and friction-free manner.

A Rupeek Gold Loan is a loan against one’s own gold. Individuals are required to pledge their gold ornaments to a non-banking financial institution (NBFC). On this basis, NBFCs further extend the funds to the owner, and borrowers get a percentage equal to the worth of the gold, known as loan-to-value (LTV).

  • Earlier, RBI capped the LTV to 75% for gold loans.
  • But now, the borrowers can opt for 90% of the gold value. As per RBI, this scheme would be valid for gold loans availed on or before March 31, 2021.
Rupeek Gold Loan Highlights
Interest Rate 0.74% per month (8.88% p.a.)
Loan Amount INR 15,000 – INR 1.5 crore
LTV Ratio Up to 75% of gold’s market value
Tenure Up to 1 year
Collateral Gold items with a purity of 18 carats or more
Gold Loan Repayment Facility Interest Payment, Bullet Repayment and Part-payment

Eligibility Criteria

Mentioned below are the eligibility parameters that are to be met in order to apply for a Rupeek Gold Loan:

  • An applicant should be a citizen of India.
  • The minimum age of an applicant should be 21 years.
  • The maximum age of an applicant should be 65 years at the time of maturity of the loan.
  • An applicant must own the gold items or ornaments of the purity recommended.
  • There is no additional requirement to meet any minimum credit score.

Documentation Required

Mentioned below is the list of documents required one should be ready with before hitting a Gold Loan Apply button:

  • KYC documents – Aadhaar card, PAN card, Voter ID, driving license, passport and others
  • Address proof – Aadhaar card, voter ID, passport, driving license, utility bills, etc.

How do you apply for a Rupeek Gold Loan?

Mentioned are the steps to apply for a Rupeek Gold Loan:

Step 1: Open the NBFC website.

Step 2: Select the city of your residence.

Step 3: Complete the loan application form by providing details such as name, age, address, contact number, etc.

Step 4: Click “Apply”.

Step 5: Next, the loan managers will then approach you at your doorstep to assess and weigh the gold items being pledged.

Step 6: When the assessment and other formalities are complete, the loan manager will then sanction the gold loan.

Step 7: The applicant will be left with the collateral gold once the principal amount reaches the account.

Step 8: You are now done with the loan application.

How do you repay a Rupeek Gold Loan?

Mentioned are the steps to repay a Rupeek Gold Loan:

Step 1: Launch the login page.

Step 2: Enter the registered mobile number.

Step 3: An OTP will then be received on your registered mobile number.

Step 4: Enter the same to verify identity.

Step 5: You will then receive all the relevant details, like one’s gold loan online, like the weightage of the pledged asset, the start date of the loan, the total amount due, interest due, etc.

Step 6: Click on the payment option.

Step 7: Make a payment towards the concerned liabilities using Internet banking, UPI, RTGS, IMPS, or debit cards.

Benefits of Rupeek Gold Loan

Mentioned below are the benefits of the Rupeek Gold Loan:

  • Get doorstep loan processing services.
  • Get instant gold loans.
  • Interest rates at a rate as low as 0.89% per month.
  • Get flexibility in loan repayment options.
  • Get 100% insurance benefits on pledged gold.
  • An easy-to-apply, 4-step process is available via mobile application.
  • No credit score benchmark.
  • Only KYC documents are required to process a gold loan.

Types of Gold Loans Offered by Rupeek

1. Rupeek Gold Loan Schemes on a Regular Basis

  • A borrower can get a variety of benefits and features under this program.
  • It basically includes three types of gold loan schemes: High Value, Maximum Value, and Maximum Value.
  • It comes with flexible repayment options.
  • For loan amounts above INR 5 lakhs, the interest rate starts at a low rate of 0.89%.
  • There is no fixed interest rate, allowing for more flexible repayments.

2. Rupeek ‘No Tension’ Gold Loan Schemes

  • These types of gold loan schemes provide borrowers with a fixed interest rate for the duration of the loan.
  • This allows for interest rebates and allows customers to be worry-free because they can make repayments at any time during the term.

3. Gold Loan Transfer

  • One can get his/ her existing gold loan transferred from a different lender to Rupeek and enjoy lower interests.
  • Get an interest rate as low as 0.69% per month (8.28% p.a.)
  • You can pay your monthly EMIs or at once after 6 months.
  • Highest rate per gram on your gold value.
  • No processing fees or locker charges.

Easy Process to Transfer an Existing Gold Loan to Rupeek

Mentioned below are the steps to be followed to transfer an existing gold loan to Rupeek in an easy manner:

Step 1: Launch the bank’s app or website to apply for a gold loan takeover.

Step 2: You can schedule a meeting as per your convenience when the bank representative connects with you.

Step 3: The bank representative will then illustrate to you the savings that can be made if the gold transfer process is opted for, depending on the existing pledge card and the current market rate of the gold.

Step 4: Next, a new pledge card is created for Rupeek.

Step 5: Visit the existing bank along with your bank manager to get the gold released from them. They will then initiate the loan disbursal process and will ensure that the amount gets credited to the bank account.

Step 6: The gold is then collected and stored at a partner branch locker.

Step 7: This process does not require much documentation, unlike home loans or personal loans. It ensures the customer gets easy access to the funds at the right time.

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