Rupeek Gold Loan Review and Alternatives 2023

Rupeek is a fintech company that offers gold loans to individuals and small businesses in India. In this article, we will review the Rupeek Gold Loan, its features, and explore its pros and cons, along with some alternatives and frequently asked questions. 

Rupeek Gold Loan Review

About Rupeek

Rupeek’s gold loan process is entirely online, making it convenient for customers to apply for a loan from the comfort of their homes. The company offers competitive interest rates and flexible repayment options, with loan amounts ranging from Rs. 10,000 to Rs. 2 crore. 

To apply for a Rupeek gold loan, customers need to submit an online application and schedule an appointment with a company representative, who will then visit their home to evaluate the gold jewellery and disburse the loan amount. The entire process is quick and hassle-free, with funds being disbursed within hours of approval. 

Rupeek also offers various other services, such as gold insurance, where customers can insure their gold jewellery against loss or theft. Overall, Rupeek’s gold loan services are a popular option for those in need of quick and easy financing in India. 

Rupeek Gold Loan Review by Users

Here are some key points to consider when reviewing Rupeek’s gold loan services: 

  1. Fast and easy process: Rupeek offers a simple and quick loan application process. Borrowers can apply for a gold loan online and get their gold jewelery evaluated within minutes. The loan amount is then disbursed to the borrower’s bank account within hours. 
  2. Competitive interest rates: It offers competitive interest rates on its gold loans, which can be as low as 0.79% per month. The interest rates are fixed for the entire tenure of the loan, making it easier for borrowers to plan their finances. 
  3. High loan-to-value ratio: It offers a high loan-to-value (LTV) ratio of up to 80%, which means borrowers can get a higher loan amount against their gold jewelry.
  4. Safety and security: It ensures the safety and security of the borrower’s gold jewelry. The company uses tamper-proof packaging and GPS-enabled security systems to transport the gold jewelry from the borrower’s home to the nearest partner bank. 
  5. Flexible repayment options: It offers flexible repayment options, including part-payment and full-payment options. Borrowers can also choose to pay interest-only EMIs and repay the principal amount at the end of the tenure. 

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Pros And Cons 

Pros of Rupeek Gold Loan 👍

  1. Quick disbursal: Rupeek’s gold loan process is quick, and customers can get their loan disbursed in as little as 30 minutes. 
  2. Hassle-free application: The loan application process is completely online, making it convenient and hassle-free for customers. 
  3. Competitive interest rates: It offers competitive interest rates starting at 0.79% per month. 
  4. Flexible repayment options: The company offers flexible repayment options ranging from 6 months to 36 months, allowing customers to choose the tenure as per their convenience. 
  5. Doorstep service: Rupeek provides doorstep service, where a loan officer comes to the customer’s location to evaluate and collect the gold jewelery for loan processing. 
  6. Secure storage: The company claims to provide maximum security for the gold jewelry collected from customers, with the jewelry being stored in bank-grade lockers. 

Cons of Rupeek Gold Loan 👎 

  1. Gold jewelry requirement: Rupeek’s gold loan is only available against gold jewellery and not other forms of gold.
  2. Risk of losing gold: If customers are unable to repay the loan, they risk losing their gold jewelry that they had pledged as collateral. 
  3. Processing fee: The company charges a processing fee of 0.5% of the loan amount, which may be a significant cost for some customers. 
  4. Limited availability: Services are currently only available in select cities in India, which may limit its accessibility for customers in other areas. 
  5. Loan amount restrictions: The loan amount that customers can receive is limited to the value of the gold jewelry they have pledged, which may not be sufficient for larger loan amounts. 

Alternative Of This App 

There are several alternatives to Rupeek Gold Loan, including: 

  • Muthoot Finance Gold Loan: Muthoot Finance is one of the largest gold loan providers in India, offering loans at competitive interest rates with flexible repayment options. 
  • HDFC Bank Gold Loan: HDFC Bank offers gold loans with low interest rates and quick disbursal, with the option of partial repayment and flexible tenure. 
  • ICICI Bank Gold Loan: ICICI Bank offers gold loans with attractive interest rates, doorstep service, and a hassle-free loan application process. 
  • Manappuram Finance Gold Loan: Manappuram Finance offers gold loans with quick disbursal and flexible repayment options, with competitive interest rates. 
  • Axis Bank Gold Loan: Axis Bank offers gold loans with low interest rates, easy documentation, and flexible repayment options. 

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Frequently Asked Questions (FAQ’s)

What is the maximum amount of loan I can get from Rupeek?

The maximum loan amount you can get from Rupeek depends on the value of the gold jewellery you pledge as collateral. The loan amount can range from Rs. 10,000 to Rs. 2 crore.

How is the interest rate calculated for Rupeek Gold Loan?

The interest rate for Rupeek Gold Loan is calculated on a monthly basis and varies depending on the loan amount, tenure, and other factors. The interest rate starts at 0.79% per month. 

How long does it take for Rupeek to disburse the loan amount?

Rupeek’s gold loan process is quick, and customers can get their loan disbursed in as little as 30 minutes after the gold jewellery is evaluated and approved. 

What documents are required to apply for a Rupeek Gold Loan?

he documents required to apply for Rupeek Gold Loan include a valid ID proof, address proof, and proof of ownership of the gold jewellery being pledged as collateral. 

What happens if I am unable to repay the loan on time?

If you are unable to repay the loan on time, the gold jewellery pledged as collateral may be auctioned off to recover the loan amount. It’s important to ensure timely repayment to avoid any such situation

Is Rupeek registered with RBI?

Yes, Rupeek has received NBFC (non-banking financial company) licence from the Reserve Bank of India (RBI).

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