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Rupeek Fintech claims to offer gold loans at lowest ever rate of 0.49% — and at your doorstep

Rupeek Fintech claims to offer gold loans at lowest-ever rate of 0.49% — and at your doorstep

Rupeek Fintech claims to offer gold loans at lowest-ever rate of 0.49% — and at your doorstep
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By CNBC-TV18 Jun 2, 2022 7:50:36 PM IST (Updated)

The Bengaluru-based lender offers doorstep gold loan service, from collecting the gold to assaying to disbursing cash at the doorstep of the borrower and also returning the pledged gold to the same place on maturity.

Rupeek Fintech, a digital-focused gold loan lender backed by Sequoia and Accel, on June 2 claimed that it will offer gold loans at 0.49 percent interest per month, making it the lowest ever rate offered by any company in the country.

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Bengaluru-based Rupeek began operations in 2015, offering the entire service at the doorstep of the customer — from collecting the gold to assaying to disbursing cash at the doorstep of the borrower and also returning the pledged gold to the same place on maturity.


The company said the launch of the lowest-ever 0.49 percent interest campaign further strengthens the proposition of making gold loans a preferred option for consumers when it comes to availing of secured asset-backed credit.

On the launch of the campaign, Shalabh Atray, Senior Vice President, Marketing and Digital, said, "Our new 0.49 percent per month interest rate offering is in line with Rupeek's plan to provide customers with an easy access to secured credit and help them accomplish their aspirational goals."

"While India continues to look for better options to avail credit, Rupeek’s flagship, technology-backed doorstep gold loan has been a runaway success and we will continue to deliver our gold standard consumer experience across cities," he added.

The company not only offers longer-tenure gold loans, allowing customers to manage their cash flow smartly but also has flexible interest repayment of monthly, bimonthly, quarterly and half-yearly options based on individuals' requirements.

Rupeek is the first company that has digitised the entire process of obtaining secured credit against gold holdings, allowing users to get instant credit from the comfort of their homes, it said.

Recently, Rupeek raised a funding of $34 million, valuing it at $634 million, led by Lightbox. Its existing investors include Sequoia, Accel, Vostok Emerging Finance, Bertelsmann, GGV Capital and HighSage Ventures, who have collectively put in $100 million, taking the total to $134 million.

Rupeek is also working to cash in on the government-backed gold monetisation drive, which has the potential of monetising as much as $2 trillion worth of gold assets in the country.

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