rupeek fintech, a virtual-focused gold mortgage lender sponsored by way of sequoia and accel, on june 2 claimed that it will provide gold loans at zero.49 percentage hobby consistent with month, making it the bottom ever rate provided by any corporation within the usa.
bengaluru-based totally rupeek commenced operations in 2015, offering the whole carrier at your step of the purchaser — from collecting the gold to assaying to disbursing cash at your doorstep of the borrower and additionally returning the pledged gold to the identical place on adulthood.
the organization said the launch of the lowest-ever zero.49 percent hobby marketing campaign similarly strengthens the proposition of creating gold loans a preferred option for clients in terms of availing of secured asset-subsidized credit.
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on the launch of the marketing campaign, shalabh atray, senior vice president, marketing and digital, said, “our new 0.forty nine percentage in keeping with month hobby fee offering is in line with rupeek’s plan to provide customers with an easy get entry to to secured credit and assist them accomplish their aspirational goals.”
“whilst india continues to look for higher options to avail credit score, rupeek’s flagship, era-sponsored doorstep gold mortgage has been a runaway fulfillment and we will keep to deliver our gold popular patron experience throughout cities,” he brought.
the business enterprise no longer most effective gives longer-tenure gold loans, permitting customers to manage their cash flow neatly however also has bendy hobby compensation of month-to-month, bimonthly, quarterly and 1/2-yearly options based totally on individuals’ necessities.
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rupeek is the primary business enterprise that has digitised the complete method of obtaining secured credit score in opposition to gold holdings, allowing users to get instantaneous credit from the comfort of their homes, it stated.
currently, rupeek raised a funding of $34 million, valuing it at $634 million, led with the aid of lightbox. its existing traders include sequoia, accel, vostok emerging finance, bertelsmann, ggv capital and highsage ventures, who have together put in $100 million, taking the overall to $134 million.
rupeek is also operating to coins in at the government-sponsored gold monetisation force, which has the potential of monetising as much as $2 trillion well worth of gold assets in the u . s ..