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Business loans in Amritsar

Amritsar is the second-most populous city of Punjab. Widely famous for the ‘Golden Temple’, the city attracts numerous tourists throughout the year. Amritsar’s economy largely depends on textiles and dairy products. With a massive production of woollen clothes, Pashmina shawls, blankets, wooden chessboards and chess pieces, the Golden City of India contributes sizably to Punjab’s GDP.

Apart from that, regions like Lawrence Road, Katra Ahluwalia, Kapda Bazaar, and Old City Bazaar are home to countless small and medium-scale enterprises in Amritsar. And business loans have been a major source of financing for several enterprises in this city.

Why Avail a Business Loan in Amritsar?

Financing an enterprise with debt is always an excellent strategy since it alleviates the burden on one’s profits. Individuals can commit revenues to their long-term business objectives while utilising a loan to mitigate the short-term requirements or vice versa. It goes a long way in sustaining and growing any organisation.

Here are a few reasons why individuals can consider taking out a business loan in Amritsar –

  • To purchase equipment
  • To purchase inventory stocks or raw materials
  • To expand operations
  • To increase working capital

What are the Eligibility Criteria for an Unsecured Business Loan?

The fundamental points that every financier checks before approving a business loan are:

  • The type of business – Sole proprietorship, partnership, a public or private company, or LLC
  • The credit score of the applicant
  • Annual turnover
  • Business vintage

A person with a low credit score may not get a business loan in Amritsar. Financiers prefer a CIBIL score of 750 or above in most cases to ensure minimum risk of default. Also, an agreeable turnover and business vintage are parameters that new or small-scale enterprises may not satisfy. Moreover, lengthy documentation and high interest rates are making traditional unsecured business loans a difficult and undesirable financial solution for organisations.

On the contrary, gold loans are acquiring the position of traditional business loans due to a number of reasons.

What are the Advantages of a Gold Loan over a Business Loan?

As an idle asset, gold enables businesspersons to get a substantial loan amount quickly without the hassle of stringent eligibility parameters and time-consuming documentation.

Here are a few points of difference between a conventional loan and a gold loan for business in Amritsar.

Pointers

Business loan

Gold loan

1.

Residential and Identity proof

KYC documents

KYC documents

3.

Income tax returns

ITR proof of the past few years

Not Required

4.

Bank statements

Copy of last 6 months

Not Required

5.

Proof of Continuation

ITR/Trade License/ Establishment/Sales Tax certificate

Not Required

6.

Financial documents

Audited income statements and balance sheet

Not required

However, it does not merely suffice to avail a business loan against gold. It’s vital to choose the right lender for maximising your benefits. To that end, individuals can approach Rupeek.

How can Rupeek help you with a Gold-Backed Business Loan in Amritsar?

The services and benefits offered by Rupeek stand second to none. These include:

  • Instant Disbursal

From gold evaluation to disbursal, the entire process takes merely 45 – 60 minutes. Thus, borrowers can meet their urgent financial obligations instantly with our gold loan service.

  • Lowest Interest Rate

Typically, unsecured business loans invite interest rates in the range of 11% - 24%. However, with Rupeek, borrowers can enjoy the lowest interest rate on a business loan in Amritsar. Our monthly interest rate starts from 0.79%. What’s more, we do not charge any hidden fee, ensuring a 100% transparent process.

  • Highest LTV

Loan-to-Value ratio refers to the loan amount an individual can get against gold as collateral. Rupeek offers the highest loan to value ratio of 90%. Thus, individuals can meet their financial requirements adequately sans hassle.

  • Maximum Security

Rupeek ensures maximum safety of borrower’s valuables as these are fully insured against theft or any unfortunate occurrence during the tenure. Also, our representative stores the gold items at the nearest bank vault with our any one of our lending partners, which includes Federal Bank, ICICI Bank, Karur Vysya Bank.

  • Flexible Repayment

Regular repayment can become a significant concern among enterprises with lengthy cash cycles or irregular cash flows. With us, borrowers can choose to repay on a monthly basis, or they can pay the total amount at any time within 6 months.

  • Gold Credit Line

Individuals who want to avail business loans in Amritsar against gold can enjoy an additional benefit from Rupeek. Through ‘Rupeek Quick’, individuals can get an extended credit line by pledging their gold. This feature also enables businesspersons to save on interest payment as it’s calculated only on the utilised amount.

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Where to find Business Loan in Amritsar with Rupeek?

Individuals can conclude their search for “business loan providers near me” with us. We provide our services across all the major locations in Amritsar, including –

  • Katra Ahluwalia
  • Grand Trunk Road
  • Beas
  • Ajnala
  • Verka
  • Baba Bakala
  • Goal Bagh
  • Lawrence Road
  • Chheharta
  • Medical Enclave
  • Majitha
  • Ramdass

Aspiring business entrepreneurs, as well as established business owners who want to utilise the advantages and resources offered by the city, must consider a gold-backed business loan in Amritsar from Rupeek to finance their business.

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Frequently asked questions

  1. What is the minimum and maximum business loan amount offered by Rupeek?

Rupeek offers a business loan amount of minimum Rs.15000 and maximum Rs.1.5 Crore.

  1. What important factors does one need to consider before availing a gold-backed business loan?

Before availing a gold-backed business loan, one must learn about the LTV, rate of interest, rate of gold, security features, and payment schemes.

  1. Does Rupeek accept all gold items while offering business loans?

No, we do not accept all gold articles. Borrowers can only pledge gold jewellery of 18 carats or above as collateral while applying for a gold-backed business loan from Rupeek.

  1. Do I need a CIBIL Score to get a business loan in Amritsar?

No, you do not need a CIBIL Score to get a business loan in Amritsar.

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