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Business loans in Bangalore

Bangalore is the prodigious capital of Karnataka and one of India’s premier metro cities. Also known as the Silicon Valley of India, the city accounts for the largest share of IT exports in the country.

Its rise to prominence has been phenomenal, especially in recent years, with IT hubs and start-ups mushrooming at an exceptional rate. In 2018, Bengaluru was home to nearly 7700 registered start-ups, with 1200 new ones added in that year alone, according to NASSCOM.

Localities like Yelahanka, Whitefield, Electronics City, and,of course, the Central Business District have been at the forefront of Bangalore’s economic success in the last few years.

As the city gears to become the fastest-growing in Asia over 2020-24, competition becomes more cutthroat, and needs for business loans accentuate.

How Can a Business Loan in Bangalore Help?

In a fiercely competitive market like Bengaluru, enterprises require the back-up of credit to survive and grow. It not only allows businesses to handle financial obligations better but also offers the much-required edge over the competition.

Businesspersons can use such a loan to various avails, like supplementing working capital, investing in growth and expansion, improving a particular line of business, etc.

What are the Features of a Business Loan in Bangalore?

Although the traditional business loans that banks and NBFCs offer come equipped with varying features, some of them are common across the industry. These include –

  1. No-collateral

To take out new business loans, individuals would not need to pledge any asset with the financial institution. However, without any security to back up a default, banks often exercise extra caution when sanctioning new business loans.

  1. Rates of Interest

The business loan interest rates charged are often tad high since they do not involve any collateral. Thus, borrowers might find it challenging to manage repayment without a robust financial standing.

  1. Loan Amount

Banks offer unsecured business loans of up to Rs. 50 lakh. However, the precise amount a borrower is qualified for depends on how well he/she satisfies the business loan eligibility criteria. Thus, there’s no certainty in the amount an individual can take out for his/her business in Bangalore.

  1. Repayment

Typically, borrowers need to repay a conventional business loan through monthly EMIs. This lets enterprises exact repayment conveniently. Most banks and NBFCs provide a window of up to 5 years. However, monthly instalments can also be counterintuitive to some enterprises that do not boast of a steady cash inflow. In that case, repaying small business loans might pose a challenge.

  1. Online Access

The wave of digitalisation in the Indian lending sector has greatly simplified borrowing for businesses in Bangalore and across India. With a significant portion of the lending process now digitalised, individuals can easily take out online business loans for their enterprises.

Who Can Avail a Business Loan in Bangalore?

In general, lenders look for the following criteria when assessing an unsecured business loan application in Bangalore –

  • Credit score
  • Business vintage
  • Annual turnover

Typically, applicants must hold a CIBIL score above 750 to apply for business loans. Banks and NBFCs might reject an application if their score is below that.

Such a situation can throw an enterprise’s financial plans into disarray, leading to an adverse domino effect. In such cases, looking for more assured business loan alternatives is a wiser way out.

One such alternative that businesses can significantly benefit from is a gold loan. It addresses the challenges that individuals might come across in taking out a conventional loan in Bangalore.

What is a Gold Loan?

It’s a financing facility that allows individuals to avail funding against the value of their gold articles. Ready availability and less stringent criteria are two of the primary reasons why enterprises heavily resort to a gold loan. And the popularity of this yellow metal among Indian households further helps the cause. India boasts of 25000 tonnes of privately held gold, which monetarily translates to Rs. 110 lakh crores, according to the Economic Times.

How a Gold Loan Fares Better than a Traditional Business Loan?

The table mentioned below demonstrates the primary differences between a conventional business loan and a gold loan.

Parameters

Unsecured Business Loan

Gold Loan

Eligibility Criteria

Lenders check the applicant’s credit score, the business’s annual turnover, and business vintage.

Individuals above 18 years of age and with gold jewellery of 18 carats or highercan take out a gold-backed business loan.

Processing

Bank loans often take somewhere around 3 – 7 days to be sanctioned due to an extensive verification and documentation process.

Individuals can take out a gold loan for their business within only a few hours of application.

Documents required

OVDs for KYC, CA-audited income statements, ITR filings of the past two years, board resolution, MoA, AoA.

At Rupeek, we only require the KYC documents, like Aadhaar card, Voter ID card, etc. and utility bills as income proof.

However, that’s not the only advantage people can enjoy when availing a gold loan for business from Rupeek.

Why Rupeek?

  1. Doorstep Service

Individuals can avail instant gold loan online at their doorstep with Rupeek. A loan manager will visit the applicant at their home in Bangalore within 30 minutes of application. Such a person will carry out both KYC verification and appraisal of gold right at the applicant’s place of convenience.

  1. Instant Disbursal

Once verified, the business loan amount will be instantly disbursed. And only after the borrower receives the money in his/her account will the representative leave along with the pledged gold items.

  • High Per Gram Value

Rupeek offers one of the highest per gram rate for gold in India, ensuring individuals can take out a substantial loan amount for their business needs.

  1. Flexible Repayment

Paying regular EMIs can often impact the cash flow of a business, which is often the case with bank loans. With Rupeek, borrowers can repay any amount whenever during the tenure. What’s more, businesspersons can also earn rebates based on their repayment frequencies, ensuring maximum savings.

  1. Lowest Interest Rates

Individuals can take out a gold loan from Rupeek at interest rates starting from just 0.79% per month. Unsecured business loan interest rates, on the other hand, start from 13.5% p.a. Thus, by opting for a Rupeek gold loan, businesspersons can avoid saddling their finances and ensure minimum interest payment burden.

  1. Maximum Savings on Loan Transfer

It’s imperative to look for ways to cut corners when running a business and a gold loan transfer with Rupeek is one of the easiest ways to do so. Individuals can ensure savings of up to Rs.12377/lakh by refinancing their gold loan with us.

  • Maximum Security

The pledged gold items are stored in an industry-standard vault at any partner bank of the borrower’s choosing within a radius of 5 km. Rupeek also provides 100% insurance of the pledged items during the term for which the items are held.

What are the Localities Rupeek Operates in Bangalore?

We provide our services across all the top localities in Bengaluru, which includes –

  1. Koramangala
  2. Electronics City
  • Bellandur
  1. Yelahanka
  2. HAL Old Airport Road
  3. Sampangi Rama Nagar
  • Whitefield
  • Bannerghatta
  1. HSR Layout
  2. JP Nagar
  3. Hoskote
  • Nelamangala
  • Banaswadi
  • Banashankari

Individuals from these and other locations in Bangalore can approach Rupeek for their business financing needs and put an end to the business loan near me searches. What’s more, businesspersons can also utilise our overdraft facility, Rupeek Quick, to secure a ready source of funds as an alternative to taking out fresh loans every time.

What is Rupeek Quick?

It’s a line of credit that businesses can avail against the value of their pledged gold. Borrowers can take out any amount from that credit line whenever they need, and pay interest only on that. The credit line feature, Rupeek Quick, considerably simplifies the process of availing funds and individuals can see to their several business expenses easily.

Nevertheless, it’s imperative that individuals gauge their financial needs adequately and thoroughly analyse the different financing options at hand before committing to any credit facility.

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Frequently asked questions

  1. 1. What are the documents required when applying for a gold loan for business in Bangalore?

You need to submit OVDs for KYC, like Aadhaar card, PAN card, birth certificate, or passport. Apart from that, you would also need to furnish lease agreements or utility bills.

2. How is the gold loan amount determined?

The business loan against the gold you can avail in Bangalore depends on the value of gold pledged. Lenders offer a percentage of the gold’s value as a loan based on the loan-to-value ratio, which can go up to 80%.

3. Do I need a CIBIL score to borrow a gold loan for business in Bangalore?

No, since a gold loan is a secured option, lenders do not check CIBIL score when sanctioning the amount. All you need are proper KYC documents.

4. What is the maximum amount I can avail against my gold items?

Depending on the value of pledged gold items, you can take out a loan of up to Rs. 1.5 crore.

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