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Business loans in Bhopal

Bhopal is the capital of Madhya Pradesh and home to seven different lakes across its geography, thus, rightly named, the “City of Lakes”. Bhojtal, formerly known as Bada Talaab, had once been Asia’s largest manmade lake. This city boasts of a rich and long history, and the monuments of the Mughal Empire and British Raj still carry the tales of those times. Bhopal is a well-known tourist destination, and it attracts thousands of visitors every year. 

Alongside tourism, the manufacturings of electrical goods, cotton products, jewellery, and chemicals are major contributors to this city’s economy. Apart from these, the handicraft industry of Bhopal is popular throughout the country.

In recent years, the state government has worked relentlessly to promote Bhopal as a manufacturing hub. This has resulted in the emergence of numerous small and medium-scale organisations in the city. The different types of business loans have also been instrumental to that end.

Business Loan: Usage and Eligibility

Typically, business loans in MP are unsecured, and they do not have any restriction on their usage. It means entrepreneurs can use these funds to support any financial requirements that they have. Here are some popular usage of business loans –

  1. Supporting working capital is one of the most widespread uses of business loans. With the help of this financial product, business owners can ensure that they can manage the day to day expenses without any hiccups.
  2. Proper inventory management is vital to ensure an enterprise can sustain and grow. Therefore, several organisations utilise business loans to finance their stock purchases, especially during peak seasons.
  3. Business loans are a great option to invest further and expand operations. Companies can buy long-term assets, introduce product lines, expand on existing products, etc., with a commercial loan.

However, to avail a business loan online, one needs to fulfil a set of eligibility requirements. Here are the details –

Particulars

Requirements

Credit score

750+

Business vintage

Minimum 2 – 3 years

Annual turnover

Minimum 25 lakhs

Financial statements

Must be audited by a Chartered Accountant

Income tax submission

At least for one year

Looking For an Alternative? Choose Gold Loan

The stringent eligibility criteria and extensive documentation often make it difficult for individuals to avail an unsecured business loan. Plus, small businesses find it challenging to service such a loan owing to the high interest rates.

In this regard, a gold-backed business loan is a brilliant alternative. Businesspersons can avail funds against their gold articles to mitigate any monetary challenges that their business is facing.

Also, since such a business loan is secured, it translates to more favourable eligibility requirements and loan terms. Here are some notable features of gold loans that one should know before applying for one –

  1. Easy Eligibility Requirements

When compared to unsecured business loans in Bhopal, the eligibility criteria of a gold loan is much more relaxed. Even startups and new businesses with no substantial vintage or credit score can avail a gold loan.

  1. Quick Application and Disbursal

Owing to its minimal eligibility requirements, the application and approval process of a gold-backed business loan is swift. Businesspersons can take out a gold loan instantly to meet all their emergency financial obligations easily.

  1. High-Value Loan

With lenders like Rupeek, individuals can get a gold-backed business loan in Bhopal Madhya Pradesh amounting up to Rs.1.5 crore. Since a gold loan does not entail any end-use restriction either, borrowers can use such a high-value loan to address an array of business expenditures efficiently.

Individuals can use our gold loan calculator to find out the exact amount they can take out by pledging their gold items or simply put the amount they require to learn how much gold they need to collateralise.

Apart from a high-value loan, borrowers can enjoy a range of other benefits with a gold loan for business in Bhopal with Rupeek.

Top 4 Reasons to Choose Rupeek

Here are 4 reasons why Rupeek should be the first choice in terms of business loan in Bhopal against gold –

  1. Doorstep Services

If you are looking for an instant gold loan at your doorstep, Rupeek is your ideal partner. Once you fill out the application form with relevant details, our company representative will contact you for the further process.

A loan manager from the company will visit your address to evaluate the jewellery and for KYC verification. You will receive the funds almost instantly following that, and the person will leave with the gold items once that’s done.

  1. Lowest Interest Rate

Rupeek offers the lowest business loan interest rates against gold. Our monthly rate of interest starts from as low as 0.79%. Thus, even small-scale businesses can service this loan sans straining their cash flow.

  1. Credit Line Facility

Rupeek Quick, our credit line feature, helps businesses manage their cash flow issues effortlessly. Individuals can secure an overdraft facility against the value of pledged gold items, and withdraw funds from the sanctioned limit as and when required. What’s more, borrowers need to pay interest only on the utilised amount, ensuring further savings.

  1. More Savings With A Balance Transfer

Business owners can save up to Rs.12377/lakh on interest payable by transferring their existing gold loan to Rupeek. The process is straightforward and hassle-free.

To initiate the loan transfer process, individuals need to share the pledge card followed by the submission of KYC documents. After that, once they pay the remainder to their existing lender, they can shift the loan.

What makes our loan service even more convenient is our presence across all top localities in Bhopal.

Major Locations in Bhopal where Rupeek Operates

  • Gandhi Nagar
  • Bagh Swaniya
  • Bairagarh
  • Bhel town
  • Arera Hills
  • Jahangirabad
  • Vallabh Bhawan
  • Kolar Road
  • Chuna Bhatti
  • Govindpura
  • Anand Nagar
  • Kohefiza

With Rupeek in Bhopal, businesspersons can easily tap into the equity of their gold jewellery to make the most of the opportunities and finally put an end to their “business loan near me” searches.

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Business Gold Loan Calculator

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We offer the highest per gram rate on our gold loans.

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Frequently asked questions

  1. What is LTV of a gold-backed business loan offered by Rupeek?

The loan-to-value ratio offered by Rupeek is up to 90%. However, it will depend on the purity of the pledged gold.

  1. What are the documents that one needs to submit to avail a business loan against gold from Rupeek?

One can quickly avail a business loan in Bhopal against gold by submitting their KYC documents and utility bills or rent agreement as address proof.

  1. Is there any rebate facility offered by Rupeek against gold-backed business loans?

Yes, there is a rebate facility that Rupeek offers to its customers. Borrowers can receive this rebate on regular repayments, and it is directly related to the frequency of payments.

  1. How to repay Rupeek’s gold-backed business loan?

The process of repaying a credit availed form Rupeek is very easy. Click on the ‘repay your loan’ option on our portal and then enter your mobile number to sign in. After that, pay online to complete this process.

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