Business loans in Chennai

A business loan enables individuals to strengthen their enterprise’s liquidity and alleviate the strain on profits, which could be used for furthering long-term objectives. Here are a few specific ways a commercial loan could be useful to business owners –

Maintain the Cash Flow – Any business, be it small or large, requires steady cash flow for maintaining its operations. However, late payments, lengthy cash cycles can often hinder efficient cash flow management. In that regard, you can use a private business loan in Chennai to ensure sufficient working capital at all points.

To Buy New Equipment – Businesses need to continuously include or upgrade the latest machinery and other equipment to stay competitive. A business loan can be an excellent monetary agency to that end.

Pay Suppliers – Maintaining a cordial relationship with your supplier is crucial when running a business, and one way to ensure that is timely payment. With a business loan, you can repay suppliers on time. A loan for business in Chennai also facilitates you to replenish stocks during peak seasons.

A traditional business loan is typically unsecured. Hence, banks and NBFCs that offer such business loans often require enterprises to satisfy strict eligibility criteria. And while the specifics may vary, lending institutions, in general, consider the following parameters to determine an applicant’s eligibility –

• Annual turnover
• Minimum 2 years of business vintage
• A credit score of 750 or above

Apart from these, banks or NBFCs also look into the strength of the business idea before approving a loan.

However, individuals looking to apply for a small-scale business loans in Chennai may find it challenging to avail one as banks or NBFCs predominantly focus on credit score and business vintage.

Alongside such stringent criteria, high business loan interest rates, and lengthy documentation often makes it unsuitable for a business’s financial needs. As an alternative, a gold-backed business loan can help individuals in several ways due to its secured nature.

A gold loan is a secured financing option that lenders provide with the yellow metal as collateral. Since gold holds immense equity but little practical use, it acts as an ideal asset against which borrowers can acquire funds.

A gold-backed business loan can prove to be extremely helpful for entrepreneurs and also business owners who often face difficulties in getting approval for a business loan. 

Also, with Rupeek, the process of getting a gold loan is faster and hassle-free due to briefer documentation.

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While looking for a business loan near me during financial requirement or urgency, business owners can opt for an online gold loan with Rupeek and enjoy the following benefits –

• Low-Interest Rate: Per month interest rates start at 0.79%, which is considerably lower than a collateral-free loan.
• Simple repayment: You can repay the outstanding loan amount any time during the tenure. This saves the financial strain of EMI repayments, which is characteristic of an unsecured business loan in Chennai.
• Doorstep Service: Meet all your urgent business requirements quickly with an instant online gold loan from Rupeek. A loan manager reaches your residence within 30 minutes of application, and you receive the loan amount instantly after he has evaluated the gold items and conducted KYC verification.
• No CIBIL Score: Rupeek does not require CIBIL Score while approving for a gold-backed new business loan in Chennai.
• Gold Loan for Everyone: Anyone who is above 18 years old and possesses gold jewellery can apply for a gold-backed business loan.

We also offer the Rupeek Quick facility, which you can utilise to address your business’s emergency expenses conveniently.

With Rupeek Quick, business owners can get an extended line of credit by pledging gold only once. This feature not only enables you to maintain a steady cash flow but also helps in curtailing down the cost of paying interest on unused money.

Our services, including Rupeek Quick, are available all across Chennai, including the following localities –

• Triplicane
• Nungabakkam
• Velacheri
• Tiruvanmiyur
• Porur
• Anna Nagar
• Vadapalani
• Tiruvottiyur
• Valasaravakkam
• Perambur
• Mylapore
• Maduravoyal
• Koyambedu
• Kodambakkam

You can avail a quick business loan in Chennai from the comfort of your home. Our doorstep service, low rates, simple eligibility criteria, and simple documentation ease the accessibility of credit, allowing businesses to capitalise on the opportunities more effectively.