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Chennai is one of the fastest-growing metropolitan cities of India, widely touted as the Detroit of Asia and India’s Health Capital. It is also the largest industrial and commercial hub of South India.
Automobile, software services, and medical tourism are few of the industries standing as the backbone of Chennai’s overshooting growth. Sectors like petrochemicals, textiles & apparels, and aerospace industry also play a crucial role in structuring Chennai’s overall economy.
Over the years, Chennai has emerged as a quintessential business and export hub in India. The city ranks third according to the Export Preparedness Index, 2020 published by Niti Aayog. And, places like Thiruvallur, Oragadam, Taramani, Ambattur, and Greams Roads have been vital to the city’s business culture in these recent years.
Chennai has never been better positioned in terms of business opportunities than presently. Naturally, sole proprietors, retailers, entrepreneurs and even established businesspersons wanting to leverage the abounding scope of growth efficiently are turning to a business loan 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 –
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.
Pointers |
Documents required by Bank or NBFCs for a business loan |
Documents required by Rupeek for a gold-backed business loan |
Identity Proof |
KYC documents like Aadhaar card, driving license, passport, Voter ID, PAN card. |
KYC documents like Aadhaar card, driving license, passport, Voter ID, PAN card. |
Address proof |
Any of the above-mentioned KYC documents |
Any of the above-mentioned KYC documents |
Bank Statements |
Copy of last 6 months |
Not Required |
Sales tax Returns |
Documents of 3 years sales tax returns |
Not Required |
Income Tax Returns |
Documents of 3 years income tax returns |
Not Required |
Proof of Continuation |
ITR/Trade License/ Establishment/Sales Tax certificate |
Not Required |
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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 –
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 –
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.
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Rupeek representatives use a GPS-tracker bag to carry the pledged gold items, industry-grade bank vault for storage, and also insurance of the collateralised jewellery to ensure maximum safety.
Anyone who is above 18 years or above is eligible for a gold-backed business.
No, Rupeek does not accept all gold items. Our lending partners only accept gold jewellery of 18 carats or above for a gold loan.
With Rupeek, you can get a gold loan for your business within 30 minutes.
You can avail a loan of up to Rs.1.5 Crore with Rupeek. The minimum loan amount that you can take out is Rs.15000.
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