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Business loans in Chennai

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.

Why Take a Business Loan?

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.

Eligibility for a Business Loan

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.

How can a Gold Loan help Businesses in Chennai?

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

The free online Word HTML converter helps you get rid of the dirty code when converting documents for the web.

How Can Rupeek Help You with Gold-backed Business Loan?

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.

What is Rupeek Quick?

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.

Major Localities We Operate in

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.

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Business Gold Loan Calculator

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Frequently asked questions

  1. Can I trust Rupeek with my gold jewellery while taking a business loan?

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.

  1. What are the minimum eligibility criteria for taking a gold-backed business loan?

Anyone who is above 18 years or above is eligible for a gold-backed business.

  1. Does Rupeek accept all gold items while providing loan for business enterprises?

No, Rupeek does not accept all gold items. Our lending partners only accept gold jewellery of 18 carats or above for a gold loan.

  1. How fast can I get a gold loan with Rupeek for my business?

With Rupeek, you can get a gold loan for your business within 30 minutes.

  1. What is the maximum limit of a gold loan for my business?

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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