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Coimbatore

Business loans in Coimbatore

Coimbatore, regarded as the ‘Manchester of South India’, boasts of an extensive textile manufacturing industry. Along with that, modern Coimbatore has also branched into other sectors like IT, healthcare and education, making it one of India’s fastest-growing tier-II cities.

Moreover, the SEZs in Coimbatore have contributed immensely to its business environment and economic success over the years. This move paved the way for small- and medium-scale businesses to emerge in different parts of the city.

Resultantly, the demand for business loans in Coimbatore has reached new heights in recent years owing to a sharp rise in the need for external financing among such enterprises. And, digitalisation and emergence of new-age financial institutions have been immensely pivotal in meeting that demand in Coimbatore.

Business Loan in Coimbatore – How it is Beneficial

Business owners can use a business loan in the following ways –

  • Boost working capital
  • Expand the current business
  • Buy or upgrade equipment
  • Support inventory

Commercial loans offered by lenders in Coimbatore are primarily unsecured. That’s why the eligibility requirements of such financial products are more stringent. Also, the documentation and verification processes are lengthy, resulting in delays in loan disbursal.

A quick way to avoid the hassle of a lengthy application process and stringent eligibility criteria is to opt for gold-backed business loans. New business loans in Coimbatore against gold are an excellent alternative to the traditional ones for various reasons.

Business Loans and Gold Loans – A Comparison

Unsecured business loans and gold-backed business loans are on two opposite sides of the spectrum. One offers collateral-free credit, whereas the others offer simpler terms and quick disbursal of the loan amount. Here is a comparative study between these two credit options to help owners of a business in Coimbatore get a better understanding of these concepts.

Particulars

Unsecured Business Loans

Gold Loans

Application process

Lengthy and time-consuming

Short and time-saving

Eligibility criteria

Stringent

Relaxed

Rate of interest

Higher

Lower

Business documents

Required and necessary

Not necessary

CIBIL score factor

Yes

No

Top 3 Features of Gold Loan

Business loan against gold provides entrepreneurs with a secured mode of credit to support the finances of their firm. In recent years, the popularity of gold loans has increased exponentially, and the experts predict a steady growth of this segment over the next few years as well.

The customer-friendly features of gold-backed business loans are the main reason behind that alongside the prevalence of gold jewellery in Indian households. Here are some prominent benefits of this credit option –

  1. Quick Application and Disbursal Process

Compared to traditional business loans, the application and disbursal process of gold-backed business loans are quicker due to minimal documentation and verification processes.

  1. Easy Eligibility

The eligibility requirements to apply for Coimbatore business loans against gold are straightforward. Typically, borrowers only ask for successful KYC verification and assess the purity of gold items to approve such a loan.

  1. Easy EMIs

Since gold loans are available against collateral, the interest charges here are comparatively lower than an unsecured business Loan in Coimbatore. This competitive rate of interest translates into lower monthly instalments.

Why Rupeek?

Rupeek has altered the notion of gold loans with its innovative approach. Here are some noteworthy features of Rupeek that present it as the ideal lender for availing a gold-backed easy business loan in Coimbatore –

  1. Doorstep Service

Individuals can avail an instant gold loan at their doorstep with Rupeek. A doorstep loan eliminates the risk of carrying gold to a bank branch, ensuring greater safety of people’s prized possessions.

Once the application process is complete, our company representative will get in touch with the prospective borrower. They will then visit the address of the customer to evaluate the jewellery and complete the e-KYC verification process. Applicants will receive the funds within immediately once these formalities are over.

  1. Rupeek Quick

Rupeek Quick is an innovative approach from the company to offer flexibility in terms of borrowing. Under this scheme, borrowers can avail funds as per their requirements, and only repay the amount they have withdrawn. In a nutshell, Rupeek quick offers a line of credit facility to help businesses meet their urgent financial requirements.

  1. Lowest Interest Rate

Rupeek offers the lowest interest rate on business loans in Coimbatore. It starts at 0.79% per month, which is considerably lower than that of unsecured financing options. Resultantly, repaying the credit with Rupeek is affordable.

  1. Easy Repayment

Paying EMIs routinely can be bothersome for businesses due to irregular cash inflow. That’s why Rupeek enables borrowers to repay anytime within the tenure at their ease. Individuals can also earn rebates on interest payment, which directly depends on the frequency of repayment. 

  1. Highest LTV Ratio

Rupeek offers the highest loan-to-value ratio that goes up to 80%, giving borrowers access to more funds. Businesspersons can avail up to Rs.1.5 crore to meet their financial obligations adequately.

Localities of Coimbatore where Services of Rupeek are Available

People looking for a business loan near me in Coimbatore can put their search to rest, since we offer our services across all major localities in the city, including –

  • Marudamalai Road
  • Gopalapuram
  • Saravanampatti
  • Coimbatore Tidel Park
  • Singanallur
  • Periyanaickenpalayam
  • Kovaipudur
  • Malumichampatti
  • Peelamedu
  • Thondamuthur
  • Vadavalli 

The economic growth of Coimbatore in recent years has been significant. The 2nd largest city of Tamil Nadu is also a major contributor of the state’s GDP and per-capita income. Business loans offered by various financial institutions at easy terms of repayments have been instrumental in this growth, providing companies with the much-needed access to easy funding. With options like a gold loan for business, enterprises in Coimbatore can meet their expenses efficiently and cost-effectively.

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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) How to apply for a small business loan in Coimbatore against gold?

The application process of gold loan is straightforward. You can visit the official website of the lender and complete the application process. After that, they will get back to you for further documentation, and following a successful verification, you will receive the funds.

2) What is a loan to value ratio for a gold-backed business loan?

Loan to value ratio or LTV represents the amount you can avail against the pledged asset’s value.

3) What are the minimum and maximum amounts I can avail from Rupeek for business?

The minimum amount that you can avail for business is Rs.15,000, and the maximum amount is Rs.1.5 crore.

4) How long will it take to avail a gold-backed business loan?

Since the process of availing a business loan against gold is quick, it does not take more than an hour. With Rupeek, you can receive the money within 30-45 minutes.

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