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Business loans in Faridabad

One of the key satellite cities of Delhi, Faridabad constitutes the industrial hub of Haryana and is home to several large-scale public and private corporate bodies. The city has seen astronomical growth in health, real estate, and education industries in the past 8 years. Keeping up with such a rapidly growing economy can pose a considerable challenge, especially for new businesses. That is why there has been increasing popularity of business loan in Faridabad to make things easier.

Why do Firms Need Business Finance in Faridabad?

Enterprises, large and small, need debt funding along with equity capital to grow and prosper. The need is more pronounced in the Faridabad region because of the stiff competition in the city in specific and NCR at large.

That’s why banks and NBFCs offer various types of business loans that aim at catering to a variety of business requirements including, but not limited to:

Purchasing New Machinery:

A successfully growing business will need a continuous supply of the latest tools to keep up with the evolving market. Individuals can benefit from equipment financing in such a scenario, where they can collateralise the machinery itself.

Meeting Operating Expenses:

A small business in Faridabad may find it difficult to reach a significant turnover volume to sustain the expenses of their daily business operations, including remuneration of employees. A reliable credit facility can aid firms in managing working capital efficiently to prevent payment delay.

Expanding Business:

A loan for business in Faridabad is of the utmost importance in case one is thinking of expanding business operations or buying more space. Undertaking such large expenses with revenues is unwise as it leaves the business financially vulnerable.

What are the Eligibility Criteria to Avail Business Loans in Faridabad?

Business loans that banks and NBFCs typically extend come equipped with features like:

  • Collateral free loan
  • Regular EMIs
  • No end-use constraint
  • Rigid eligibility criteria and documentation

Since any asset does not back these loans, financial institutions are more vigilant regarding their verification process. The eligibility criteria for an unsecured business loan are stringent due to the higher risk level lenders associate with them.

Some of the major requirements individuals need to meet for an unsecured Faridabad business loan are as follows.

  • Applicant must be within the age limit of 18 to 65.
  • Minimum business vintage should be ranging from 2 to 3 years.
  • Annual turnover must meet the requirements of the lending bank or NBFC.
  • Borrower’s CIBIL score should not be less than 750.

Moreover, candidates will also need to produce the following documents when applying for commercial funds.

  • Identification proof.
  • Address proof.
  • The firm’s bank account statement for the previous 6 months.
  • Copy of income tax returns of the past years.
  • Audited balance sheet and profit and loss statement.

Additionally, lenders also charge high interest rates depending on the applicant’s eligibility. It can also take up to 3-7 days to process due to the lengthy verification process. Failure to make it through such a stringent set of rules can put a business’s plans on hold and have adverse effects on its objectives.

It is crises like this where the gold loan comes to the rescue. Gold-backed business loans can be an excellent alternative to an unsecured loan with their instant availability and relaxed eligibility criteria. The wide range of interest schemes also makes them affordable to entrepreneurs with varying financial footings.

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Difference between Gold Loan and Business Loan in Faridabad

Point of Dissimilarity

Gold Loan

Business Loan

1.

Nature

Secured

Unsecured

2.

Maximum Loan Amount

Depends on the quantity of pledged gold

Depends on the eligibility of applicants

3.

Eligibility

Applicant must be 18 years of age and possess adequate gold

Fixed criteria, may vary according to lending financial institutions

4.

CIBIL Score

Not required

Must be 750+

5.

Documents Required

Only KYC

KYC, financial statements, business ownership proof, etc.

How is Rupeek Gold Loan a Better Substitute for a Business Loan?

Rupeek is an RBI certified organisation that has made the entire process of borrowing gold loan easier. With partners like ICICI Bank, Federal Bank, and Karur Vysya Bank, Rupeek offers loans up to Rs.1.5 crore that enterprises can utilise to meet a diverse range of financial obligations. Apart from that, there is a hoard of other benefits you can avail from us, including:

  • Doorstep Service

Probably the best reason to opt for Rupeek gold loan is its doorstep loan feature. Once an online application is received, a company representative will reach the applicant at his/her provided address. Get gold appraised and all documents verified from the comfort of your home. Post assessment, our loan officer will ensure prompt loan disbursal within 30 minutes.

  • Lowest Interest Rate

Rupeek helps reduce the burden of overbearing EMIs with low-interest rates in Faridabad, starting from 0.79% per month.

  • Flexible Repayment

Unsteady cash flow can pose a challenge in regular EMI payments. That’s why Rupeek gold loan offers flexible repayment options where business owners have the choice to repay any amount at any point during the tenure. Borrowers can also choose to pay the total loan amount in a single bullet payment at their convenience within the term.

  • High Loan-To-Value Ratio

A gold-backed loan from Rupeek has gained rapid popularity due to the high loan-to-value ratio. Depending on the purity of gold items, the LTV can go up to 90%, which enables small businesses to acquire better funding during emergencies. We maintain 100% transparency by featuring a gold loan calculator which individuals can use to learn the loan amount they can take out.

  • Best Collateral Security

Pledged gold items are stored in highly secured vaults of partner banks within a 5km radius of the borrower’s residence. Additionally, Rupeek insures all collaterals against any unforeseen incident like theft and other forms of damage.

  • Gold Overdraft Loan

Rupeek Quick is a new feature adopted by the company that lets borrowers acquire funds faster with an extended line of credit. This overdraft scheme comes with a simple online application process on the Rupeek app, where applicants can pledge gold once to avail the credit line. Individuals looking for an instant, cost-effective business loan online in Faridabad can highly benefit from this since they only need to pay interest on the withdrawn amount.

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Where Can you Avail Rupeek Gold Loan Services in Faridabad?

Following is a list of the key locations you can avail Rupeek gold loan services at.

  • Ballabgarh
  • Faridabad New Industrial Town
  • Faridabad Sector 16
  • Faridabad Sector 15
  • Faridabad Sector 3
  • Faridabad Sector 29
  • Faridabad Sector 7
  • Faridabad Sector 8
  • Faridabad Sector 9
  • Greater Faridabad
  • Jawahar Colony
  • Faridabad Sector 48

Faridabad has seen rapid economic growth in recent years and continues to be a prosperous city. As new industries and start-ups continue to bloom, an increasing number of individuals find themselves in need of external financial backing.

Rupeek gold loan aims to make business finance more readily available to individuals amidst a highly competitive marketplace. If you are one such budding entrepreneur, contact us or search “business loan near me” today and help us help you flourish.

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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 long does it take to get a gold loan for business in Faridabad?

The entire application process does not require more than 60 minutes in most cases. Our wide coverage allows our loan manager to reach the applicant’s residence within 30 minutes and the entire appraisal, KYC verification, and disbursal process take another 15 – 30 minutes.

  1. Can I pledge gold coins?

No, our lending partners only accept gold ornaments of purity 18 karats and above. We also do not accept gold bars or coins currently.

  1. Can I repay my gold-backed business loan in parts?

Yes, Rupeek provides you with the option to make part payment.

All you have to do is:

- Go to the “Repay your Loan” page.

- Sign in with your registered mobile number.

- Under the payment option, click on “Part Payment”.

You can select any amount greater than your monthly interest and less than the total repayment amount for part payment.

  1. How can I repledge my collateral for an existing business loan in Faridabad?

Kindly contact our customer service desk for assistance with repledging existing gold loan for business.

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