Hyderabad, the capital of Telangana and de jure capital of Andhra Pradesh, is one of the major economic hubs in India. It’s a prime centre for several businesses like handicraft, jewellery, automobile, real estate, clothing, and pharmaceutical &biotechnology.
Moreover, with industrial parks like Software Park and HITECH City, Hyderabad is also emerging as a prime IT hub in India. The “City of Nizams” is also well known for its cuisine and restaurant culture. In fact, it is listed as a UNESCO Creative City of Gastronomy.
What’s more, with a GDP growth of 8.47%, Hyderabad is the second-fastest-growing metropolitan city in India currently. With businesses flourishing at a promising rate, competition has also become ever more pronounced in the region. To tide over that, several individuals turn to a business loan in Hyderabad.
Financial institutions in Hyderabad offer several types of loans, catering to the varying needs of businesses. These are –
Working Capital Loan
In cases where business owners need to manage short-term cash deficit, working capital loans come in handy. Working capital loans are predominantly used to maintain day-to-day operations. Depending on the financial institution, the repayment tenure for a working capital ranges between 6 – 12 months.
Term loans involve tenure of up to 5 years. Individuals can take out a maximum of Rs. 50 lakh as an unsecured term loan in Hyderabad, based on the applicant’s eligibility. Lenders also determine business loan interest rates in regards to an individual’s eligibility, or more specifically, their credit score.
Invoice financing is a short-term borrowing option that allows businesses to leverage their accounts receivables for availing a loan. This type of financing helps businesspersons pay employees and suppliers, supplement working capital, etc., eliminating the need to wait for customers to pay their dues.
Before availing a business loan, one needs to fulfil certain business loan eligibility criteria and provide a list of documents.
The basic criteria for a business loan in Hyderabad are –
Aside from these, businesses that have generated profit in the previous 2 years are more likely to be approved for a loan in Hyderabad.
Individuals who satisfy these criteria can apply for a business loan by approaching any bank or NBFC in Hyderabad, either online or offline. The application process for an online business loan in Hyderabad involves –
This whole procedure might take somewhere around 3 – 7 days, depending on the lending institution. Documentation is a primary reason why disbursal of an unsecured business loan requires such a lengthy period.
Although valuable, gold is an idle asset, which can be used directly by business owners to take out a quick business loan in Hyderabad. And with Rupeek, the borrowing experience becomes even more convenient. A few advantages of a Rupeek gold loan over a conventional business loan are –
Apart from these, businesses can also leverage an overdraft facility from Rupeek to meet their instant funding requirements.
With Rupeek Quick, customers can get an extended line of credit by pledging gold once, and withdrawing from that whenever the need arises. This facility is not only excellent in maintaining a steady cash flow but also allows businesses to minimise cost since they only need to pay interest on the utilised amount.
A few of the top localities where we offer our services are –
While the city of Hyderabad is over-beaming with business opportunities and holds a promising future for businesses, overlooking the advantages of its high-end sources would be a great mistake when searching for a business loan near me. That is why people who already run an established business and are willing to expand it or want to start a new one can undoubtedly opt for a gold-backed business loan to further their aspirations.
You’d need to present OVDs for KYC, which include Voter ID card, Aadhaar card, PAN card, or driving license, and a utility bill or lease agreement.
The pledged gold items are stored in a secured vault at any of our partner bank branches within 5km of your residence. We also provide insurance of all the gold articles for the period it’s collateralised.
No, we do not offer loan against gold coins or bar as collateral. Our lending partners only accept gold jewelleries of 18 carats or above.
A gold loan comes with a repayment tenure of 6 months. However, you can extend that period by repledging your gold jewellery with us.
No, we do not require CIBIL score to sanction a gold-backed commercial loan in Hyderabad.
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