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Business loans in Hyderabad

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.

Types of Business Loans 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 loan

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

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.

How to Get a Business Loans in Hyderabad?

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 –

  • Applicants must be in the existing business for at least 3 years, with a total of 5 years of experience.
  • Applicant should possess a credit score if 750 or above.

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 –

  • Visiting the lender’s website and filling out the application form for a business loan
  • A representative will get in touch with the applicant, and direct him/her through the further process
  • Such an individual will need to submit the essential documents and wait for KYC verification.
  • The loan will only be approved after due verification of documents.
  • Following that, the borrower receives the sanctioned amount in his/her bank account.

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.

Gold-backed Loan as an Alternative to Business loan

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 –

  • Minimal documentation is required, and money reaches instantly to borrowers, which makes it ideal for mitigating emergency business expenses.
  • With Rupeek, businesspersons can take out a gold loan at interest rates starting from 0.79% per month, ensuring minimal interest payment Unsecured business loan interest rates, on the other hand, start from 13.5% p.a.
  • Borrowers can repay flexibly at their convenience any time within the tenure or even with a single bullet payment at the end.
  • Rupeek offers easy to avail gold loans through their lending partners, which include top Indians banks like ICICI Bank, Federal Bank, Karur Vysya Bank.
  • A representative from Rupeek reaches the applicant’s residence within 30 minutes of application, wherein they carry out the KYC verification and gold evaluation process.

Apart from these, businesses can also leverage an overdraft facility from Rupeek to meet their instant funding requirements.

Rupeek Quick

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.

Localities Where We Operate in Hyderabad

A few of the top localities where we offer our services are –

  • Secunderabad
  • Banjara Hills
  • Jubilee Hills
  • Begum Bazaar
  • Golconda
  • Kukatpally
  • Vikarabad
  • Begumpet
  • Falaknuma
  • Himayathnagar
  • Khairatabad
  • Miyapur
  • Bowenpally
  • Chanda Nagar
  • Ghatkesar
  • Film Nagar
  • Gandhinagar
  • Yousufguda
  • Musheerabad
  • Sanjeev Reddy Nagar
  • Erragadda
  • HimayatSagar
  • Balnagar
  • Amberpet
  • Shamirpet
  • Somajiguda
  • Sainikpuri
  • Tarnaka
  • Alwal
  • Bahadurpura

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.

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Frequently asked questions

  1. What are the documents needed for a gold loan for business in Hyderabad?

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.

  1. How safe are my gold jewellery with Rupeek?

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.

  1. Can I get a business loan against gold coins with Rupeek?

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.

  1. What is the repayment tenure for a gold-backed business loan in Hyderabad?

A gold loan comes with a repayment tenure of 6 months. However, you can extend that period by repledging your gold jewellery with us.

  1. Is CIBIL score important for a gold loan for business in Hyderabad?

No, we do not require CIBIL score to sanction a gold-backed commercial loan in Hyderabad.

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