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Business loans in Jaipur

The pink city of Jaipur is known for its rich culture and tales of history. Many tourists visit the city every year, making tourism a prime industry in Jaipur. Apart from tourism, gemstone cutting, jewellery manufacturing and IT also constitute a significant portion of the city’s economy. In 2008, Jaipur ranked 31st in the 'Top 50 Emerging Global Outsourcing cities' by boosting India's representation to the fourth position, as stated in the reports.

The increasing opportunities and ease of doing business in Jaipur have become more pronounced over the past few years. This has also witnessed a growing demand for business loans in Jaipur, as more and more enterprises resort to external funding to gain an edge over the competition.

Why Choose a Business Loan in Jaipur?

Every business owner needs funds to purchase the required machinery, pay suppliers, or invest in growth and expansion projects. A business loan provides enterprises with the financial assistance needed to realise those objectives effectively.

Several financial institutions in Jaipur offer a business loan, which is predominantly not backed by any collateral. Their features often differ from one lending institution to another. However, some of the standard features of unsecured business loans in Jaipur are – 

  1. No usage restraints
  2. Loan up to Rs.50 lakh
  3. Interest rates starting at 13.5% p.a.
  4. Repayment tenure of up to 5 years

Eligibility to Apply for a Business Loan in Jaipur

Before looking for a financial institution to apply for a loan, one must gather information on different business loan types available in India. Moreover, researching the terms and eligibility criteria when looking for a business loan will allow individuals to take a more informed decision.

Here is a list of criteria laid down by banks and NBFCs that one has to satisfy to apply for a business loan in Jaipur -

  • An applicant needs to show the vintage of his business of the previous 2 – 3 years to prove creditworthiness.
  • The applicant must maintain a CIBIL score of 750+ and a remarkable credit history.
  • A minimum yearly turnover of Rs.25 lakh

Apart from satisfying the eligibility for loan for business in Jaipur, one needs to submit official documents mentioned by the financial institution. Some of the necessary documents to submit while getting a business loan without collateral in Jaipur are –

  • Identity proof – KYC documents like Voter ID card, PAN card, Aadhaar card, driving license, etc
  • Address proof – Passport, trade license, ration card, electricity bill, or lease agreement
  • Financial documents – Audited P/L statement and Balance Sheet, bank account statement for the last 6 month and a copy of Income Tax Return filed for at least one year
  • Proof of business ownership – Documents like registration document, Certificate of Incorporation along with owner’s identity proof, the receipt for municipal tax, etc.

One may also need to submit documents like book debt, creditor’s statement, IT Returns, GST proof, electricity bill, etc.

Traditionally, businesspersons have turned to unsecured business loans in Jaipur to address their financial concerns. However, increasing stringency in their availability is making it difficult for new and small-scale enterprises to secure funding from banks and lenders. That’s why people are looking at simpler and more accessible alternatives for their financing requirements.

What is the Best Substitute for a Business Loan?

The gold loan has gained considerable currency among Indians over the years for meeting a variety of expenses, including business expenditures. A primary reason that has driven its growth is easier access to funding as banks and NBFCs continue to tighten their sanctioning norms for conventional business loans. 

According to a CRISIL report, gold loans from NBFCs are likely to see a 15-18% growth in their asset under management in 2021. One can avail a gold-backed business loan, which is easy to access and require limited documents.

Here is how a gold loan is the best substitute –

  • Minimum Eligibility Criteria

Individuals merely need to fulfil the age limit and provide income proof and KYC documents to avail a business gold loan. Individuals with a poor CIBIL score can also apply for a gold loan.

  • Quick Application and Disbursal Process

Approval of the loan and disbursal of the sanctioned amount is considerably quicker than that of an unsecured financing facility. That’s because the documentation, in this case, is minimal.

  • Affordable EMIs

Because its secured, lenders levy lower interest rates compared to traditional business loans, which makes EMIs more affordable. Applicants can use a gold loan calculator before applying for this financing facility.

However, it’s crucial to turn to a trustworthy lender to ensure a hassle-free borrowing experience when individuals apply for a business loan against gold. In this regard, borrowers can consider Rupeek, which is approved by RBI and offers transparent business financing procedures.

Get an Quick Business Loan in Jaipur with Rupeek

Listed below are the reason why Rupeek is the best place to get a gold loan.

  • Doorstep Service

Rupeek offers applicants doorstep loan in Jaipur. Upon receiving an application, we send a company representative to the applicant’s address to check the gold quantity and quality with an ISI-certified appraisal kit. Once they are satisfied, and KYC verification is complete, the loan amount is disbursed immediately.

  • Low-interest Rate

Unlike the usual startup business loans available in the market, Rupeek gold loans offer a lower interest rate starting from 0.79%. Moreover, one can proceed with the interest payment online from the comfort of their home.

  • High LTV Ratio

Borrowers can avail up to 75%-80% of the loan value based on the purity of the gold they pledge with Rupeek.

  • Online Loan

Rupeek allows borrowers to avail a loan online and check the eligibility and loan-related details to make an informed decision. Additionally, one can utilise a business loan calculator to determine their suitable loan amount.

  • Flexible Repayment

Usually, borrowers need to repay their loans via regular EMIs. However, this might not be conducive to a business with irregular cash inflow. To avoid such inconvenience, Rupeek allows businesses to repay flexibly as per their convenience anytime within the tenure.

  • Rupeek Quick

With Rupeek Quick, borrowers can avail of a credit line against the value of their pledged gold items. It allows individuals to bolster their business’s liquidity with access to funds at any time.

  • Top-notch Security

The representative stores the gold jewellery provided by customers in bank vaults with best-in-class security. Also, the ornaments are insured from any damages.

Locations Where Rupeek Operates

Our services are available in all the crucial localities in Jaipur, including –

  • Talvandi
  • Ashok Nagar
  • Talvandi Malviya Nagar
  • Shastri Nagar
  • Bhankrota
  • Vidhyadhar Nagar
  • Mansarovar
  • Durgapura
  • Gandhi Nagar
  • Jhotwara
  • Bani park
  • Amer
  • Shobha Nagar
  • Vaishali Nagar
  • Jagatpura

Thus, individuals can finally put an end to their business loan near me searches with Rupeek’s doorstep loan services. Businesses in Jaipur can utilise this financing facility to easily address their financial emergencies timely and ensure proper utilisation of opportunities abounding in the city

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Frequently asked questions

  1. What is a gold-backed business loan in Jaipur?

Gold loan is a form of secured financing facility that a borrower can avail by pledging their gold jewellery. Lenders offer a certain percentage of the pledged items’ value as loan.

  1. What are the documents required to apply for a gold loan for my business?

The gold loan requires minimum documents, namely KYC documents like Aadhaar card, voter id card, pan card, driving license, or any other valid proof.

  1. How does Rupeek ensure the safety of the gold pledged for a business loan?

Rupeek follows ISO 9011:2015 certified processes to deliver top-notch service within 30 minutes. An individual can rest assured as the gold remains fully insured against any theft or accident in the entire process from and to the borrower’s doorstep. Moreover, valuables are stored under superior surveillance and bank-grade security to offer preeminent protection.

  1. What is the process of gold loan disbursal for business in Rupeek?

Rupeek follows a four-step loan disbursal process that is-

  • An applicant needs to request a loan by clicking on apply now option at the official site and enter a contact number.
  • Rupeek will give a call and complete the KYC process at the borrower’s convenience by visiting their residence
  • After weighing and calculating the gold value, the loan amount directly gets transferred to the borrower’s account before the loan manager leaves.
  • A creditor will receive notification after the gold reaches the vault.

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