Business Loan in Lucknow

The city of Nawabs, Lucknow, is one of the most culturally important cities of India with prominent landmarks like Bada Imambara, Rumi Darwaza, and Ambedkar Memorial Park. Over the years, the city has emerged as a significant financial centre as well alongside being a major tourist destination.

In fact, the city ranked second in terms of contribution to Uttar Pradesh’s GDP in 2018 – 19. The state capital accounted for 3.85% of its GDP in that fiscal year, according to a report published in Times of India.

Locations like Hazratganj have been instrumental in Lucknow’s economic prosperity, hosting a diverse range of businesses, both small and large. What’s more, the city’s financial sector has provided relentless support to these enterprises with a range of business loans.

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Who can avail a Business Loan in Lucknow?

Individuals who meet the following eligibility criteria can take out a traditional business loan in Uttar Pradesh.

  • A business vintage of a minimum of 2 years
  • A yearly turnover of Rs.25 lakh or higher
  • High CIBIL score preferably 750 and above
  • A robust credit history
  • The applicant must be aged between 23 – 65 years

Note that these are the standard criteria for a business loan in Lucknow. The specific criteria may vary across lenders. Financial institutions determine the applicable interest rate based on the applicant’s eligibility. Highly eligible applicants, like large-scale businesses, can take out a loan at low-interest rates. However, micro and small businesses may need to service an unsecured loan at high rates of interest that can range up to 24% p.a.

Nevertheless, apart from clearing the eligibility parameter, a borrower has to submit certain documents like –

  • The bank statements of the company (last six months)
  • Balance sheet and Profit & Loss account for the previous two years audited by a registered CA
  • Registration of the corporation, Memorandum & Articles of Association, partnership deed (if any), PAN card and other KYC documents
  • Last two years’ ITR

Along with these, business loan providers in Lucknow may also ask for additional documents that can further lengthen the loan disbursal process.

In this regard, a gold loan is an excellent alternative for prospective borrowers looking for quick, low-cost financing for their business.

Why Gold Loan is a Good Substitute?

The gold loan segment in India has witnessed a massive boom in recent years. According to a report by KPMG, the gold loan market in India is likely to reach Rs.4617 billion by 2022.

There are several reasons why gold loans have gained this much prominence in India. A few of these are –

  • Simple Eligibility Criteria

Small-scale businesses may find it difficult to avail a traditional business loan owing to the rigid eligibility criteria put forth by lenders. However, a gold loan does not involve such stringent requirements, allowing even startups to take out funds easily.

  • Minimal Documentation

 Individuals don’t need to submit elaborate paperwork, or documents to avail this loan. In comparison to government small business loans or business loans, only a handful of documents are required for a gold loan.

  • Low Borrowing Cost

Since it is secured, the cost of borrowing is considerably less than that of a traditional business loan. Lenders have to assume less risk in this regard, and thus, levy lower charges.

One can borrow a gold loan from several lenders in Lucknow. However, to ensure maximum convenience, one must consider turning to a lender that stands out from the rest in terms of borrower-friendly features. In that regard, Rupeek is the ideal option.

Why Should You Apply for a Business Loan Against Gold from Rupeek?

Following are some distinctive characteristics of Rupeek’s business loan against gold –

  • Lowest Interest Rate

Enterprises can take out a business loan in UP against gold at the lowest interest rates with Rupeek. The monthly interest rates on gold loans start at only 0.49%.

  • Doorstep Service

Individuals can avail an instant online gold loan at their doorstep from us. A loan manager is sent to the applicant’s residence or office for KYC verification and gold appraisal after one applies for it via our portal. After the completion of these formalities, the loan is sanctioned to the borrower’s account within 30 minutes. This removes the hassle of visiting a branch and the risk of carrying gold items.

  • Highest LTV Ratio

The loan-to-value ratio offered by Rupeek is the highest in the industry. It can be up to 90%, based on the purity of the gold. This way, even small-scale business owners can take out substantial funds, which would have been unfeasible otherwise.

Borrowers can use our gold loan calculator to figure out how much loan amount one would get against their gold items.

  • Maximum Security

A loan manager only leaves the borrower’s residence or office after they have received the loan amount in their account. The gold is transported in a GPS-traceable bag and deposited at the nearest partner bank’s vault. Moreover, the gold articles are insured against any unforeseen incident to alleviate financial losses, thus, guaranteeing optimal safety.

  • Easy Gold Loan Overdraft

We also offer a line of credit option called Rupeek Quick. Individuals can secure this credit line by pledging their gold once. Once credited, borrowers can take out any amount from the sanctioned limit as per their requirements whenever. Plus, interest is solely calculated on the withdrawn amount, ensuring further savings on interest.

  • Various Schemes

We have come up with several different gold loans schemes to support entrepreneurs. Individuals can choose any scheme as per their financial convenience.

  • Flexible Repayment Options

Individuals can choose to repay their debt in one single bullet payment after the tenure or follow the regular EMI system with Rupeek. They can also make a periodic interest payment and pay the principal afterwards. Rupeek offers its customer the flexibility to plan and repay the outstanding balance as per their capacity.

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Top Localities of Lucknow Where Rupeek Operates

Here are some top localities of the city where prospective borrowers can avail a gold-backed business loan in Lucknow from Rupeek –

  • Raibareli Rd
  • Mubarakpur
  • Lucknow chowk
  • Gomti Nagar
  • Alambagh
  • Charbagh
  • Cimap
  • Qaisar Bagh
  • Indira Nagar
  • Mohanlalganj
  • Jankipuram

With our strong presence across all major localities in Lucknow, one can easily conclude their search for “business loan near me”. Moreover, the easy repayment terms, low rates, simple eligibility criteria, and minimal documentation make a gold loan from Rupeek the ideal financing option for businesses in Lucknow.

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Frequently asked questions

  1. How long does an applicant have to wait for the disbursal of business loan against gold from Rupeek?

Usually, an applicant receives the loan amount in their account within 45 – 60 minutes. The amount is sanctioned after checking the weight & value of submitted gold and KYC verification.

  1. What gold items can I pledge to avail a loan from Rupeek?

You can pledge gold jewellery to take out a loan for business from Rupeek. Currently, we do not accept gold bars or coins as collateral.

  1. What is the limit set by Rupeek to use a gold-backed business loan?

It has no end-use restriction. Borrowers can utilise the amount to address a range of financial obligations, like maintaining adequate cash flow, buying new equipment, expanding operations, etc.

  1. What is the maximum CIBIL score I need to apply for a gold loan from Rupeek?

The best feature about a gold-backed business loan is that one needn’t maintain a CIBIL score or credit history to avail it.

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