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Business loans in Ludhiana

The largest city of Punjab, Ludhiana is often cited as the Manchester of India. The small-scale industries in the city are highly famous for producing industrial goods, household appliances, hosiery, apparel, garments machines and auto parts. Moreover, the production capacities and business opportunities in Ludhiana have earned it the badge of the best business environment in 2013, according to an International Finance Corporation report.

The constant and rapid growth in its small-scale industries has inspired many business owners as well as entrepreneurs to set up their organisations in the city. And the financial institutions in Ludhiana have aptly supported these aspirations with a variety of business loans in Ludhiana, catering to an organisation’s multifarious needs.

Types of Business Loans

Following are some categories of business loans in Ludhiana one can avail.

  • Working Capital: It is a short-term loan facility that businesses can take out to overcome the short-term shortage of cash and maintain day to day operation. This type of loan ensures a steady cash flow in the business during both on and off-season.
  • Term Loan: These loans come with a tenure of up to 5 years. Enterprises mainly utilise this loan to buy, maintain or upgrade its fixed assets. 
  • Equipment Financing: Financial institutions extend this type of loan solely for buying or upgrading equipment.
  • Invoice Financing: It is a short-term financing optionthat businesses can avail against their account receivables. This eliminates the need for waiting for debtors to pay.

Eligibility Criteria &Documentation of a Business Loan

Applicants must fulfil certain criteria to be eligible for a business loan in Ludhiana. The standard eligibility criteria include:

  • A business vintage of 2 – 3 years.
  • Annual turnover of Rs.25 lakh or higher
  • Businesspersons must have a credit score of 750 or above.

Apart from fulfilling these basic eligibility requirements, applicants need to provide a wide range of documents to get an unsecured business loan in Ludhiana. These are:

  • Address proof
  • Identity proof
  • Proof of ITR filing
  • Audited P/L statement and Balance Sheetas well as the audited report
  • Last 6 months bank statement

A loan for business in Ludhiana offers a host of benefits. However, individuals who lack a robust credit history generally fail to get an unsecured business loan.

Also, businesspersons in need of urgent funds might find it difficult to address their concerns with such a loan facility due to lengthy documentation.

What’s more, the unsecured business loan interest rates make it challenging for small-scale organisations to service them without straining their finances.

In that context, a gold-backed business loan can pose as an ideal substitute owing to several factors.

Gold Loan- An Alternative to Traditional Business Loans

Gold loans are secured, i.e., banks and NBFCs take gold as collateral and provide a certain percentage of its value as per the market rates and its quality. The benefits of gold loans are multitudinous. A few of these are: 

  • Relaxed Eligibility – Unlike traditional business loans, applicants need not have a CIBIL Score of 750+ to get a gold-backed business loan in Ludhiana.
  • Instant Disbursal – This type of business loan involves less paperwork due to its secured nature. Thus, borrowers can secure funds much faster compared to that of an unsecured loan.
  • No End-use Restriction – Gold loan providers do not monitor how borrowers use their funds. Therefore, businesses enjoy the liberty of using the borrowed sumto address an array of expenses. 

Wondering who will provide you with the best business loan in Ludhiana against gold?

With so many banks and NBFCs in the market, it becomes an overwhelming task to select the best and most reliable lender during a cash crunch. In this regard, business owners can turn to Rupeek for their financial requirements. 

Why Consider Rupeek as the go-to Financer?

Rupeek has made the entire process of availing gold-backed business loans easy and hassle-free. Below mentioned are some of the captivating benefits that business owners can enjoy with Rupeek.

  • Low Interest Rate: Individuals can take out a small business loan in Ludhiana at interest rates as low as 0.79% with Rupeek. This eases the burden of interest payment
  • Quick Disbursal: The speedy documentation and appraisal process allows businessowners to secure a gold loan within just 60 minutes.
  • Highest Loan-to-Value Ratio: Rupeek offers the highest LTV in the market. Individuals can take out a loan of up to 90% of their gold’s value with us.
  • Doorstep Service: One can get an instant gold loanwith Rupeek from the comfort of their home or office.
  • Gold Loan for Everyone: To avail a gold-backed business loan from Rupeek, applicants only need to be 18 years old. Even individuals with an unflattering CIBIL score can avail a gold-backed business loan.
  • Flexible Repayment: WithRupeek, repayment becomes easier as borrowers can repay the due amount whenever within the tenure as per their convenience.
  • Gold Line of Credit: Our overdraft facility, Rupeek Quick, provides enormous help during urgent and frequent cash requirements. With this facility, business owners can get an extended line of credit by pledging their gold. What’s more, business owners need not pay interest for the unused money. 

Rupeek Is Now Operational In the Following Areas.

With Rupeek, the search for ‘small business loans near me’ ends as business owners in Ludhiana can avail our services in the following areas and their neighbouring locations:

  • Ferozpur road
  • Brown Road
  • Gill road
  • Model town
  • Sarabha Nagar
  • Basti Jodhewal
  • Focal point
  • Shimlapuri
  • Shivpuri
  • Mundian Kalan
  • Basant avenue
  • Moti Nagar 
  • Dhandari Kalan

Debt financing is an essential strategy, critical in the growth and prosperity of any business. It’s equally important to opt for a loan facility that allows businesses to maximise their potential, reduces hassle, and ensures optimal flexibility. And a gold loan is a perfect example of that.

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Frequently asked questions

  1. What is the application process gold-backed business loan with Rupeek?

First, request for a loan through the official website or app of Rupeek, then complete the document verification process at your home. Finally, get the cash transferred to your account immediately.

  1. Who are Rupeek’s lending partners?

Our lending partners are ICICI Bank, Karur Vysya Bank and Federal Bank.

  1. Can I trust Rupeek with my valuables while taking a gold-backed business loan?

Yes, you can.Our representative will only leave with your valuables after you have received the loan amount in your account. The person carries those items in a GPS-enabled bag so that you can track if the pledged gold articles are reaching the right destination. Moreover, we store your valuables, which are insured for the entire tenure, in a highly secured vault with one of our banking partners.

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