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Madurai

Business loans in Madurai

Madurai, situated on the banks of River Vaigai, is a major city in Tamil Nadu. Often considered as the state’s cultural capital, Madurai is particularly famous for housing the sacred Meenakshi Temple. This ancient city also constitutes one of the major economic bases for the state of Tamil Nadu.

As mentioned in the Madurai Corporation official website, this city contributes to 3.67% of the State’s GDP owing to industries like tourism, trade and commerce, among others. It’s also one of the few cities where rubber is produced.

Additionally, Madurai is home to more than 1734000 individuals, making for an excellent consumer base for a variety of businesses. Consequently, enterprises large and small frequently look for a business loan in Madurai to efficiently finance their business operations.

However, before opting for a business loan, it’s prudent to learn about this loan’s nitty-gritty in detail.

Features of a Business Loan in Madurai

The following table elucidates the key specifications of a collateral-free loan meant for business.

SL. NO.

Business Loan in Madurai

Details

Loan Value

Up to Rs. 50 lakh

Interest Rates

Ranges between 12% and 24%

Repayment

Regular EMI payments.

Eligibility

Rigid due to lack of collateral.

Documentation

KYC, Address proof, proof of business ownership, audited financial documents, etc.

Business Vintage

More than 2 years

CIBIL Score

750 and above.

Because of a higher number of payment defaults witnessed over the past few years, unsecured business loan providers follow stringent eligibility criteria to minimise the count of NPAs.

Moreover, the affordability of a new business loan in Madurai is still limited to a small section of people due to its high interest rates and higher EMIs. 

In such a scenario, they can easily opt for a Rupeek gold loan by pledging the gold in their possession. Besides instant approvals, several other features are there that business loan seekers can enjoy with this financing solution.

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How is a Rupeek Gold Loan Ideal for Business?

Rupeek brings one of the sought-after gold loans that accompany the following benefits.

  • Highest per gram rate
  • Loan amount of up to Rs.1.5 crore with flexible repayment schemes.
  • The interest rates start at 0.79% per month.
  • Only KYC verification required
  • The scope to save Rs.12,377 on interest payment by opting for a gold loan balance transfer with Rupeek.
  • Instant approval and loan disbursal within 45 – 60 minutes.

These are some of the fronts where Rupeek gold loan not only proves to be an excellent choice for a gold loan but also makes for a head-on alternative for a business loan in Madurai

Rupeek also offers a virtual gold loan calculator that borrowers can use to check the quantity of gold they need to provide in order to get their desired loan amount.

Additionally, businesspersons can utilise our overdraft facility against gold to secure a source of instant funds.

What is the Rupeek Gold Loan Overdraft Facility?

Also known as Rupeek Quick, it is a credit line that existing Rupeek customers can avail by pledging additional gold. They can then utilise the amount to mitigate any emergency short-term financial requirement instantly by withdrawing funds from the sanctioned limit. What’s more, they only need to pay interest on the amount withdrawn or utilised from the fund.

What makes our service even more convenient for businesspersons is our strong presence in all the major localities in Madurai, ensuring an end to all your “business loan providers near me searches.

Places Rupeek Operates in Madurai

The following is the list of places where individuals can avail our services in Madurai:

  1. Kamarajar Salai
  2. Thiruparankundram
  3. Palanganatham
  4. Vadipatti
  5. Vilakkuthoon
  6. Alanganallur
  7. Anna Nagar
  8. Sholavandan
  9. Tirumangalam
  10. Madurai Main
  11. Othakadai
  12. Tirunagar

With access to Rupeek instant online gold loan at your doorstep, you can effectively reduce the hassles of a lengthy application process for large and small business loans in Madurai.

So, what are you waiting for? Apply for a Rupeek gold loan today and get required working capital for your business instantly!

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Business Gold Loan Calculator

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We offer the highest per gram rate on our gold loans.

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Frequently asked questions

  1. How safe is Rupeek gold-backed business loan?

Our representative leaves with the pledged gold items only after the applicant receives the loan amount. The ornaments are carried in a GPS-traceable bag and stored in a military-grade bank vault within 5 km of the borrower’s residence. Borrowers also enjoy end-to-end insurance coverage on the pledged gold items throughout the loan tenure.

  1. Can I use a Rupeek gold loan to open a tailoring business?

Yes, you can start your tailoring business with a Rupeek gold loan.

  1. How to get rebates on Rupeek gold loan for business?

We offer specific rebates on the regular repayment of Rupeek gold loan. The higher the payment frequency more will be the rebate.

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