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Business loans in Mysore

The third-largest city in Karnataka is famous for its rich cultural heritage and Mysore silk. With more than 3 million tourists visiting the city every year, tourism is one of Mysore’s most prominent and flourishing industries.

Additionally, Karnataka’s cultural capital is also home to traditional industries of sandalwood, ink, and soap. With an ever-expanding and competitive marketplace, more individuals are inclining towards business loans in Mysore.

Features of a Business Loan in Mysore

There can be a varying range of necessities that business loans cater to. Resultantly, the features also differ across various lending institutions.

Here are a few of the key characteristics that remain constant irrespective of the type of business loan.

  • Collateral-free

Typically, borrowers do not have to pledge any collateral with the lender to avail of a business loan. Due to a lack of security, financial institutions are more stringent with the eligibility criteria for such funds.

  • Interest Rates

The unsecured nature of business loans poses a higher risk for lenders. Therefore, the interest rates for commercial loans are often high – they range from 11% to 24% on average.

  • Repayment Tenure

Most traditional business loans come with repayment tenures of up to 30 months or 5 years. Although this is one of the critical benefits of unsecured business loans, small businesses with fluctuating cash flow might find it difficult to keep up with regular EMIs throughout the tenure.

  • Time-consuming Paperwork

Banks and NBFCs set the bar high on the qualification process in the absence of collateral. They proceed much more cautiously, focusing on other aspects of individual applications like CIBIL score, type of business, cash flow, and credit history, among others. Most lenders will examine the following aspects to assess an individual’s ability to repay the loan timely.

  • The CIBIL score, which shall be equal to or higher than 750
  • A business vintage of 2 – 3 years in profit
  • Annual revenue of minimum Rs.25 lakh

Due to an elaborate verification process, loan disbursals can take up significant time. In case of poor credit score or start-ups, it might be even unlikely to qualify for a loan. Alternatives like a gold-backed business loan in Mysuru may be more suitable to businesses in such cases.

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Benefits of a Gold Loan

While gold is a valuable asset, its practical usage is negligible. This feature makes it ideal as collateral against which individuals can acquire considerable funds. 

This loan type is more popular among businesspersons in Mysore due to its primary features of instant disbursal and relaxed eligibility criteria.

Some of the significant advantages of this financing option over traditional business loans are given below.

1.

No Credit History Required

Even individuals with low credit scores can avail of this type of fund. Since gold-backed business loans are secured, financial institutions do not probe further into an applicant’s credit score and repayment history.

2.

Minimal Eligibility

The eligibility criteria for this type of loan are relaxed. You only need to produce KYC documents, utility bills, or rent agreement as an address proof and be over 18 years of age to avail of a gold loan for business.

3.

Speedy Loan Transfer

The extensive verification process of business loan in Mysore results in banks taking around 3 to 7 days to sanction the amount. With gold loans, the documentation process is brief and, hence, individuals can avail of funds within less than a day and immediately address their financial needs.

Why Choose Rupeek?

  • Doorstep Loan

Individuals can avail of an instant gold loan at their doorstep with Rupeek. Once an application is confirmed, a Rupeek representative will visit the individual at his/her residence for gold appraisal and document verification.

  • Prompt Disbursal

After the verification process is complete, our loan representative will see to the immediate transfer of the urgent business loan in Mysore to your account before leaving with the pledged gold.

  • Low Interest rate

Gold-backed business loans from Rupeek come with monthly rates of interest starting from 0.79%, making it feasible for all enterprises in Mysore. Individuals can also choose from a variety of interest schemes suiting their business needs.

  • Flexible Repayment

Contrary to traditional business loans, it is not mandatory to repay a gold loan with EMIs as the sole option. Rupeek’s easy business loan in Mysore is flexible on this front, allowing borrowers to repay at their convenience any time during the tenure. Borrowers can also repay the total amount in a single bullet payment. Provided the frequency of payment, they can also earn rebates.

  • Security of Collateral

Rupeek makes sure the pledged gold ornaments are stored in a secure vault in any partner banks within a 5km radius of the borrower’s residence. The gold items are also insured against any damage during the tenure.

Major Localities We Operate in Mysore

Some of the key localities in Mysore where you can avail of our services are listed below.

  • Kuvempunagar
  • G Koppal
  • Hunsur
  • Udayagiri
  • Bettadapura
  • Periyapatna
  • Bylakuppe
  • Bannimantap
  • Saligrama
  • Saraswathipuram
  • Vijayanagar
  • Gokulam
  • Jayalakshmipuram

Our extensive coverage of all major localities in Mysuru coupled with doorstep loan services ensures businesspersons looking for business loan near me can meet their financial requirements timely and efficiently.

To estimate the amount one can avail, individuals can utilise our loan calculator and avail the same within 30 minutes of application!

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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 it to secure business loans against gold with Rupeek?

Rupeek makes sure that the pledged jewellery is secured in bank vaults within a 5km radius of your residence. We also provide full insurance of your gold items against any damage throughout the collateral period.

  1. Is there any limit on the loan amount for businesses in Mysore?

Yes, the minimum and maximum amounts that can Rupeek sanctions for customers looking to avail a gold loan are Rs. 15,000, and Rs. 1.5 crores, respectively.

  1. Can I pledge gold bars to avail funds for my business?

No, our lending partners do not accept gold as collateral at the moment. You can only pledge 18 karats or above gold ornaments to acquire funds for your business.

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