Business Loan in Patiala

Established in 1763, Patiala is the fourth largest city of Punjab. The city holds a considerable authority as it is the administrative capital of the Patiala district. Enriched by its rich history and popular culture, Patiala is famous for its traditional Patiala shahi turban, Paranda (women hair accessory), Patiala salwar, jutti (women footwear) and the famous Patiala peg.

Furthermore, the development in real estate, industrial sector, auto parts exporting, textiles, and dairy & food products supply has strengthened the economy of this region considerably.

Naturally, the numbers of prospective borrowers of business loan in Patiala have grown by leaps and bounds over the years. 

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Availing a Business Loan in Patiala

Business loans help individuals to expand their business, maintain expenses, pay salaries to employers, purchase equipment etc. Individuals can apply for an unsecured business loan with a bank or NBFC by meeting their eligibility requirements. 

Below is a list of different types of business loans available in the market. 

  • Working Capital loans
  • Term loans
  • Equipment Financing
  • Business loan for Women etc.

Eligibility Criteria and Documentation Process of Availing a Business Loan

Lenders check several parameters before sanctioning an unsecured business loan. They also determine the loan amount, rate of interest, and tenure based on these eligibility-checks.

Here are the standard criteria that one may need to satisfy to apply for a business loan in Punjab –

  • Turnover of the business – Min. Rs.25 lakh
  • Business vintage – Min. 2 years
  • Applicant’s CIBIL Score – 750 or above

It shall be noted that these criteria can differ between financiers. However, usually, most reputed lenders prefer applicants that meet these requirements since they imply low risk. Even if one can apply for an unsecured business loan with a bank at less stringent criteria, the applicable rates of interest can be enormous.

Nevertheless, during the application procedure, business owners must provide a bunch of documents. This includes:

  • KYC documents
  • ITR proof
  • Company registration documents
  • Audited Income statement and Balance Sheet
  • Bank statements of the past months
  • MoA, AoA, Partnership deed, board resolution, Company Terms & Policies
  • Certificate of Continuity

An extensive documentation process like this can limit one’s capacity to address emergency expenses efficiently since the entire procedure generally takes 3-7 days, depending on the financier. Therefore, as an alternative, gold-backed business loans are becoming extremely popular due to their hassle-free process.

Gold Loan vs Business Loan

Unlike business loans, gold loans are secured. Bank or NBFCs accept gold as collateral and provide a certain percentage of the pledged item/s as the loan amount. During cash shortfalls, this idle asset can help business owners to secure the necessary funds. Here are a few advantages of a quick business loan in Patiala against gold –

  • Quick Disbursal: One can secure funds much faster with a gold loan owing to a simple eligibility check and documentation process.
  • Flexibility of Usage: Individuals can take out a sizeable amount as a gold loan. Moreover, there’s no usage constraint, meaning borrowers can utilise the funds to address a myriad of expenses.
  • Secured Loan Type: The risk lenders associate with a gold loan is considerably lower compared to an unsecured business financing option. Consequently, it brings down the cost of borrowing.
  • Variety of Lenders: Several financiers offer a gold loan in Patiala. However, the terms of usage and repayment, the process of application and disbursal can vary. In this regard, Rupeek stands out, courtesy to our industry-first benefits.

Benefits of a Rupeek Gold Loan for Business

With Rupeek, one can expect the following benefits of availing a large or small business loan in Patiala.

  • Doorstep Service

Borrowers can enjoy instant loan at their doorstep with Rupeek. Thus, any emergency expense can be addressed promptly from the comfort of one’s home with a gold loan from Rupeek.

  • Least documentation

We only require KYC documents and address proof of the prospective borrower. With a Patiala business loan with easy documentation, the process of availing funds becomes much more streamlined.

  • Lowest interest rate

One of the lucrative features of availing a gold-backed business loan from Rupeek is its rate of interest. Rupeek offers a quick business loan in Patiala at monthly interest rates starting from 0.49%.

  • High LTV

LTV or loan to value ratio refers to the amount borrowers can get against the pledged gold. Rupeek offers the highest loan to value ratio, ranging upto 90%. Businesspersons can use the gold loan calculator to learn the sum they can take out for their business.

  • Flexible repayment

With Rupeek, repayment becomes simpler. Borrowers can repay the entire amount via monthly payments or any time within 6 months, as per their convenience.

  • Rupeek Quick

Rupeek Quick is an overdraft facility, which enables business owners to get an extended credit line by pledging their valuables. Also, borrowers enjoy the advantage of interest payment only on the utilised amount to further enhance their savings.

Accessibility from anywhere in Patiala is another crucial benefit of Rupeek since our services are available across all major locations in the city.

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Rupeek Gold-Backed Business Loan Service Locations

Prospective borrowers can avail our services in –

  • Rajpura
  • Nabha
  • BhadsonRoad
  • Samana
  • Patran
  • Devigarh
  • Bhadson
  • Ghanaur
  • Amloh
  • Banurghagga

The rapid growth in small and medium scale enterprises has often created the need for easy and instant financial backup among business owners in Patiala. To that end, aspiring business owners who are looking for the ‘best business loan providers near me’ can opt for Rupeek as their online financial partner.

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Frequently asked questions

  1. What documents do I need to submit while applying for a gold-backed business loan from Rupeek?

While applying for a gold-backed business loan, you need to submit KYC documents, like Aadhaar card, Voter ID, PAN card, etc. You may also need to share utility bills or a rent agreement with us as an address proof.

  1. How fast can I get a gold-backed business loan in Amritsar with Rupeek?

With Rupeek, you can get a gold-backed business loan in just 45 - 60 minutes.

  1. What safety measure does Rupeek take while providing gold-backed business loans in Amritsar?

Our representative puts the gold ornaments in a GPS-traceable bag to deliver those to an industry-grade bank vault. The bank shall be within 5 km of the borrower’s residence. Moreover, the pledged gold items enjoy end-to-end insurance for the entire maturity period.

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