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Business loans in Pune

Pune, the 2nd largest city of Maharashtra, houses some of the leading domestic and international companies. Education, IT, and manufacturing are the three major sectors contributing to its economy. The growth of these sectors has made Pune’s per-capita the 6th highest among other metropolitan cities of India.

Along with the large players, small and medium-scale companies have also contributed to this growth significantly. Increased availability of business loans in Pune has been a critical driver of the city’s economic growth over the years, affording individuals the much-needed monetary agency to tap into the mushrooming opportunities.

Business Loan – Features

Here a few homogeneous features of business loans in Pune offered by banks and NBFCs–

  • No-end use restrictions
  • Competitive interest rates
  • No collateral (only for unsecured loans)
  • Flexible repayment tenure

These features, along with their availability via various NBFCs, banks, and government schemes at favourable terms, have provided companies with easy access to funding.

Purpose of Availing a Business Loan

As mentioned above, new business loan in Pune comes with no end-use restriction. This feature allows entrepreneurs to use this credit for multiple purposes. Some of the prominent ones are –

  1. Expanding Business

Business loans are a great financing option for upscaling a business. Borrowers can use this funding to rent or purchase offices, invest in a new line of business, or turn into a franchise.

  1. Funding Equipment Purchase

With the help of business loans without collateral in Pune, owners can easily purchase new equipment or upgrade the existing one.

  1. Inventory Purchase

Proper inventory management is a highly crucial determinant of an enterprise’s survival and growth. Business loans can offer the necessary financial assistance in this regard. Entrepreneurs in Pune can purchase raw material or stock to meet any sudden demand conveniently using a business loan.

  1. Support Working Capital

Businesses often struggle to meet their day-to-day expenses owing to low working capital. They can remedy this situation with the help of business loans in Pune. 

Business loans, provided by banks and NBFCs, are primarily unsecured. They do not require any collateral to avail this credit. As a result, the eligibility criteria set by these financial institutions are comparatively stringent. Additionally, the documentation for an unsecured business loan in Pune is lengthy, and the verification process requires a long time to complete.

Secured loans, sitting on the other end of the spectrum, are a great alternative, especially the ones backed with gold. Commercial loans offered against gold have easy eligibility requirements and shorter documentation process, which help entrepreneurs to avail a loan quickly for all their urgent business needs.

Gold Loans – An Alternative

Gold loan is a financial product where individuals pledge gold items as collateral to avail credit against it. In recent years, the popularity of gold loan has increased exponentially. According to a report published by KPMG, the gold loan market of India is likely to reach Rs.4.62 lakh crore by FY 2021-22.

Gold-backed business loan for entrepreneurs offers a secured credit option to help businesses meet their financial requirements. The popularity of this credit option has increased considerably, showing a steady growth rate owing to its customer-friendly benefits.

Benefits of Gold Loan

Here are the advantages of a business loan online against gold over its unsecured counterpart –

  1. Minimal Cost of Borrowing

Business loans backed by gold articles have a comparatively low cost of borrowing. The reason being, it has minimal foreclosure and processing charges, but this may vary across lenders.

Low business loan rates in Pune aid prospective borrowers to avail credit for funding their requirements adequately while keeping the overall cost at a minimum.

  1. Affordable Repayment

Since the rate of interest in gold-backed business loans is comparatively lower than its unsecured counterpart, it makes the repayment more affordable. Entrepreneurs can use a gold loan calculator to compare different business loan interest rates in Pune.

  1. Simple Eligibility Requirements

The eligibility requirements of gold loans are more straightforward, primarily because it is a secured loan. Individuals only need to satisfy the age limit and necessary KYC formalities to avail of this credit. Hence, a business owner with an unimpressive credit score can also apply for this loan.

  1. Swift Loan Disbursal

Borrowers can avail a gold loan in Pune much faster than a conventional business loan, owing to minimal eligibility criteria and documentation.

However, before individuals apply for Pune business loans against gold, it is essential to select a reliable financial institution to have a favourable borrowing experience. In this regard, Rupeek is a name to look out for.

Rupeek – Your Ideal Partner

As a new-age fintech company, Rupeek is changing the gold loan segment with its wide range of schemes and innovative approach. The company has become a top gold-backed business loan provider in Pune, within a short span. Here are some prominent features of Rupeek –

  1. Entirely Online

Rupeek has introduced a completely online process to avail a gold-backed business loan. Here, applicants are not required to visit any branches. They can go online to check the eligibility requirements and apply thereby.

  1. Doorstep Services

Rupeek is the only lending institution in India that offers doorstep loans against gold articles. After the application, a company representative will visit the address of the applicant to complete their KYC verification and gold evaluation process. Applicants will receive the loan amount immediately once they are satisfied.

  1. Rupeek Quick

Rupeek quick presents an attractive opportunity for business owners. It provides a line of credit to the borrowers against their pledged gold and allows them to withdraw funds as per their requirements whenever. Additionally, instead of paying the whole sanctioned amount, individuals only need to pay interest on the amount they utilise.

  1. Low Rate of Interest

When compared to the collateral-free business loan in Pune, Rupeek’s gold-backed financing facility comes at a much lower interest rate. It starts at 0.79% per month, making loan interest repayments affordable and accessible for enterprises of all sizes.

  1. High LTV Ratio

The loan-to-value ratio of Rupeek is one of the highest in the market. Applicants can avail up instant business loan in Pune up to 75%-80% against their gold ornaments.

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Top Localities of Pune Where Rupeek Operates

Here is a list of major localities where you can avail a business loan in Pune from Rupeek –

  • Lohegaon
  • Sadashiv Peth
  • Swargate
  • Hadapsar
  • Kothrud
  • Viman Nagar
  • Nanded
  • Katraj
  • Pashan
  • Vishrantwadi
  • Vadgaon Sheri
  • Lohogaon
  • Pimpri-Chinchwad
  • Aundh
  • Parvati Hill

The rise of Pune as the next major metropolitan of India has been exceptional. Especially the presence of various industries and their associated businesses has improved the economic stance of this city by leaps and bounds. And with an increasingly cutting competition, individuals often search for business loan near me to consolidate their financial position. However, with several options out there, it’s essential to be prudent and select a business loan that will aid entrepreneurs to reach their goals adequately and efficiently.

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Frequently asked questions

  1. How to apply for a business loan?

Availing a business loan in Pune is not a hassle anymore. You can do it quickly via an online application process. You can visit the official website of your preferred lender and duly fill the application form along with relevant details. Later, submit the required documents, and upon successful verification, you will receive the loan amount.

  1. What are the eligibility criteria for a gold-backed loan to start a new business in Pune?

The eligibility criteria to avail credit from Rupeek are straightforward. Applicants qualify for a gold loan for business if they are more than 18 years old and possess gold jewellery.

  1. What are the documents required to avail business loan against gold from Rupeek?

You will need to submit KYC documents like Aadhaar card, PAN, and voter ID card alongside lease or rental agreement.

  1. How to shift an existing gold-backed business loan to Rupeek?

Individuals need to submit their existing pledge card with us to apply for a loan transfer. Once the application is through, they can pay their dues to their current lender and move to Rupeek. A loan transfer with Rupeek can save borrowers up to Rs.12377/ lakh on interest repayments. 

  1. Can I apply for a gold business loan without gold jewellery?

No, you must possess gold jewellery to avail a business loan against gold.

  1. What is the maximum loan amount that I can avail for my business? What is the tenure?

You can avail up to Rs.1.5 crore for your business via a gold loan from Rupeek. The tenure ranges up to 6 months.

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