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Business loans in Rajkot

Located in the Saurashtra region of Gujarat, Rajkot is the second cleanest city of India. Recent reports by Oxford Economics confirm that Rajkot occupies the 7th position on the list of the fastest-growing cities in the world, as of 2019. Apart from being renowned for traditional handicrafts like embroidery, this city is one of the leading industrial centres in Gujarat.

Heavy and small-scale industries are the major contributors to the state’s economy. Diesel engines, kitchen knives and auto parts are among the various other industrial products manufactured in Rajkot. Thus, it’s quite evident that there is enough scope for starting your own business. But raising funds can be a big challenge if you’re a budding businessperson. That’s why business loan in Rajkot is gradually becoming so popular.

Grow Your Enterprise with Business Loans

Sometimes referred to as commercial loans, business loans are unsecured financial assistance offered by banks and NBFCs in India. The fundamental purpose of such loans is to cater to the needs of your growing business. All types of businesses, including private companies, sole proprietorships, and partnership firms, can apply for a business loan.

Ideally, a promising business ought to always contact a financial institution to apply for business loans before seeking any investment from venture capitalists. Unlike, venture capitalists, financial intuitions wouldn’t ask for your company’s equity in return for financial assistance.

The Features of Business Loans

A Business loan for entrepreneurs can be of various types. These are specifically designed to provide financial assistance to meet the requirements for working capital, new project financing and more. Here are some of its features:

  • Collateral-free: Commercial loans are unsecured loans that are sanctioned without any collateral.
  • Rate of Interest: A business loan interest rate usually varies between 14-25% per annum.
  • Fast Loan Disbursement: Once you submit the required documents, the financial institution scrutinises them before the loan approval. The amount is disbursed immediately after sanctioning the business loan. The process has become faster with the introduction of online business loan

Eligibility Criteria for Business Loan in Rajkot

Commercial loans can be sanctioned to all forms of businesses, but they must fulfil the eligibility criteria:

  • An individual must be aged between 21 and 65 years.
  • A business must be at least 3 years old.
  • The minimum annual turnover of a business should be equal to or more than Rs 25 lakh with a minimum profit of Rs 1.5 to 2 lakh per annum.
  • A credit score of 750 or above.

It’s vital to check your business loan eligibility before getting in touch with a financial institution in Rajkot.

Documents Required for Business Loans in Rajkot

Apart from meeting the lender’s eligibility, you need to keep the following documents handy when applying for commercial loans:

  • Company’s bank account statement for the last 6 months
  • Income tax returns of the past 3 years along with audited financial statements
  • Other essential company-related documents, including valid trade license, PAN card, attested copy of partnership deed and Memorandum of Association
  • KYC documents of the applicant, which include PAN card, Aadhaar card and more

Fulfilling the eligibility criteria for a loan for business in Rajkot can be a big obstacle for a new organisation. Also, the rigorous documentation process for small and startup business loans can be a bit overwhelming too, especially if on a time crunch. Thus, you may want to consider alternatives like a gold loan to meet your enterprise’s financial goals.

Gold Loan- A Perfect Substitute for Business Loan

A gold loan is a secured financing option, which an individual can take out by pledging gold ornaments (purity ranging from 18-24 karat). It allows you to raise funds quickly even if your CIBIL score doesn’t reflect a decent credit history.

If there’s a financial emergency and you are unable to get a business loan in Rajkot, the gold ornaments sitting idle in your locker can easily bail you out. But, approaching a lender that offers borrower-friendly terms is also necessary to ensure a convenient borrowing experience.

Rupeek – One-Stop Solution for All Business Loan Needs

Rupeek provides the most efficient gold loan solutions in India by providing doorstep service at the lowest interest rates. Apply for a gold loan from Rupeek, and our authorised executive will arrive at your location within 30 minutes. The executive will value the ornaments in front of you and complete all the necessary formalities.

 Accordingly, the loan amount will be transferred to your account. After successful disbursement of your loan, the gold will be taken in a GPS-enabled bag to a vault equipped with military-grade security.

We offer the following two types of gold loan schemes:

  • Regular pay – Interest starting at 0.79% per month
  • No tension – Fixed interest rate starting at 1.39% per month

You can flexibly repay your loan per your convenience any time during the tenure by opting for the latter scheme. This way, you can spare the strain on your finances in periods when cash flow is irregular.

Moreover, based on the frequency of interest payment, you can also earn rebates, which helps you to alleviate the financial burden further.

We also provide you with a free-to-use gold loan calculator, which is more user-friendly than a regular business loan calculator. Just choose the purity of your gold and enter the loan amount that you require. The required gold amount in grams will be displayed on your screen.

Given below is a tabular representation of the various benefits of a Rupeek gold loan when compared to a business loan in Rajkot.

Point of Difference

Gold Loan

Business Loan

Age

Anyone above 18 years of age can apply for a gold loan.

A borrower should be aged between 25-66 years.

Disbursal time

Rupeek transfers the loan amount within 30 minutes after the formalities are completed.

An unsecured business loan is disbursed within 3 – 7 working days.

Documentation process

Gold loans require minimal documentation process.

The documentation process involving an unsecured business loan is rigorous and time-consuming.

Credit score

Your credit score is not taken into account.

You need to have a minimum credit score of 750 to avail a business loan.

Rupeek offers doorstep loan services in the following areas of Rajkot:

  • Dhebarbhai Road
  • Rajkot marketing Yard
  • Gondal
  • Wankaner
  • Paddhari
  • Sapar veraval
  • Rajkot Metoda Gidc
  • Sardhar
  • Rajkot Raiya Road
  • Virnagar
  • Mota Mava

Aside from being one of the largest gold markets in India, Rajkot is also famous for its textile printing units. And with the steady rise of the automobile and IT sectors, it’s an ideal time to grow your enterprise with a gold-backed fast business loan in Rajkot.

Hence, you must seize the opportunity now; contact us to avail our doorstep loan service. Apart from a gold loan, Rupeek also offers an overdraft facility called Rupeek Quick.

Use the online Word editor program to compose visual documents in your web browser for free.

How does Rupeek Quick Work?

Rupeek Quick is an extended line of credit offered to borrowers against the true value of their pledged gold ornaments. It enables you to withdraw money to your bank account as per your requirement. You can use our mobile application to repay the amount anytime within 6 months. Due to this feature, businesses are now able to bring their costs down by paying the interest only on the amount utilised.

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Business Gold Loan Calculator

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Frequently asked questions

  1. What are the documents needed to avail a gold-backed business loan?

Gold-backed business loans involve a minimum documentation process. The lender asks for a few basic KYC documents to confirm your eligibility. These documents include Aadhaar card, PAN card, Voter card and more. However, gold loan providers do not require you to submit any business-related documents like trade license, income tax returns etc.

  1. How do I repay a gold loan taken for my business?

Rupeek ensures a hassle-free repayment procedure with our advanced portal customised for gold loan repayment.

  1. Is there a minimum or maximum limit applicable on a gold loan availed to fund a business?

The minimum amount of loan that you need to avail with Rupeek is Rs.15,000 only. The maximum amount that can be sanctioned to you is Rs.1.5 crore.

  1. Can I use the loan amount for any purpose other than my business?

A gold-back loan doesn’t have to be used for the sole purpose of business. The lack of end-use restriction makes it a perfect substitute for a business loan in Rajkot.

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