Situated 46 km from the capital city of Chennai, Thiruvallur is the fastest developing suburb of Tamil Nadu. With agriculture contributing primarily to its economy, Thiruvallur recently attained the status of administrative headquarters.
As new businesses continue to bloom in Thiruvallur, this district is gradually becoming a competitive marketplace, leading to increasing demand for a business loan.
The specific features can vary based on the financial institution. However, some features are standard across the financial sector. These are –
Traditional business loans in Thiruvallur are unsecured or collateral-free. This enables individuals to avail business loans without having to pledge any asset with the lender. But this lack of security impels financial institutions to be more rigid with the eligibility criteria.
To compensate for the higher risk that comes with lack of security, lenders charge strikingly high rates of interest ranging from 11% to 24% approximately.
In the lack of collaterals, business Loan provider in Thiruvallur pay increased attention to other aspects like type of business, CIBIL score, business vintage, and annual turnover, among others. Additionally, candidates will need to produce an array of documents like KYC, income tax returns, and bank account statement to complete the verification process.
Due to an elaborate documentation process, it can take as long as 3 to 7 working days for loan disbursal.
Hence, savvy businesspersons in Thiruvallur turn to simpler financing options like a gold loan.
One of the primary benefits of this financing option is that it allows individuals to utilise the equity of their gold items. Although not consumable, the yellow metal holds immense value, which continues to surge. Gold’s value shot up by nearly 40% in FY20, as per reports.
A gold loan provides an opportunity to realise the metal’s value without selling it. Businesses can leverage this facility to undertake a variety of expenses effortlessly. But, the financier also plays a vital role in enhancing the convenience of this financing facility.
In this regard, our industry-first benefits set us apart, helping us to ensure maximum convenience for business loan borrowers.
High interest rates and a rigid set of eligibility criteria deter a lot of budding entrepreneurs from availing urgent funding, which, in turn, can affect their business plans negatively.
Rupeek comes with an excellent alternative to small business Loan in Thiruvallur with our gold-backed business loans. Here are a few reasons why –
The following is a list of the localities in Thiruvallur where you can avail our services:
If you are a business owner, in this Thiruvallur, searching for “business loan service provider near me” as well, contact us today!
You only need to produce KYC documents, like Aadhaar card and PAN card and lease agreement or utility bills as identity and address proofs.
No, the eligibility criteria to avail Rupeek gold loan do not include CIBIL score.
The application process for our online business loan against gold involves the following steps:
You can get a minimum of Rs. 15,000 and a maximum of Rs. 1.5 crore sanctioned against pledged gold items.
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