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Business loans in Vadodara

Vadodara, located on the banks of Vishwamitri River, is one of the fastest-growing cities of India. It’s home to numerous large-scale enterprises, which include the likes of Reliance Industries Limited, ONGC, Indian Oil Corporation, and L&T. 

Apart from that, numerous small and medium scale industries have also mushroomed surrounding these big corporations. It has positively affected the GDP and employment benchmarks of the state and continues to better it. In this regard, business loans in Vadodara have played a significant role, allowing new businesspersons to compete with the other players in the market.

Why Business Loan Vadodara is a Perfect Financing Option?

Availing a business loan in Vadodara is a perfect financing option for entrepreneurs for the following reasons –

  1. No end-use restrictions
  2. Repayment tenure of up to 5 years
  3. Collateral-free (for unsecured business loans)

Enterprises can use a business loan to address a variety of financial obligations. They can utilise the funds to bolster working capital, improve or invest in a line of business, pay suppliers, launch marketing campaigns, etc.

However, it’s vital to check the eligibility requirements one needs to satisfy to avail such business finance in Vadodara before they apply with any lender, especially since these loans are mostly not backed by any asset.

What are the Eligibility Criteria of Business Loans in Vadodara?

The specific eligibility criteria often vary across different lenders. However, nearly all financial institutions assess a few common parameters to determine an applicant’s eligibility. These are:

  • Credit score – ideally, it should be above 750
  • Business vintage – lenders prefer vintage of at least 2 years in profit
  • Minimum annual turnover of Rs.25 lakh

Applying for an unsecured business loan also entails an extensive documentation and verification process. Also, since lenders assume a considerable risk when sanctioning a collateral-free loan, the interest rates are high, usually ranging between 13% and 24%.

Lenders determine the interest rate based on an applicant’s eligibility. Thus, while established businesses might enjoy more competitive interest rates, small-scale enterprises might have to service a loan at high rates.

On the other hand, new firms might not even qualify for an unsecured business loan. Such businesses can turn to alternative financing options like a gold loan.

Gold Loan – A Suitable Alternative

Some of the prominent advantages of a gold-backed business loan over its conventional counterparts are –

  1. Simple Eligibility Criteria

Individual who are above the age of 18 can easily apply for a gold-backed business loan in Vadodara. Even borrowers with poor credit scores can avail of this financing facility with adequate quantity of gold at their disposal.

  1. Quick Disbursal of the Loan Amount

The processing of a gold-backed business loan involves minimal documentation. It minimises the time required for sanctioning and disbursal, allowing individuals access to funds quickly.

  1. Affordable Repayments

Unlike collateral-free business loans, lenders assume a negligible risk when extending a gold loan. Naturally, the cost of a loan is lower, making the repayments easier on the borrower’s finances.

Besides these, Rupeek offers several other customer-friendly features that ensure a smooth and hassle-free borrowing experience.

Top 6 Reasons to Select Rupeek

A Rupeek gold loan is advantageous to the purposes of businesses in several ways, which include:

  1. Lowest Rate of Interest

We offer the lowest business loan rates in Vadodara. Based on the loan scheme, individuals can take out a small business loan in Vadodara at interest rates as low as 0.79% per month.

  1. Doorstep Services

Often, taking out a business loan involves jumping through several bureaucratic hoops, which makes the process lengthy and tedious. Rupeek offers instant online gold loan at doorstep, minimising the hassle and the time required.

  1. Rupeek Quick

It’s a line of credit that businesspersons can avail against the value of their gold possessions. Individuals can easily address their emergency monetary concerns by withdrawing funds any time from that sanctioned credit line. Plus, Rupeek Quick alleviates the repayment burden since the interest accrues only on the utilised sum.

  1. Flexible Repayment Options

Rupeek offers several repayment options to minimise hassle. Unlike a conventional business loan that entails regular EMIs, borrowers can flexibly repay according to their convenience any time within the tenure

  1. Top-Class Safety

Our loan managers use GPS-traceable bags to carry the gold items to and from the borrower’s residence. Furthermore, the items are stored in high-security vaults at a partner bank branch within a 5 km radius of the borrower’s address. We also offer insurance coverage of the gold jewellery for the period the loan is active.

What makes our service even more accessible in Vadodara is our presence across all the major localities in the city, ensuring an easy solution to all individuals searching for a business loan near me.

Top Localities of Vadodara where We Operate

Here are the renowned localities of this city where you can avail a business loan from Rupeek –

  • Manjusar
  • Por
  • Manjalpur
  • Dabhoi
  • Khanderao Market
  • Padra
  • Karelibaug
  • Waghodia Road
  • Alkapuri
  • Makarpura
  • Navlakhi
  • Bajwa
  • Bodeli
  • Savli
  • Ajwa Road
  • Akota

The economic growth of Vadodara has been exceptional over the years. The state government’s continuous efforts to attract investments have finally started to show its benefits. Besides that, several businesses have emerged across the city and its neighbouring regions in recent years owing to ever-booming business culture. That’s why smart businesspersons are looking at unconventional options like a gold-backed business loan to beat the competition.

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Frequently asked questions

  1. Can I use gold bars to avail business loan from Rupeek?

No, our partners that include ICICI Bank, Federal Bank, and Karur Vysya Bank only accept gold ornaments as collateral.

  1. What are the maximum and minimum amounts I can avail as a business loan from Rupeek?

You can avail up to Rs.1.5 crore, based on the purity of the jewellery you pledge. The minimum amount offered by Rupeek is Rs.15000.

  1. How long does it take to process a business loan against gold with Rupeek?

In nearly all cases, the process takes not more than 60 minutes. After you apply, a loan manager will reach a location – home or office – of your convenience within 30 minutes for gold evaluation that takes around 15 minutes and another 5 minutes for disbursal.

  1. Can I transfer my existing gold loan for business to Rupeek?

Yes, you can transfer your existing gold loan for business to Rupeek. The process is straightforward, share your pledge card, submit your KYC, and repay the existing loan. You can save up to Rs.12377/ per lakh by transferring your loan to Rupeek.

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