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Vijayawada

Business loans in Vijayawada

Vijayawada is touted as Andhra Pradesh’s capital of politics, education, business and media. It hosts one of the most sacred religious sites in India, the Kanka Durga Temple by River Krishna. 

Vijayawada also holds immense geographical significance in Andhra Pradesh as it is situated right at the state’s centre. This strategic location has benefitted businesses significantly. A report suggested that the city’s GDP in 2010 was nearly Rs. 18,000 crore, which is expected to reach a whopping Rs. 1,02,000 crore by 2025.

Moreover, the huge consumer base of Vijayawada provides local businesses with an incredible advantage, which is further enhanced by the online accessibility of business loans

Avail Business Loan Visakhapatnam for Quick Funding

Enterprises can utilise a business loan in Vijayawada for a number of reasons. A loan can be used to fund new projects, mitigate cash flow shortages, pay suppliers, buy or upgrade equipment, etc. By properly leveraging debt, organisations can fuel their growth prospects immensely.

Multiple financial institutions in Vijayawada offer a business loan. Since these are unsecured, however, the eligibility-checks are stringent. The standard parameters that prospective borrowers need to meet to avail an unsecured business loan in Vijayawada are –

  • CIBIL score: 750 and above
  • Business vintage: 2 – 3 years
  • Yearly turnover: Minimum Rs.25 lakh

Besides satisfying these parameters, applicants must submit an array of documents during application. These include applicant’s KYC documents, audited financial statements, proof of ITR filing, company registration documents, etc.

Extensive documentation like this may not suit emergencies. In most cases, disbursal takes around 3 – 7 days from application. 

Moreover, businesses that are just starting may find it difficult to service an unsecured loan owing to the high interest rates involved. Ergo, several individuals turn to alternatives like a gold loan to finance their business efficiently. It provides a borrower with nearly similar features as a traditional business loan to ensure hassle-free cash flow.

Difference between Gold Loan and Business Loan

Here is the list of the fundamental differences between a gold loan and a business loan.

Parameters

Business Loan

Gold Loan

Eligibility

Stringent eligibility requirements, as mentioned above.

Applicant must have adequate gold items to pledge to avail this financing option.

Interest rates

Interest rates can range up to 24% depending on the applicant’s eligibility.

Since gold loans are secured, applicable interest rates are lower than unsecured advances.

Loan disbursal time

The loan disbursal time depends on the financial institution. The borrower can receive the funds somewhere between 3 – 7 days from application.

The disbursal period is usually short since there’s minimum documentation involved.

CIBIL score and credit history

To avail a business loan, one needs to maintain a 750+ CIBIL score.

One can avail a gold loan with a low credit score.

The features a borrower can enjoy also depend on the lender they choose. To access industry-first benefits like doorstep service, applicants can turn to Rupeek.

Rupeek – The Best Platform to Get a Gold-Backed Business Loan in Vijayawada

Rupeek offers several different gold loans schemes to support entrepreneurs. Every plan has a set of unique borrower-friendly features, which aid in repayment.

Some of the features that Rupeek offers to the borrowers are –

  • Doorstep Loan Facilities

Individuals can avail an instant loan at their doorstep with Rupeek. When one decides to apply for business loans against gold, a loan manager is sent to the applicant’s home on the scheduled date for KYC registration and gold valuation.  After the completion of these formalities, the loan is sanctioned to the borrower’s account within 30 minutes.

  • Minimum Documentation

With Rupeek, an individual does not need to undergo an elaborate documentation process to avail a gold-backed business loan. He/she is only required to submit the KYC papers and gold jewellery to avail this loan. Individuals looking for a small business loan in Vijayawada can contact Rupeek for easy loan disbursal.

  • High Loan to Value Amount

LTV or loan to value denotes the percentage of an asset’s total amount that you can avail as a loan. Through this NBFC, one can avail highest per gram rate against their pledged gold items. Thus, individuals can finance their business requirements adequately with a gold loan from us.

  • Guaranteed Security

The gold is collected from the borrower after he/she receives the loan amount in their account.  It is then transported in a GPS-traceable bag and deposited to the nearest partner lenders’ vault. Rupeek guarantees optimal safety by providing end-to-end insurance of the pledged gold articles for the entire tenure.  

  • Ease of Repayment

Repayment of this business loan against gold is streamlined with Rupeek for the convenience of the borrower. They can pay whatever and whenever, during the tenure, at their ease. They can also pay the entire amount in single bullet payment.

  • Credit Line against Gold

Individuals can also take out a line of credit against their gold articles. Businesses can meet their instant financing requirements quickly with our overdraft facility, Rupeek Quick. Moreover, borrowers only need to pay interest on the utilised amount, ensuring further savings.

Thus, with Rupeek at your disposal, you can finally call an end to the tiring “business loan provider near me” searches. Moreover, our services are accessible from all the top locations in Vijayawada, ensuring prompt services at all times.   

Locations to Check out for Rupeek’s Gold loan in Vijayawada

We currently offer loan services in the following locations –

  • Ibrahimpatnam
  • Gannavaram
  • Gollapudi
  • Vuyyuru
  • Bhavanipuram
  • Ramavarappadu
  • Kondapalli
  • Nandigama
  • Satyanarayanapuram
  • Autonagar
  • Kanchikacharla
  • Kankipadu
  • Mylavaram
  • Nidamanuru

Rupeek, with its multiple benefits and easy repayment options, is offering opportunities to the veteran, new, and aspiring businesspersons to realise their goals. So, avail the best business loan in Vijayawada against gold today and bid adieu your cash flow woes.

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Frequently asked questions

  1. Is there a restriction to use my gold-backed business loan in Vijayawada?

No, there is no restriction on the usage of a gold-backed business loan. You can utilise the funds for a variety of business expenditures.

  1. What is the minimum age to avail gold-backed business loan from Rupeek?

A borrower needs to be at least 18 years old to avail this loan from Rupeek.

  1. Do I need to maintain a good CIBIL score to avail a gold loan for my business?

A good CIBIL score is always desirable. However, it is not necessary to avail a business loan against gold.

  1. What is the maximum loan amount I can avail for my business with Rupeek?

Rupeek offers up to Rs.1.5 crore as gold-backed business loans. However, it depends on the purity of gold.

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