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Visakhapatnam

Business loans in Visakhapatnam

Situated on the coast of Bay of Bengal, Vishakhapatnam is the largest city of Andhra Pradesh. The city has a long history of trade and manufacturing, owing to its proximity to the sea. Import and export constitute the main business of this city, and seafood export industry in Visakhapatnam is one of the largest in the world. In recent years, the city has also witnessed a surge in IT sector start-ups springing up all around the city.

Access to easy financing has also played a vital part in this growth. An influx of new-age lenders in Visakhapatnam and digitalisation has allowed individuals to take out a business loan more efficiently and in less time. And, such external funding enables businesses to finance their working capital requirements easily, invest in expansion projects, purchase new assets or enhance the value of existing one, etc.

Who is Eligible to Apply for a Business Loan in Visakhapatnam?

Business loans that banks and NBFCs offer are predominantly unsecured, meaning they do not require any collateral. While this may be a convenient feature for borrowers in some cases, lenders assume all the more risk since any asset does not back up the funding.

Naturally, financial institutions extending a loan for business in Visakhapatnam assess an applicant based on several stringent parameters.

Here is a list of eligibility requirements that one needs to meet to avail a business loan –

  • Minimum business vintage ranging between 2 and 3 years
  • Business type
  • Yearly turnover
  • High credit rating, preferably 750 and above

Businesses also need to furnish several documents, including audited financial statements, bank account statements, registration papers, MoA (in case of Private and Public Limited companies), etc. alongside KYC documents.

Thus, a traditional business loan may not be suitable for new and small-scale businesses and in times of financial emergencies owing to the lengthy documentation and verification process.

In this regard, a gold loan is an excellent substitute for prospective borrowers. Individuals can quickly avail a small business loan in Visakhapatnam against their gold articles with this financing option. It offers features similar to a traditional business loan, and entrepreneurs can use it to fund any expense that they want.

Nevertheless, it’s crucial to look at their differences before availing a gold loan or its unsecured counterpart. That way, businesses can optimise their financial planning accordingly.

A Comparative Analysis between Gold Loans and Business Loans

Here are some major points of contrast between them –

Point of contrast

Gold Loans

Business Loans

Loan Type

Secured

Unsecured

Loan Amount

Varies according to the gold pledged

Depend on the eligibility

Credit score

Not required

Required

Documentation

Only KYC

KYC, income proof, business-related documents, financial statements, etc.

Eligibility

Anyone with gold ornaments

Specific criteria, which vary across lenders

Rate of interest

Lower

Higher

Cost of borrowing

Minimal

Relatively higher

Time required for disbursal

Swift; within an hour or two

Longer; can take up to 3 – 7 days

However, the gold loan provider is also a crucial factor in ensuring maximum convenience and hassle-free borrowing. In this regard, Rupeek stands out owing to its several customer-friendly features.

Why Is Rupeek Your Ideal Partner for a Business Loan Against Gold?

Following are some distinctive characteristics of Rupeek that makes this company stand out from others –

  1. Lowest Rate Of Interest

Rupeek offers the lowest interest rate on business loans in Visakhapatnam. It begins at 0.79% per month, which makes the EMIs for such gold-backed business loan more affordable.

  1. Doorstep Service

Rupeek is one of the few gold loan providers in Visakhapatnam to offer doorstep loan. The entire process, from evaluation of gold to KYC verification to disbursal of the loan amount, is carried out at the person’s residence. This eliminates the risk of carrying gold physically to a lender’s branch.

  1. Highest per gram rate

The loan-to-value ratio offered by Rupeek is the highest. We offer up to 80% of the pledged gold’s value as a loan, based on its purity. This way, even small businesses in Visakhapatnam can take out a considerable sum as a loan to meet their financial requirements adequately.

  1. Various Schemes

Rupeek offers several gold loan schemes, and borrowers can select one as per their convenience. Every plan has a set of unique, borrower-friendly features, which aid in repayment.

  1. Robust Security

The gold collected by Rupeek is stored in bank vaults and carried from and to the applicant’s residence by following superior security measures. Moreover, the collateralised gold ornaments are insured to mitigate financial losses in the event of any unforeseen incident.

  1. Rupeek Quick

Financial obligations can crop up any time in a business, and availing a new loan might be unfeasible during those situations. Rupeek Quick, which is a flexible line of credit, addresses that concern. Individuals can take out this credit line once, and withdraw as per requirements whenever. It also helps in saving on interest, since borrowers only pay interest on the withdrawn amount.

  1. Flexible Repayment Options

With Rupeek, repaying a business loan is straightforward and hassle-free. Individuals can choose to repay their debt in one single bullet payment at the tenure’s end or repay in parts any time within that period. They can also make regular interest payments and pay the principal afterwards. Additionally, customers receive a rebate based on the frequency of their repayment.

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Top Localities of Vishakhapatnam Where Rupeek Operates

Here are some top localities of the city where prospective borrowers can avail a business loan in Vishakhapatnam against gold from Rupeek –

  1. Andhra University
  2. Simhachalam
  3. Gajuwaka
  4. Viman Nagar
  5. Gopalapatnam
  6. Madhurawada
  7. Pendurthy
  8. Akkayyapalem
  9. Maharanipeta
  10. Nad Junction
  11. Kancharapalem
  12. Mvp Colony
  13. Port Area
  14. Naval Dock Yard

Vishakhapatnam’s strategic location has played a massive role in this city’s economy. Visakhapatnam Port is one of the largest in India and transports cargo throughout the year. The economy of this city has grown exponentially based on this port. It has also increased the demand for a simple and accessible business loan in Visakhapatnam among budding enterprises. To that end, individuals can call it a day on their search for ‘business loan near me’, and get in touch with us at Rupeek for a quick solution.

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Frequently asked questions

  1. How long does it take to avail business loan against gold?

Typically, it takes a few hours to avail a gold loan for business. However, we at Rupeek have streamlined this process to provide you with funding within 30-45 minutes.

  1. What are the eligibility criteria to avail a gold loan for business?

Applicants need to be at least 18 years of age and must have gold jewellery to provide as collateral. Also, they must submit the necessary KYC documents.

  1. Can I use a business loan for entrepreneurs to support working capital?

Yes, you can use a business loan to support the working capital requirements of your business. Since this financial product has no end-use restriction, you can use it to fulfil any financial requirement that your firm may have.

  1. Can I transfer my gold-backed business loan in Visakhapatnam to Rupeek?

Yes, you can transfer your loan and save thousands of rupees on interest payment. You will need to submit your existing pledge card and KYC documents to initiate the process. A loan manager will walk you through the rest of the process, including the amount you’d need to pay to the existing lender to close your account.

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