Business loans 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.

Here are some major points of contrast between them –

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.

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.

2. 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.

3. 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.

4. 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.

5. 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.

6. 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.

7. 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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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.