close btn

Service Update- (Covid-19)

In accordance with the respective state government’s directive, we’ve resumed operations in all the cities. However, a few services will remain affected while others will continue as usual. To read about the services or moratorium updates, Click here

Business loans in India

An adequate amount of capital is vital for the survival and expansion of any business. And debt financing goes a long way in that respect. Several experts recommend enterprises to utilise business loans in tandem with owned capital to optimise Return on Investment and unlock maximum potential.

This financing option lets businesses undertake seasonal projects and meet a host of other expenses. Companies can bolster their financial footing this way to ensure proper financial management and sustenance for the long haul.

Uses Of A Business Loan

Business loans have various functions; some of them are discussed below:

  • Working Capital Requirement

Sufficient working capital is crucial for any business to meet the day-to-day expenses such as bills payable and sundry creditors. It ensures a smooth flow of regular operations. Business loans come in handy if an enterprise fails to meet the required amount of working capital.

  • Purchase Of Machinery And Equipment

Businesspersons usually require a substantial amount of funds to purchase machinery and equipment. New and small-scale businesses often don’t have a sufficient amount of capital to make such investments. Thus, they can choose to opt for a business loan, which provides them with adequate financial assistance. 

  • Expansion Of Operations

After consistently bringing in profits for a certain period, entrepreneurs may be focused on accelerating their enterprise’s growth. It might be wise to finance such endeavours with both profits and a business loan. For example, if an owner of a café wants to open a new branch, they can choose to apply for a loan for coffee shop.

  • Cash Flow Maintenance

Maintaining steady cash flow is often challenging for a new business, primarily when goods are sold on credit. This issue can become more complex as there are fixed expenses such as rent and wages borne by the business. In such cases, business loans are an ideal solution. 

Business Loan Eligibility

A business loan in India is not sanctioned until an applicant fulfils the required eligibility criteria. Before applying for a business loan, you must be aware of all the business loan details. So, here are the eligibility criteria for a business loan:

  • An applicant should be between 18 and 55 years during the time of application.
  • He/she should be an Indian citizen and must not have a criminal background.
  • The applicant’s business must have an annual turnover of at least Rs. 25 lakh.
  • The person ought to hold a CIBIL score of 750+

Business Loan Documents Required

Are you looking for a loan for start-up? Make sure that you have these documents ready before applying for financial assistance from a financial institution:

  1. Proof Of Identity

When applying for a business loan, one needs to produce the required KYC documents such as a PAN card, Aadhaar card, and more.

  1. Proof Of Address

Applicants must submit documents like electricity bill, telephone bill, trade license, rent or lease agreement, which serve as proof of address.

  1. Business-related Documents:

The application procedure requires you to submit the following business-related documents:

  • Income tax return files of the past three years along with CA-approved financial records of the company
  • The organisation’s bank account statement for the past 6 months
  • Proof of business ownership such as partnership deed, Memorandum and Articles of Association, etc.

The rigorous documentation process can often be tedious for the applicants. Also, it’s a challenge for most start-ups to fulfil the eligibility criteria.

Let’s say you’re looking to apply for a loan for starting up a dairy farm. It might not be possible for you to fulfil the eligibility criteria and produce the financial documents initially.

But that doesn’t mean you have to give up on your dream. There’s still another option that can help you put an end to all the “business loan lender near me” searches.

Gold Loan- The Perfect Substitute For Business Loans

A gold loan is a secured advance sanctioned against a certain quantity of gold that works as collateral. If you’re struggling to procure funds for your business, the gold ornaments sitting idle in your locker can bail you out. A gold-backed business loan lets you address your financial concerns even if you possess a low CIBIL score or are just starting your business.

Difference Between A Gold Loan And Business Loans

Given below are some of the differences between a gold loan and a business loan.

Point Of Difference

Business Loan

Gold Loan

Age Of Applicant

Applicants must be between 18 and 55 years of age to apply for a business loan.

Borrowers need to be at least 18 years old to apply for a gold loan.

Disbursal Time

Disbursal of business loans usually takes up to 3 - 7 business days. 

Faster disbursal, usually a few hours.

Documentation Procedure

The documentation process for traditional business loans is time-consuming.

Applicants are required to submit only KYC documents. No financial documents are required to apply for a gold loan 

CIBIL Score

When applying for a business loan, the financial institution checks your credit history. Hence, a high credit score is required to avail business loans.

Your credit score is not taken into consideration when applying for a gold-backed business loan.

These are the standard benefits a gold loan offers over a business loan. However, with Rupeek, your business can get a lot more value with debt financing owing to our customer-friendly features like doorstep service.

Merits Of A Rupeek Gold Loan

These are a few features and facilities that you can enjoy with us –

  1. Doorstep Loan Up To Rs.1.5 Crores

Your quest for the best gold-backed “business loan near me” ends here with us. It has never been easier to raise funds for your business. Apply for a gold loan up to Rs. 1.5 crores and enjoy 30-minutes doorstep service.

  1. Gold Loan Calculator

We provide you with the most user-friendly gold-backed business loan calculator online. You only need to choose your gold ornaments’ purity and the weight to view the loan amount you can take out. Alternatively, the calculator will display the amount of gold required to get the loan sanctioned.

  • Disbursal In 60 minutes

Get funds disbursed in your account within 45 – 60 minutes with Rupeek. After applying online, our trained executive will arrive at your location as per the scheduled time. He’ll value your gold ornaments and complete the required formalities. After the completion of the formalities, the loan amount will be transferred into your account instantly.

  1. Interest Rates Starting From 0.79%

We offer a business loan against the lowest interest rates, starting at just 0.79% p.m. With our tailor-made schemes for businesses, you can ensure complete flexibility in repayment. Opt for EMIs, pay instalments anytime within the tenure, or repay the entire payable amount with a single bullet payment.

  1. Gold Overdraft Facility

We also provide a gold loan overdraft facility known as Rupeek Quick. It enables you to pay interest only on the amount you have utilised. Moreover, it lets you meet any urgent financial requirements promptly since you can take out any sum from the sanctioned limit at any time.

If you have any queries, feel free to get in touch with us by dialling our helpline number.

Reaching your objectives and maximising your profits has never been easier. Avail our gold-backed business loan and accelerate the growth of your business today.

Remember the Windows XP operating system? You can work with it online at GeekPrank.com and trick your friends.

Rupeek ad

Business Gold Loan Calculator

Frequently asked questions

  1. Can I pledge all types of gold items to avail a gold-backed business loan?

No, as of now, only gold ornaments are accepted. Also, please note that the purity of the gold ornaments must be between 18 and 24 carats.

  1. What are the maximum or minimum limits of a business loan against gold?

The maximum loan amount that you can avail with us is Rs 1.5 crore; whereas, the minimum limit is Rs 15,000.

  1. Can I avail a gold loan for any business expenditure?

There is no end-use restriction in the case of gold-backed business loans. You can use the loan amount for any business purpose, be it maintaining your working capital, purchasing equipment, expanding operations, etc.

  1. What is the repayment procedure for gold-backed commercial loans?

We have designed the most lucid gold loan payment portal, enabling you to repay your loan with ease. Log in to your profile by using the OTP sent to your mobile phone; from there, you can view and complete your loan repayments.

  1. Is it safe to avail a gold loan for my enterprise with Rupeek?

We transport your gold ornaments to bank branches within 5 km of your residence in a sealed bag equipped with a GPS tracker. Once it reaches the branch, your gold is stored in lockers under military-grade security and surveillance. Moreover, we also provide 100% door-to-door insurance against any theft or accident.

  1. Can I avail a gold-backed loan for a partnership business?

Yes, you can avail a gold loan for a partnership business. A gold loan can be availed to meet the financial requirements of all types of businesses.

  1. What is the tenure of a business loan against gold?

We offer a repayment tenure of up to 6 months. But, you can extend the tenure by re-pledging the collateral gold ornaments. It’s also possible to foreclose the loan before 6 months with no pre-penalty charge.

Rupeek ad
gold img
Apply for Gold Loan 30 Minutes Doorstep Service
close
+91
Please enter valid Mobile Number
close
success img

Loan Request Successful

Your request has been received, our customer relationship manager has been notified and will call you shortly