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MSME loan in Amritsar

Amritsar, the second-most populous city in the state of Punjab, is noted for housing some of the most frequented tourist spots in India, including the Golden Temple, Jallianwala Bagh, Akal Takht, Ramtirth Temple, Gobindgarh Fort, etc. According to the Hindustan Times, a substantial portion of Punjab's tourism revenue was generated from this city in 2017, with around 1 lakh tourists from around the country visiting Amritsar each day.

Geographically, the city is located quite close to Pakistan with the Wagah Border being just 28 kilometres away. Over the years it has also become one of the major commercial centres in the northern zone. With so many tourist attractions and booming economy, Amritsar has become a prime spot for the development of Micro, Small and Medium Enterprises (MSMEs). Consequently, more emerging entrepreneurs and small business owners are opting for MSME loan/ SME loan in the city to build a substantial presence for their businesses.

In this regard, one must know what an SME/MSME loan comprises to gauge if it is a viable financing option for his/her business.

Brief Overview Of MSME Loan

MSME loan/ SME loan refers to the funding support that small business owners usually avail from lending institutions to fulfil working capital requirements or invest in business expansion. Further, with the government introducing MSME loan schemes 2020, this option has also become viable financial support for many start-ups.

Nonetheless, most of these loans are available against stringent MSME loan eligibility requirements. Further, lending institutions may also seek a business vintage before sanctioning these loans, making it impossible for many start-ups to avail them. So, before proceeding to search ‘MSME loan provider near me in Amritsar’ one must learn about the terms associated with such funding options.

Eligibility Criteria For MSME Loan/ SME Loan

While opting for new loan scheme for MSME/SME, business owners usually focus on the attractive perks the loan offers and overlook other crucial aspects in the process.

For instance, following is a list of eligibility criteria individuals need to meet to avail an MSME loan for their business -

  • Business Type - The company can be a partnership firm, limited liability partnership, sole proprietorship, or private or public limited.
  • Business Vintage - At least 2 years and should be in profit.
  • Must-Have Documents - ITR (last 2 years), GST Returns (last year’s), documents of good repayment history and an impressive credit score. All the documents should be CA certified as well.
  • Age Criteria: Between 18 and 66 years.

All these requirements often become challenging to meet; therefore, relying on this particular financial option does can often become a hindrance. In such cases, as an alternative, individuals can opt for a gold loan against easy-to-meet terms and conditions. Rupeek’s gold-backed MSME project loan is a great solution for business owners who are looking to inject instant cash flow into their operations. 

What Makes Rupeek's Gold-Backed MSME Loan/ SME Loan Effective?

With several notable advantages and convenient application procedure, Rupeek’s gold loan can be considered as an ideal choice for start-up owners looking for MSME loan in Amritsar. Following are the reasons why we stand out when it comes to availing a suitable loan to meet a business’ variegated needs -

  • Highest LTV

Loan-to-value ratio plays an important role while availing a loan. Here at Rupeek, individuals can expect up to 80% of the pledged collateral’s value. This can amount up to Rs.1.5 crore which borrowers can utilise to buy necessary equipment, hire employees or improve the infrastructure, etc. In order to evaluate the same, one can also use our gold loan calculator and initiate the process.

  • Smooth Documentation

The key advantage of Rupeek’s gold-backed MSME loan is that the documentation procedure can be completed within a few minutes. It merely includes KYC verification and submission of basic documents like Aadhar details, address proof, etc.

Also, this entire process can be completed from the comfort of your home; thereby, allowing you to arrange funds without undertaking any complicated procedure.

  • Flexible Repayment

The repayment of our gold loan is convenient where you can choose to make partial or bullet payments, in lieu of monthly instalments. Alongside, our attractive interest rate starting from 0.79% reduces the total repayment liability, making it extremely convenient to opt for our gold-backed MSME loan/ SME loan.

  • Overdraft Facility

We offer our existing customers the opportunity to invest in their businesses by availing additional funds and repledging more gold items. Additionally, with Rupeek’s overdraft facility - Rupeek Quick, individuals can utilise the funds necessary from a total sanctioned amount and pay interest only on the funds withdrawn.

Between a high MSME interest rate and strict documentation process, business owners can feel burdened with such an unsecured loan. In comparison, Rupeek’s gold loan, as a substitute option, stands out for its compelling benefits and instant, industry-first doorstep service.

Where To Find Us In Amritsar?

  • Katra Ahluwalia
  • Baba Bakala
  • Beas
  • Ajnala
  • Verka
  • Chheharta
  • Goal Bagh
  • Grant Trunk Road
  • Ramdass
  • Majitha
  • Lawrence Road
  • Medical Enclave

A gold-backed MSME loan/ SME loan is definitely an ideal funding choice owing to its convenient procedure, and instant access to funds. Looking at Amritsar’s industrial profile, it is necessary for business owners to keep up with the city’s growth and choose the right time to invest money. And, with Rupeek, one can easily make that happen with instant gold-backed MSME project loan.

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Benefits of Gold Loan over MSME/SME loan.
  • <1 lakh
  • 2 lakh
  • 3 lakh
  • 5 lakh
  • 10 lakh
  • 20 lakh
Comparision Parameters MSME / SME Loan Gold loan
Interest Rate 2.39% .79%
Monthly Interest Amount
Eligibility & Documentation More Documents Needed Only KYC Needed
Processing Time & Disbursement 2 days to 1 week Within a day
Required Gold Weight -
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Frequently asked questions

  1. Why should I opt for a gold loan instead of an MSME loan?

Unlike other loans, a gold loan does not come with a high interest rate since you are pledging collateral to avail the fund. Further, the documentation and disbursal process is faster with relaxed eligibility criteria.

Being a non-consumable asset, it provides you with a substantial loan amount that you can use for business-related emergencies.

  1. How long will it take for me to get my gold loan?

From application to loan disbursal, the entire process gets completed within 30-45 minutes. Also, with our doorstep service facility, you can get your loan sanctioned from the comfort of your home.

  1. How do I repay the gold loan?

With Rupeek's online portal and app, gold loan repayment is made extremely convenient. All you need to do is log in to your account and submit the OTP sent to your registered mobile number. You can check the status of your repayment and make further payments.

  1. How do I re-pledge my existing loan?

In order to repledge-e more gold items and extend an existing loan tenure, you should contact our customer support team, who will explain the process to you.

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