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

MSME loan in Bhopal

Bhopal, the 16th largest city in India, is renowned for its lakes and steel industries. It is home to a large number of lakes – artificial and natural – and is also considered as one of the greenest cities in India.

The electrical goods, textile, jewellery, and chemical industries, comprising numerous MSMEs, are significant contributors to this city’s economy. Plus, the Madhya Pradesh government’s continual efforts have created lucrative opportunities for rural and urban entrepreneurship in particular. Naturally, the numbers of prospective borrowers of MSME loan/SME loan have grown by leaps and bounds over the years.

However, it’s necessary to learn about the MSME loan in details, as well as alternative financing options, to ensure sound financial management.

What Are The Types Of MSME/SME Loans Available In Bhopal?

To generate more employment, the Central and MP state government have introduced several schemes to boost the MSME sector. The schemes offered are listed below-

  • Coir Vikas Yojana (CVY)
  • Prime Minister Employment Generation Programme (PMEGP)
  • SSI Loans in MP or Small Scale Industries Loan Scheme
  • Skill Upgradation and Mahila Coir Yojana (MCY)
  • Market Promotion and Development Scheme (MPDA)

Besides these financing options, companies can also avail MSME loans directly from banks and NBFCs.

To avail any of these loans, business owners need to go through stringent MSME loan eligibility checks. Moreover, the loan disbursal process can take up to or even more than 10 days. This can be troublesome for businesspersons requiring immediate funds.

MSME or SME loan, being unsecured in nature, mandates borrowers to submit official papers like bank statements of the company for the last six months, income tax returns preceding two years, audited Balance Sheet and income statements, etc.

Moreover, applicants have to maintain a high CIBIL score of 750 to be eligible for an MSME loan. The interest rate offered on unsecured MSME/SME loans in Bhopal by NBFC’s are also high that significantly augments the cost of borrowing.

These hefty processes can become a burden for an entrepreneur requiring an emergency capital. In such a scenario, individuals can consider taking a gold loan that offers multiple feasible terms of service and lower interest rate.

Why Is Gold Loan More Profitable Than MSME Loan?

Here is a table explaining the difference between an MSME project loan and gold loan for a better understanding. Take a look.

Particulars

Gold Loan

MSME loan

Interest Rate

Being a secured financial product, the interest rate of a gold loan is lower than any conventional MSME loan in Bhopal. It allows the business owners to save significantly on interest payment.

MSME loan is unsecured in nature, which has a higher interest rate in contrast.

Credit Score

Lending institutions usually do not check an applicant’s credit score when sanctioning a gold loan. This makes it substantially easier for new companies to avail funding.

Unsecured MSME loan providers are strict about the credit score aspect. 

Processing time

 Borrowers can enjoy a much quicker loan disbursal due to a shorter documentation process.

The processing period is usually lengthy because of the extensive document verification procedure.

These differences prove a gold loan to be more lucrative and affordable than a new loan scheme for MSME.

Several financiers offer a gold loan in Bhopal. However, the terms of usage and repayment, the process of application and disbursal can vary accordingly. In this regard, Rupeek stands out with its industry-first benefits.

Why Choose Rupeek As A Gold Loan Lender?

Following are some distinctive characteristics of Rupeek’s MSME loan/SME loan against gold. Some of our standout features include –

  • Competitive Rate of Interest

Rupeek offers a low interest against gold as compared to the other NBFC’s in the market. Our interest rate begins at 0.79%, which makes the EMIs for such gold-backed MSME loan in Bhopal more affordable.

  • Gold Loan Calculator

We also offer a gold loan calculator on our official site to help you to figure out the loan amount against submitted gold. For example, if you have 300 grams of gold of 20 carats, it will tell the current loan amount against it.

  • Doorstep Service

We offer doorstep service to our borrowers who apply for a gold-backed MSME loan/SME loan. Our loan manager visits your address on the scheduled date for a gold valuation and KYC assessment. After evaluation, the loan amount is disbursed to the borrower’s account.

  • High LTV Ratio

Businesspersons can enjoy up to 80% against their gold’s value. Individuals can get up to Rs. 1.5 crores to finance all their business expenses.

  • Easy Gold Loan Overdraft

Rupeek also offers a line of credit option, where you can pledge your gold once, and withdraw funds as per convenience. You can know the details of this feature under Rupeek Quick section. Moreover, you have to repay the amount withdrawn and pay interest only on that.

  • Flexible Repayment Options

Repay gold-backed MSME loan/SME loan without hassle. Opt for EMIs or pay instalments as per your convenience. It’s particularly beneficial for MSME/SME units with irregular cash flow.

Moreover, borrowers looking for a ‘gold-backed MSME loan provider near me’ in Bhopal can avail our services instantly. We operate across all the top localities in the city.

Localities Where Rupeek Extends Its Service In Bhopal

We have been successfully operating in the following localities of Bhopal. Have a look.

  • Gandhi Nagar
  • Bagh Swaniya
  • Bairagarh
  • Bhel Town
  • Arera Hills
  • Jahangirabad
  • Vallabh Bhawan
  • Kolar Road
  • Chuna Bhatti
  • Govindpura
  • Anand Nagar
  • Kohefiza

A continually developing infrastructure has made Bhopal a distinct region for MSMEs in Uttar Pradesh. That’s why the company holder must be efficient with their financing. A gold-backed MSME loan/SME loan from Rupeek can be beneficial in this regard.

Apply today for gold-backed MSME loan scheme 2020 and get a step closer to your dreams!

Rupeek ad
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 -
Rupeek ad

Frequently asked questions

  1. Does Rupeek disburse a loan to MSMEs after accepting gold bars?

No. Rupeek does not accept items like gold bars and coins. Only gold jewellery of quality level above 18 carats is accepted.

  1. What is the maximum MSME loan amount offered by Rupeek?

Rupeek offers a maximum of Rs. 1.5 crores in their MSME loan scheme.

  1. Can a sole proprietor get an MSME loan in Bhopal?

Yes, sole proprietors can avail an MSME loan in Bhopal if they satisfy the eligibility criteria of the particular financial institution or loan scheme.

  1. Can I avail a gold-backed MSME loan in Bhopal with a CIBIL score of 650?

You can avail a gold-backed MSME loan/SME loan in Bhopal with or without a CIBIL score. Having a CIBIL score is not mandatory in terms of a gold loan.

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