Chandigarh is the only city in India to act as the capital of two states, Punjab and Haryana. The architectural excellence of this planned city is internationally acknowledged, which reflects in places like The Capitol, Government Museum and Art Gallery, Rock Garden, and Open Hand Monument, among others.
The economy of Chandigarh largely extracts its revenue from trade and business. However, the growth in Information Technology also witnessed a hike in recent years. Moreover, the increasing number of registration under small and micro enterprises in Chandigarh is testimony to the ample opportunities businesses are afforded here. To keep up with the rising competition in Chandigarh, companies can avail an MSME loan/SME loan. It allows businesses to meet a wide array of expenses, and with the right choice of financing, enterprises can sustain and thrive in this city.
Business owners can avail MSME/SME loans to meet working capital requirements, expand their business, pay salaries and rent, purchase new equipment or machinery, and hire & train employees.
Enterprises must meet the following criteria to be eligible for MSME:
The above mentioned criteria for loans 4 SME might differ based on the financial institution.
The documents required for MSME loan exclusively depend on the financial institution or the government-backed scheme under which one is applying for a loan.
Following are some of the generic documents financial institutions usually require during MSME loan procedure.
Financial institutions are fairly stringent with these eligibility parameters for an MSME/SME loan. Hence, new enterprises may find it difficult to apply for this financing option from banks and NBFCs directly.
Another crucial limitation of bank loans in Chandigarh for MSMEs is that they associate high interest rates. To avoid these inconveniences, companies can opt for government schemes.
The MSME/SME sector contributes nearly 45% to India’s industrial output and 40% of its exports. To increase this percentage further, the Government of India has introduced several MSME loan schemes to empower and promote these establishments. A few of these schemes are:
To support the micro, small and medium enterprises (MSME/SME) units of the state, the government of Punjab has sanctioned approximately Rs. 2166 crores under the Emergency Credit Line Guarantee Scheme (ECLGS), per a Times of India article.
However, companies must be registered as an MSME under the Udyog Aadhaar Memorandum to be eligible for these schemes of MSME loans for entrepreneurs.
Another point to note is enterprises need to wait for at least 8 – 10 days or even more than that to get the funds. This may not be suitable to meet the sudden cash shortfalls/
In cases like this, entrepreneurs looking for ‘MSME loan providers near me’ can consider a gold loan owing to its flexible eligibility criteria and quick disbursal time.
750 or above
Less than an hour
Once borrowers have decided to opt for an MSME loan against gold, the next crucial job involves finding the right lender. In this regard, borrowers can trust our financial services available at Rupeek.
We, at Rupeek, provide 100% transparent process and multiple schemes from which borrowers can select as per their business requirements. Following are some of the benefits of opting our gold loan services.
From requesting a loan to KYC documents verification and gold valuation at our client’s preferred location to gold deposit at our lending partner’s bank and ultimately loan amount transfer to our client’s bank account, the entire process only takes 45-60 minutes. With minimal documentation which only involves KYC documents verification, we can provide the fastest gold loan services.
The unsecured nature of MSME loans is invariably linked with the higher MSME interest rate, which ultimately increases the cost of borrowing. On the contrary, at Rupeek, our clients can avail loan up to Rs. 1.5 crores at interest rates as low as 0.79% per month. With such a lower interest rate, entrepreneurs can easily manage the whole debt.
Repayment is more manageable with Rupeek. Customers can choose to repay the due amount according to their convenience. Choose EMIs or pay instalments whenever during the tenure.
Known as ‘Rupeek Quick’, our gold overdraft facility helps borrowers to avail a credit line by pledging additional gold. Also, businesspersons get the further benefit of 24⁄7 money withdrawal facility to cover their several business expenses.
Business owners who are looking for ‘gold-backed MSME loan/SME loan provider near me’ can enjoy our doorstep service in all the major localities in and around Chandigarh.
Get an MSME/SME loan within 60 minutes from Rupeek in and around the following localities in Chandigarh –
Your chance to secure instant MSME loan/SME loan with Rupeek is just a click away. Get in touch with us today to resolve any gold loan-related query.
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The gold loan professionals at Rupeek carry the client’s valuables in a GPS-enabled bag and keep them secured in bank-vaults within a 5km radial distance. Also, the client’s valuables are fully insured against any theft or unfortunate event during the tenure.
The procedure of calculating the interest rate on gold loans differs across lending institutions. Borrowers must ask the lender to clarify the procedure before the approval of the loan amount.
Certainly, you can opt for a partial repayment option. Known as the part release, this process requires you to make a payment, which must range between monthly payable interest and sum required for foreclosure.
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