Chennai

MSME Loan in Chennai

Being the capital city of Tamil Nadu, Chennai has gained world prominence for its industrial infrastructure, tourist attractions and mouth-watering delicacies! Tamil Nadu boasts the second-largest coastline of India, including several beaches like Marina Beach, Covelong, Besant Nagar and others. Some other tourist attractions of Chennai are Guindy National Park, Santhome Cathedral Bastille, Government Museum, and many more. 

Besides varied recreational options, Chennai is also a hub of automobile industries, rightly nicknamed as the ‘Detroit of East’. Due to its proximity to the port and other favourable infrastructure for business, clusters of micro, small and medium enterprises (MSMEs) have a strong presence across the district. Entrepreneurs in Chennai can opt for an MSME loan/SME loan to regulate their cash flow, upgrade equipment, buy new machinery, or for expansion.

However, before applying, you need to know about the different types of MSME/SME loan available in Chennai to make an informed decision. 

Types Of MSME/SME Loans In Chennai

Entrepreneurs can avail an MSME loan from two primary sources – financial institutions and government schemes.

The government has introduced an array of options in a new loan scheme for MSME under the Ministry of Micro, Small, and Medium Enterprises. These are –

  • Prime Minister Employment Generation Programme (PMEGP)
  • Credit Linked Capital Subsidy Scheme
  • Skill Upgradation and Mahila Coir Yojana
  • Domestic Market Promotion Scheme

Although the MSME loan eligibility criteria for government schemes are more flexible, companies may need to wait for a prolonged time for the loan to be sanctioned and disbursed.

Alternatively, you can also opt for from banks or NBFCs. However, the qualifying yardsticks are incredibly rigid because the MSME loans offered by these financiers are unsecured. Interest rates levied on such loans are also substantially high.

What’s more, lenders require the audited financial records of a company, which is a significant hindrance for SMEs.

In such a situation, you can opt for a hassle-free gold loan to gather required funds for your business. The gold-backed MSME loan process is straightforward, and you only need to submit a handful of documents to apply.

Some of the benefits of a gold loan include.

  • No limitation on end-use
  • Simple documentation 
  • Instant loan approval and disbursal. 

On top of that, you can maximise the benefits by availing a Rupeek gold loan. To know more, read about its custom features that make this financing option a potent alternative to an MSME/SME loan in Chennai.

An Overview Of Rupeek Gold Loan

Following are some of the reasons for which you can consider taking a gold-backed MSME loan in Chennai from Rupeek. 

  • Lowest Interest Rate 

We offer one of the lowest interest rates when compared to other gold-backed MSME loan interest rate. It starts at 0.49% per month, reducing your interest payment burden drastically. You can acquire up to Rs.1.5 crores at this interest rate to ensure affordable debt financing.

  • Flexible Repayment 

Contrary to a conventional MSME/SME loan in Chennai, you can choose a repayment option for Rupeek gold loan as per your convenience. You can either repay the outstanding loan dues as and when you have available funds at hand or repay through regular EMIs. 

  • Doorstep Services

Availing a Rupeek gold loan is made even more straightforward with our doorstep services. After you place a loan request, our loan manager will visit your residence within 30 minutes. After evaluation of the gold articles and KYC verification, you will receive the funds instantly. Meet all entrepreneurial expenses within just 45 – 60 minutes with our gold loan.

  • Less Documentation

No matter whatever gold loan scheme you choose, we have kept the documentation as simple as possible. You only need to submit the KYC documents along with address proof to get Rupeek gold-backed MSME loan scheme 2020

  • Overdraft Facility 

Besides a hassle-free gold-backed MSME loan procedure, Rupeek is also a one-stop solution for instant funds. Existing Rupeek customers can avail a line of credit on top of their active gold loan by pledging additional gold. This facility is known as Rupeek Quick and rightly does justice to its name as the loan gets disbursed quickly and directly to your wallet. You can access these funds anytime from the extended limit to address a plethora of financial obligations. What’s more, you have to pay interest solely on that amount you have used and not the whole credit line sanctioned, saving considerably on repayment.

Our list of benefits doesn’t just end here. Borrowers can access an MSME loan/SME loan in Chennai with us from anywhere as our company representatives are present across all significant locations.

Location List For Rupeek Chennai

We are currently providing our MSME loan services in and around the following places in Chennai. 

  1. Nungabakkam
  2. Velacheri
  3. Triplicane
  4. Anna nagar
  5. Tiruvanmiyur 
  6. Porur
  7. Tiruvottiyur
  8. Mylapore
  9. Vadapalani
  10. Kodambakkam
  11. Koyambedu
  12. Maduravoyal
  13. Valasaravakkam
  14. Perambur

Your search for ‘MSME loan provider near me’ ends with us. Contact Rupeek today for an MSME loan/SME loan in Chennai, Tamil Nadu today and make the most of your gold ornaments.

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Benefits of Gold Loan over MSME/SME loan.
max LTV

We offer the highest per gram rate on our gold loans.

Today’s max loan value/gm () **

Today’s max loan value/gm ()
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  • <1 lakh
  • 2 lakh
  • 3 lakh
  • 5 lakh
  • 10 lakh
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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. What is the Rupeek gold-backed MSME Loan LTV?

We maintain an LTV of up to 80%. It means you can get up to 80% of your gold’s value for your MSME.

  1. Is my gold for MSME loan in Chennai safe with Rupeek?

We offer complimentary insurance for your pledged gold for the entire tenure. Moreover, our company representative leaves with the gold only after you have received the funds. It’s stored in a top-grade bank vault within a radius of 5 km of your residence and carried there in a GPS-trackable bag.

  1. Can I get a gold-backed MSME loan for my catering business?

Yes, you can get a Rupeek gold loan for your catering business or any MSME venture in that matter. 

  1. Which bank is best for MSME loan in Chennai?

It varies based on your requirements and eligibility. Check factors like loan amount, eligibility criteria, interest rates, repayment options, and processing period to determine which bank is best for your financial requirements.

  1. What is the tenure for a gold-backed MSME loan?

On average, it’s about 6 months. But, you can prepay or extend the tenure as per your convenience. Contact our customer support team for more information.

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