MSME Loan in Ghaziabad

MSME loans are credit facilities for businesses qualifying as micro, small or medium enterprises depending upon their investment quantum and yearly turnover. The bars set for the same are,

Enterprises satisfying these criteria can opt for several MSME scheme 2020. Few of these schemes are:

• Market Promotion & Development Scheme (MPDA)
• Prime Minister’s Employment Generation Programme (PMEGP)
• Domestic Market Promotion Scheme (DMP)
• Credit Guarantee Trust Fund for Micro & Small Enterprises (CGTMSE)

Private financial institutions also provide SME loan, should an enterprise fulfil their eligibility criteria. Though these schemes are highly beneficial for budding businesses, a significant part of MSME loan/SME loan remains untapped due to its stringent eligibility criteria and few other disadvantages.

Most businesses fail to avail an MSME loan/SME loan due to the following shortcomings.

1. Time Consuming

Financial institutions on an average take over three days to complete the procedure of an MSME loan. When met with an urgent need for funds, this can become a huge problem for a business owner. 

2. Strict MSME Loan Eligibility Criteria

Apart from qualifying in terms of investment quantum and yearly turnover, an enterprise needs to satisfy several other criteria. Like, the company should be a sole proprietorship, LLC, private firm or partnership that has a business vintage of at least six months. As it is an unsecured credit facility, one’s credit score should also not be below 750.

3. Extensive Documentation

Financial institutions ask the business to produce documents like their audited financial statements, ownership documents, income proof of the applicant, etc. before sanctioning an MSME loan/SME loan in Ghaziabad. Recently established SMEs generally do not maintain most of these documents, which bar them from availing a loan.

4. High Interest Rate

As the majority of these loans are unsecured, MSME loan interest rate is considerably high. It can roughly range between 10% and 21 % depending upon the lending institution. Because of this, entrepreneurs can face difficulty in repaying their debt.

Thus, the solution to your funding problems might not lay behind your search for ‘MSME loan provider near me’. Instead, a gold loan in Ghaziabad might be a smarter solution.

A gold loan provides numerous advantages to a borrower when compared to a traditional MSME loan/SME loan. Few of its aspects that make it a smarter option are:

1. Utilisation Of Idle Asset

Though gold is a pretty expensive asset, it does not contribute to one’s day-to-day life. An enterprise can make better use of this idle asset and avail a loan by pledging it to expand their business.

2. End-use Liberty

The borrower is not restricted in the usage of the fund. Instead, an entrepreneur has full liberty to use it as they deem right. Purchase new machinery, pay your employees salary or use it for something else.

But, these are only the primary advantages a gold loan provides. Here, selecting the right lender is vital to ensure the best of benefits, and Rupeek’s industry-first features may offer that.

Since availing a conventional MSME loan/SME loan is significantly challenging, a gold-backed loan should be the way to go. We offer one of the safest and most beneficial gold loans in the market with the help of our partnered banks. By choosing us, you get:

• Highest LTV And Lowest Interest Rate

We provide an LTV or loan-to-value ratio as high as 80% that enables a borrower to get an amount of up to Rs. 1.5 crores. To better understand how we calculate LTV as well as loan value, use our gold loan calculator. Also, our interest rate starts from 0.49% per month, one of the lowest in the market.

• Simpler Eligibility And Documentation

Any individual who is older than 18 years and possesses gold jewellery is eligible to get an MSME loan/SME loan against gold from Rupeek. Moreover, you only need a handful of documents, making it accessible to any individual or enterprise who is facing a financial crunch.

• Effortless Overdraft Facility

Should our existing customers feel the need to avail an extended credit line, they can opt for our overdraft facility called Rupeek Quick. It is incredibly effortless as one needs to pledge more gold on their existing loan. With this facility, you get access to funds any time from the sanctioned limit and the interest is charged only on the amount that you have used.

• Flexible Repayment Options

We have further simplified our customer’s borrowing experience by providing various repayment methods. You can select options like monthly EMI payments, interest pre-payment, one-time bullet payment, etc. as per your convenience.

We have partner banks all across the country that is at most 5km away from your house. If you are looking for us specifically in Ghaziabad, we are there at every major part of this city.

Locations in Ghaziabad where we are operational are:

• Raj Nagar Extension
• Govindpuram
• Tronica City
• Mohan Nagar
• Crossings Republik
• Sahibabad
• Loni
• Vaishali
• Meerut Road
• Vasundhra
• Shastri Nagar
• Kaushambi
• Indirapuram
• Kavi Nagar

If you are from these localities, you can get our online gold loan at your doorstep, ensuring your gold’s safety. This yet again provides an upper hand to Rupeek when compared with MSME loan/SME loan. Be a part of Ghaziabad’s development and simultaneously improve your business by availing our gold-backed loan today.