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MSME loan in Guntur

Guntur is the third most populous city in the state of Andhra Pradesh. The city has the largest chilli market in Asia to its name and the export of chilli, cotton and tobacco powers its economy. Over the years, Guntur’s economy has witnessed tremendous growth in three key sectors, namely Agro and Food Processing, Textile and Apparel and Cement. However, small-scale organisations, like MSMEs/SMEs, require adequate financial support to keep pace with this evolving economy. In this regard, most business owners opt for an MSME loan/ SME loan to finance the growth of their businesses.

How To Get An MSME Loan/ SME Loan?

Most financial institutions in India extend loans for MSMEs/SMEs. To avail such a loan, you must meet the stipulated eligibility criteria and provide required documents as proof of your credibility. While these requirements vary between various lending institutions, the following is a rundown of what they generally entail –

  • MSME/SME Loan Eligibility

MSME loan Scheme 2020 issued by the Government of India has modified the pre-existing classification of MSMEs/SMEs. The new criteria to classify a business as an MSME/SME includes:

  • Micro: An enterprise with an annual turnover of up to Rs.5 crores and investment up to Rs.1 crore.
  • Small: An enterprise with an annual turnover of up to Rs.50 crores and investment up to Rs.10 crore.
  • Medium: An enterprise with an annual turnover of up to Rs.250 crore and investment up to Rs.50 crore.
  • Documentation

The SME/MSME loan process also mandates borrowers to submit a list of documents, such as -

  • Proof of identity
  • Residential proof
  • Business address proof
  • Income proof
  • Tax documents

Government bodies in Andhra Pradesh, like DC MSME and MSME-DI, alongside financial institutions, aim to bolster the growth of MSMEs/SMEs in the state. In fact, Andhra Bank launched the MSME-Mitra scheme in 2018 in an effort to mitigate the liquidity crunch that MSMEs often encounter. However, factors like extensive documentation, higher interest rates and a longer processing time discourage business owners from availing such unsecured loans. Secured loans, such as a gold loan, stand out as an apt alternative to MSME loan/SME loan.

What Is A Gold Loan?

A gold loan is a financing option wherein the amount disbursed is sanctioned against the value of gold hypothecated by a borrower. The loan, thus provided, is a certain percentage of the gold items pledged as collateral. Additionally, documents required to avail gold loans are minimal, which significantly reduces its processing time.

Owing to the popularity of this funding option, the search results for “gold MSME loan provider near me” can be extremely diverse, and present an array of lending institutions. It is, thus, imperative to choose one that suits you the best by looking through the terms and conditions offered. For instance, when it comes to selecting the right lending partner, you can consider opting for Rupeek’s gold-backed MSME loan/SME loan to enjoy several advantages.

Rupeek’s Gold Loans For MSME/SME

Availing gold-backed loans for MSMEs/SMEs with Rupeek offers borrowers a range of benefits, such as -

  • Lower Interest Rates

Compared to other lending institutions, Rupeek’s interest rates are significantly lower and can go as low as 0.79% per month. This reduced SME/MSME interest rate on gold loans ensures minimum cost of borrowing and thus, lower interest payment.

  • Minimal Documentation

We require only KYC documents and utility bills or rental agreements as proof of your credibility. Subsequently, this enables a fast verification and loan disbursal process.

  • Doorstep Service

When you apply for a gold-backed MSME loan/SME loan from us, you need not leave the comfort of our home. Our representative will reach you at your preferred location to initiate the loan disbursal process. This entire process is completed within 45-60 minutes.

  • Overdraft Facility

You can also opt for a credit line with our overdraft facility, Rupeek Quick. With this facility, you pay the interest against the amount you utilise as opposed to the total loan quantum that is sanctioned.

  • Flexible Payments

We offer you the added benefit of choosing the repayment method. Borrowers can opt to repay the entire loan amount in a single bullet payment, in lieu of monthly instalments.

Rupeek’s Gold Loan For MSME/SME In Guntur

If you are in Guntur, you can opt for our services at any of the following locations -

  • Manglagiri
  • Kanna Vari Thota
  • Tadikonda
  • Amaravathi
  • Nallapadu
  • Pedakakani
  • Thamma Ranga Reddy Nagar
  • Prathipadu
  • Velagapudi
  • Pedanandipadu

AP industrial profile holds a colossal range of businesses, including corporate giants to MSMEs and small businesses owned by female entrepreneurs. Each of these organisations needs to make crucial decisions in order to scale their business. And, when it comes to finances, Rupeek lends a hand and eliminates the complexities in loan proceedings. So, choose our gold MSME loan/SME loan and enjoy a hassle-free borrowing experience.

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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. Is a CIBIL score required for a gold loan?

No, CIBIL score is not assessed while sanctioning a gold loan.

  1. Are all gold items accepted?

We only accept gold jewellery of 18 carats or above. At the moment, we do not accept gold bars or coins.

  1. How do I repay the gold loan?

You can conveniently repay your gold loan online with our payment portal or through our mobile application. Log in with the OTP sent on your registered mobile number, and view your profile to complete gold loan payments.

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