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MSME loan in Howrah

The district of Howrah came into prominence with the introduction of Railways in the year 1854. There are several important landmarks in this district starting from the iconic Howrah Bridge to Botanical gardens, Santragachi Lake, Rail Museum, and Belur Math.

Howrah also has a large concentration of industries such as consumer goods industries, shipbuilding, engineering, steel fabrication, industrial electrical goods manufacturing and the like. These industries mostly consist of medium, small and micro enterprises

These businesses can consider opting for additional credit such as MSME loan/SME loan to expand their operations further.

What Are MSME/SME Loans?

MSME loan is a type of unsecured credit offered to small, medium and micro-enterprises so that they can meet various business costs quickly. These include purchase of raw materials, inventory, meeting working capital shortfalls, managing business cash flow, etc.

But, it’s imperative to check the eligibility criteria when searching for ‘MSME loan lenders near me’ before applying.

Who Is Eligible For A Loan For MSME/SME West Bengal?

To avail an MSME loan, businesses are required to meet specific parameters such as –

  • Applicants must own a business that has been operating for a minimum of two years or more.
  • They should maintain a CIBIL score of 750 or above
  • Income tax and GST returns should have been filed for the last two years

Apart from the ones mentioned here, business loan provider in Howrah may require borrowers to satisfy additional criteria.

Therefore, small businesses may find it challenging to qualify for an MSME loan. Hence, they can opt for alternative funding options such as gold loans.

What Benefits Does Gold Loan Offer Over Traditional MSME/SME Loan?

Given below are some of the reasons why businesses should opt for a loan against gold as compared to a business loan in Howrah -

  • Nominal Documentation

Since the loan is secured by gold, which is a highly liquid asset, lenders can quickly recover the amount, in case the borrower defaults. Therefore, prospective applicants do not need to submit an extensive list of documents to qualify for a gold loan. In most cases, lenders only ask for KYC documents such as Voter ID card, PAN, Aadhaar during gold-backed MSME loan process.

  • Credit Score Not Required

Lending institutions refer to an applicant’s CIBIL score to ascertain their creditworthiness for unsecured credits like MSME loan. On the other hand, the credit score is not as essential in case of gold loans as the credit amount is secured against gold.

  • Flexibility In End-Use

In the case of gold loans, there are no restrictions in end-use. Hence, borrowers can use the loan amount to meet various business-related expenses, such as rent, salaries of employees, purchase of raw materials, etc.

However, borrowers need to take into account several factors, such as repayment schemes, interest rates, security features, etc. To that end, one can consider opting for a gold loan from Rupeek.

How Rupeek’s MSME Loan/SME Loan Helps Entrepreneurs?

Here are some of the reasons why you should consider availing a gold loan in Howrah with us –

  • Interest rates @ 0.79%

Business loan interest rates in Howrah are relatively high since they are unsecured. On the other hand, when prospective borrowers apply for a loan against gold with us, they can avail affordable interest rates starting from 0.79% per month. It reduces their interest payment burden and enables them to meet all business and personal financial needs with ease.

  • Optimum Security

Rupeek extends robust security measures to ensure the safety of your valuables. For instance, the gold items are placed in a GPS-enabled container, which enables borrowers to track their location easily.

The gold articles and ornaments are placed in a military-grade vault with a partner bank of Rupeek that is within a 5 km radius of borrower’s house for optimum security.

  • Doorstep Service

With Rupeek, borrowers can avail instant online gold loan at their doorstep. A loan manager will arrive at the address provided by the applicant within 30 minutes of application. Furthermore, the overall loan disbursal process will take around 60 minutes.

  • Overdraft Facility

When applying for a loan against gold with us, borrowers can also opt for our gold overdraft facility known as Rupeek Quick. This facility enables borrowers to withdraw as much credit as required within the available limit.

We are also available at several prominent locations in Howrah, thus, making it easier for prospective borrowers to opt for a gold loan from us.

MSME Loan/SME Loan In 30 Minutes – Locality List In Howrah

Our Gold loan services can be availed in the following areas –

  • Alampur
  • Argari
  • Bandel
  • Bankra
  • Kalara
  • Chakpara
  • Mahiari
  • Tentulkuli
  • Eksara
  • Karia

Thus, small industries in Howrah can opt for a gold loan from Rupeek to avail substantial funding within a short time. Apart from Howrah, applicants from other districts of West Bengal can also avail hassle-free MSME loan/SME loan from us to meet their financial requirements.

Apply today to get the highest value for your gold with Rupeek!

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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. Does Rupeek offer MSME loan against all types of gold items?

Currently, Rupeek only offers loan to borrowers against gold ornaments. One cannot avail loan against gold items such as bars, coins etc. Furthermore, the ornaments that are being offered as collateral should be 18 carats and above.

  1. What are the loan repayment methods offered by Rupeek?

Rupeek mainly offers two types of repayment methods. Borrowers can either consider opting for the traditional EMI system or carry out a bullet payment within the repayment tenure.

  1. What is the LTV offered by Rupeek?

Borrowers can get up to 80% of their gold’s value with Rupeek. The loan sum can go up to Rs.1.5 crores.

  1. How to get MSME loan Howrah?

You can get an MSME loan in Howrah by approaching banks and NBFCs. There are government schemes as well that you can consider. It’s also possible to avail an MSME loan/SME loan by pledging gold.

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