The city of thousand temples, Kanchipuram, is enriched with magnificent shrines, remarkable stone carvings and beautiful heritage sites. The presence of temples like Varadharaja Perumal Temple, Kamakshi Amman temple, Kumarakottam Temple has made it the most sacred pilgrimage site of India.
This holy city of Tamil Nadu not only stands out for its heritage aspects but also the flourishing economy. With so many significant industries blooming all around the city, Kanchipuram has become a favourable business destination for start-up owners. Entrepreneurs can avail of an MSME loan/SME loan in Kanchipuram to meet an array of business expenses.
With several loan schemes introduced by the Central MSME Department, small scale industries are getting more flexibility in terms of capital and interest subsidy, and other financial assistance.
Some of these loan schemes introduced are:
Business owners can also gather funds from private banks and NBFCs. Individuals can simply voice search ‘MSME business loan provider near me’ to check the lenders offering this credit option. Private financiers offer such funds under several product categories like a working capital loan, bank overdraft, letter of credit, merchant cash advance, accounts receivable factoring, and bill discounting, among others.
These small business schemes come with a number of convenient features that provide an opportunity for small business owners to grow. These are as follows:
Despite such beneficial characteristics of MSME/SME loans, acquiring one can be a hard nut to crack, provided its elaborate requirements.
Following are some MSME loan features that can be a matter of concern for many entrepreneurs.
Banks and NBFCs, offering unsecured business finance, charge strikingly high MSME loan interest rate. These are accompanied by substantial processing charges, making these financial products an expensive borrowing option.
Applicants need to meet the following MSME loan eligibility criteria to qualify for MSME/SME financing.
Besides, applicants also need to provide an array of documents to support their eligibility claims. The documentation is even more extensive for government-aided schemes.
A long-winded verification process naturally results in extended processing time. This can delay loan disbursal significantly and might not make such MSME funds a great option for emergencies.
The above characteristics of an MSME loan/SME loan in Kanchipuram can pose significant inconveniences for entrepreneurs facing irregular cash flow, having a poor credit history, or lacking adequate revenue. A high borrowing cost over a long tenure can also hamper new businesses instead of helping.
Thus, as an alternative, one can choose a gold loan that comes with numerous benefits without imposing additional hassles. Also, with Rupeek, these benefits can be maximised to a great extent.
While a conventional MSME loan/SME loan in Kanchipuram is customised to help small businesses grow and expand their operations, Rupeek’s gold loan makes a better substitute with affordable interest rates and instant access to funds.
So make use of the Rupeek app and online portal to support your business with its compelling benefits.
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Applicants must be profitably running an enterprise for at least two years to get a loan for its operations.
Businesses applying for an MSME loan must be a sole proprietorship, limited liability partnership, public/private ltd., or partnership firm to qualify.
Potential borrowers need to provide KYC documents, lease agreement or any utility bill for address proof, business registration certificate, bank account statements, balance sheet, and ITR documents to get their MSME loan application approved.
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