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MSME loan in Kanyakumari

Kanyakumari or Cape Comorin is the last point of the Indian mainland and one of the most popular tourist destinations of this country. It attracts a large footfall every year owing to the renowned Vivekananda Rock and Thiruvalluvar Statue.

Tourism is one of the primary drivers of this district’s economy. Coir-making, manufacturing of surgical gloves, food processing, floral trade, and lace-making are also fairly prominent in Nagercoil, Kanyakumari. Several enterprises have emerged in this district over the years. These organisations can avail an MSME loan/SME loan in Kanyakumari to carry forward their financial objectives or expand into other cities and districts.

Who Is Eligible For An MSME Loan?

Companies need to be registered with the Udyog Aadhaar Memorandum to be eligible for government-backed MSME/SME financing schemes, like UYEGP. The specific criteria can differ based on the scheme.

Entrepreneurs can borrow funds directly from banks and NBFCs as well. While lender-specific parameters shall vary, MSME/SME units generally need to meet the following MSME loan eligibility criteria –

  • CIBIL score of 750 or higher
  • Minimum annual turnover of Rs. 25 lakhs
  • Minimum of 2 years’ business vintage

Fulfilling the MSME loan eligibility is not enough. One needs to submit the necessary documents to complete this process. Here are the details –

  • KYC documents
  • Business ownership papers
  • Business turnover details
  • Audited Balance Sheet and P&L Statement
  • Profit projections

Such stringent guideline associated with an MSME loan online can prove to be difficult for some individuals to comply with. In such cases, they can opt for a gold loan as an alternative.

More On Government-Backed MSME/SME Loans

The government of India, to promote its ‘Aatmanirbhar Bharat’ idea, has launched several plans to help small and medium scale industries financially. Here are some vital schemes for MSME loan/SME loan in Kanyakumari to be aware of –

  • Pradhan Mantri MUDRA Yojana (PMMY)

Launched in 2015, PMMY is one of the most popular MSME project loan available currently. MUDRA is an NBFC, which supports the MSMEs to grow, and it refinances lending institutions that provide loans to small and medium-scale enterprises. These advances are considered as MUDRA loans under the PMMY.

A point to note here is that only the registered banks and NBFCs are eligible to extend this monetary help. Entrepreneurs can approach such lenders to do the needful and complete the loan application process. Applicants can use the UdyamiMitra portal for this application purpose.

Moreover, PMMY has three sub-categories as per the status of a business’s development. The Shishu scheme is for organisations starting their operations. The Kishore scheme is for companies that are operational but planning to strengthen their foothold. Lastly, the Tarun scheme is for established firms that are planning an expansion. The loan amount here is capped at Rs. 10 lakhs.

  • Prime Minister’s Employment Generation Programme (PMEGP)

The government has merged two schemes, namely Rural Employment Generation Programme (REGP) and Prime Minister’s Rozgar Yojana (PMRY), to create this scheme. It extends financial assistance to small and micro business units of this country.

The focus here is to generate employment for the youths of the non-farming sector. The Khadi and Village Industries Commission (KVIC) works as the nodal agency for this scheme at the national level.

Any individual above the age of 18 years is eligible for this scheme, and the loan amount here is capped at Rs. 25 lakhs.

  • Credit Linked Capital Subsidy Scheme (CLCSS)

Under this scheme, entrepreneurs can avail subsidy for technological upgradation of their business. They can avail a subsidy of up to 15% for further investments of up to Rs. 1 crore. Moreover, every MSME/SME unit is eligible for this plan, but they cannot replace their current machinery with new equipment of similar specifications.

Apart from these, schemes for MSME/SME loan, SIDBI Make In India Loan For Enterprises (SMILE) and Credit Guarantee Scheme for Subordinate Debt (CGSSD) are some popular examples.

Since the loan quantum of these government-backed new loan scheme for MSME are limited, and they often include a lengthy application process, borrowers end up looking for alternatives. In this regard, gold loans can be potent solutions.

Furthermore, with a lender like Rupeek, availing MSME/SME loan in Kanyakumari against gold is not a hassle. We extend doorstep services to further enhance borrower’s convenience. Their presence in the top localities of Kanyakumari allows us to visit your address in 30 minutes.

Localities Of Kanyakumari Where Rupeek Extend Its Services

  • Arumanai
  • Colachel
  • Kulasekharam
  • Kuzhithurai
  • Nagercoil
  • Pudukadai
  • Tiruvattar
  • Manavalakurichi
  • Marthandam
  • Thuckalay
  • Thengapattanam

An MSME loan/SME loan in Kanyakumari is designed to help business owners to grow their ventures. However, the associated norms often make it difficult for individuals to obtain the necessary funds. In such cases, gold loans offer an excellent alternative option, and with Rupeek, entrepreneurs can now avail an emergency business loan at their doorstep in just 60 minutes.

Conclude your search for ‘MSME loan providers near me’ and contact Rupeek for a fair, fast, and flexible solution.

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Benefits of Gold Loan over MSME/SME loan.
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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
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Frequently asked questions

  1. What is TIIC?

Tamil Nadu Industrial Investment Corporation or TICC is a company operating under the state government of Tamil Nadu. It offers long and medium-term loans to various small and medium scale industries. Established in 1949, it has played a vital role in the development of the MSME sector in this state.

  1. Can I apply for an MSME/SME loan directly from the government?

No, you cannot access any of these financial schemes directly from the government. You can only avail them via financial institutions registered to provide them.

  1. Can I get a MUDRA loan online?

Yes, you can apply for a MUDRA loan online. You can use the UdyamiMitra portal for this application purpose. However, make sure that you have the necessary documents organised before going ahead with the process.

  1. What is Udyogini Yojana?

It is a scheme specially designed to promote female entrepreneurship in rural and underdeveloped areas. You can avail up to Rs. 3 lakhs under this plan.

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