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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 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.

Why Gold Loans?

Because a gold loan is secured, lenders are less rigid with eligibility and documents. Plus, the repayment burden is much lower with a gold loan owing to the same reason.

Thus, a gold loan helps entrepreneurs to meet their business requirements without going through all the hassle of an MSME loan/SME loan

Moreover, the lack of usage restriction helps business owners to use their gold-backed MSME project loan for a wide range of purposes. Here are some common examples –

  1. Business expansion
  2. Purchasing or upgrading equipment
  3. Buying inventory
  4. Supporting working capital

The flexibility of usage and other benefits make gold loans a worthy alternative of an MSME loan. Entrepreneurs can enjoy further business-friendly advantages with a gold loan offered by Rupeek.

How Can Rupeek Help MSME/Smes?

Here are a few standout characteristics of Rupeek –

  1. Our interest rate on a new loan scheme for MSME against gold starts from as low as 0.79% per month. So, loan repayment is not a hassle with Rupeek.
  2. To ease the burden of repayment, we have introduced various schemes. Enterprises can settle their debt with a single bullet payment, instalments anytime during the tenure, or EMIs.
  3. Moreover, we offer one of the highest per-gram rates in the market. Borrowers can get up to Rs. 1.5 crores as an MSME loan/SME loan against gold with us.
  4. Also, the loan transfer with Rupeek is straightforward and enables you to save up to Rs.12,377 per lakh.
  5. We adhere to the highest standards of security when it comes to the pledged gold. We use high-security vaults to store the gold articles, and GPS enabled bags to carry them. Additionally, your gold ornaments receive complimentary insurance coverage during the tenure.

But, any budding enterprise needs access to sufficient funds at all points. An MSME loan/SME loan may not suffice to that end. We have a solution for that with our overdraft facility against gold, Rupeek Quick.

What Is The Benefit Of Rupeek’s Gold Overdraft Facility?

Rupeek’s existing customers can pledge additional gold to avail an extended credit line through this facility. It offers access to instant funds, and borrowers can withdraw funds as per their need. Moreover, individuals only pay interest on the amount they’ve withdrawn, ensuring further savings.

Our doorstep service further enhances the convenience of choosing Rupeek as your lending partner. Our presence in 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 is designed to help business owners to grow their ventures. However, the associated norms often make it difficult for individuals to avail 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.
  • <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. 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. How to get MSME loan against gold from Rupeek?

Visit the official website and register your mobile number to initiate a loan request. Following that, a company representative will contact you for further processing.

After that, a loan manager will visit your address for KYC verification and evaluation of gold ornaments. You will get the funds in your account instantly thereafter.

  1. How to part prepay gold-backed MSME loan/SME loan with Rupeek?

You can find the part prepayment option in the ‘Repay Your Loan’ portal. The amount you prepay shall be lower than the sum of foreclosure but higher than the monthly interest payable.

  1. Can I get an SME loan from Rupeek against gold bars?

No, our lending partners only accept gold ornaments for this purpose.

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