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Karimnagar

MSME loan in Karimnagar

Karimnagar, the fourth largest city in the state of Telangana, is renowned for several historical sites like Nagunur Fort, Dharmapuri, Kondagattu, Kaleshwaram, Vemulawada etc. that attract a lot of tourists every year.

Apart from that, this district is also known for its numerous agro and granite-based industries. Thus, individuals looking to set up a business in these sectors can avail the necessary funds by opting for an MSME loan/SME loan in Karimnagar.

MSME Loans – In Brief

Financial institutions offer customised funding options to firms and enterprises so that they can meet their business costs easily. These MSME loans are mostly unsecured by nature and usually accompany high MSME interest rate, stringent eligibility parameters and documentation procedure. Consequently, most businesses are unable to avail these types of loans.

Apart from private financial institutions, the Government of India also offers popular small business loans under various schemes -

· Credit Link Capital Subsidy Scheme

· National Small Industries Corporation Subsidy

· Credit Guarantee Fund Government Business Loan Scheme

· Pradhan Mantri Mudra Yojana

· SIDBI Make in India Soft Loan Fund for MSMEs

While MSME loans under these schemes come at affordable interest rates, enterprises need to meet an array of eligibility parameters and carry out a lot of paperwork to avail the same. Therefore, businesses looking for instant funding at competitive interest rates can consider opting for gold-backed funds.

Features Of MSME Loan/SME Loan In Karimnagar

Here are some of the features of MSME loans:

  • Unsecured Loan: MSME loans are mostly unsecured. Hence, applicants are not required to place any collateral to gain access to funds.
  • Fixed-Rate Of Interest: These loans come with a fixed interest rate, which remains constant throughout the loan tenure. MSME interest rate varies from one financial institution to another. Nevertheless, it usually ranges between 8%-22%.
  • Flexible Repayment Tenure: One of the most significant features of MSME loans is that they come with flexible repayment tenures. Hence, it’s an option worth considering for individuals looking to raise funds for their business.
  • Loan Amount: By availing a Karimnagar business loan for MSME, individuals can raise up to Rs. 50 lakhs to finance different expenses concerning their business.

Nevertheless, to enjoy these MSME loan benefits, individuals need to meet lender-specific eligibility criteria.

MSME Loan – Eligibility Criteria

Individuals need to meet the following eligibility criteria to avail an MSME loan/SME loan in Karimnagar:

  • Age: Age of the applicant must be between 25 and 55 years.
  • Organisation Type: Partnership firms, sole proprietorship businesses, limited liability partnerships, public and private limited companies can apply for MSME loans.
  • Turnover: This usually varies from one lender to another.
  • Business Vintage: A business should be at least 2 years old and profitable.
  • Nationality: An applicant must be an Indian citizen without any criminal record.
  • Credit Score: The credit score of all MSME project loan applicants must be a minimum of 750.

Please note that some financial institutions might have additional eligibility parameters that applicants must fulfil to secure funds. Individuals have to submit the following documents alongside meeting eligibility criteria:

  • Proof Of Identity: Applicants have to submit a government-issued ID proof, for example, PAN Card, Aadhaar Card, Voter ID, etc.
  • Address Proof: Individuals need to submit valid address proof, such as a passport, driver’s license, and utility bills.
  • Business Address Proof: Applicants must submit proof of business address, includings a rental agreement, electricity bill, etc.
  • Income Proof: All applicants must produce CA-verified income proof documents, like profit and loss account statements and balance sheet for the last two years. Moreover, investors may need to submit the last six months’ bank account statements.
  • Tax Documents: Besides income proof documents, businesses also have to produce income tax returns and sales tax returns for the past two years.
  • Proof Of Ownership: The applicant has to submit proof of ownership documents, for example, partnership deed, trade license, memorandum of association, whichever is applicable.

Please note that applicants may have to submit other documents for a business loan in Karimnagar, depending on the lender’s requirements.

Evidently, while MSME loans come with various features, one needs to meet an array of eligibility parameters and carry out extensive paperwork to avail the same.

Therefore, businesses looking for instant funding at competitive interest rates can consider opting for a gold-backed MSME loan/SME loan in Karimnagar offered by Rupeek.

Individuals can get instant access to funds of up to Rs. 1.5 crores from the comfort of their homes even if they have a low CIBIL score. One can avail a doorstep loan if they are a resident of the following areas in Karimnagar:

Opt For Our Services Here

Rupeek offers its gold loan services in the following locations –

  • Choppadandi
  • Manakondur
  • Kothapalli
  • Gangadhara
  • Ramadugu
  • Ramnagar
  • Elgandal
  • Thotapalli
  • Jawaharnagar
  • Pullur
  • Mukharampura
  • Jammikunta

Thus, existing businesses in Karimnagar can opt for a gold-backed MSME loan in Karimnagar to raise funds instantly without any hassle. Place a request with us, and our loan executive will reach your preferred location within 30 minutes. 

Apply for a Rupeek Gold loan today with only KYC documents!

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Benefits of Gold Loan over MSME/SME loan.
max LTV

We offer the highest per gram rate on our gold loans.

Today’s max loan value/gm () **

Today’s max loan value/gm ()
**
  • <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 there a processing fee for an MSME loan in Karimnagar?

Processing fees are applicable to MSME/SME loans. Nevertheless, the extent of such charges depends on the loan provider.

  1. What is the repayment tenure for MSME loans?

The loan repayment tenure depends on the sanctioned loan amount and the financial institution. Usually, one can avail an MSME loan with a loan tenure of up to 15 years.

  1. What happens if I fail to repay an MSME loan on time?

If individuals fail to pay their MSME loan EMIs on time, their credit score will be impacted. This hampers their chances of availing financial assistance in the future. Moreover, they have to pay additional charges owing to delay in EMI payments.

  1. How can I obtain an MSME loan/SME loan in Karimnagar?

Businesspersons can avail an unsecured business loan in Karimnagar for their MSME from banks and NBFCs. They can either visit their branch or apply via their app or web platform. Individuals can search ‘MSME loan provider near me’ to view a list of small business providers in Karimnagar.

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