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MSME loan in Madurai

Home to the famous Meenakshi Temple, Madurai is an emerging automobile hub of India. Industry leaders like Isuzu, Volkswagen, Mahindra, Toyota, and Tata, among others, have units in and around the city. Along with that, agriculture is a significant contributor to this city’s economy.

Madurai also hosts numerous micro-and small-scale companies. To compete with the industry giants in this city, sustain, and grow, businesses need adequate funds at all points. An MSME loan/SME loan can significantly benefit enterprises in that regard.

MSME Loan Offers A Helping Hand

An SME loan is tailored to meet the unique monetary requirements of micro, small, and medium enterprises, the primary contributors to this nation’s economy.

Here are a few features of this financial product –

  1. Multi-Purpose: MSME business loans are equipped to meet an array of business requirements. For instance, companies can opt for the CLSS for Technology Upgradation scheme to upgrade or buy equipment. Companies can also choose end-use restriction-free bank loans for businesses as well.
  2. Online Availability – Most of the MSME loans these days are available online. Companies can search for ‘MSME loan providers near me’ to view these options and apply one as per their needs.
  3. Collateral – Certain government-backed loans need borrowers to pledge a business-related asset like equipment. Bank loans, on the other hand, do not require any collateral.
  4. Extended Loan Tenure: The tenure for new loan scheme for MSME can go up to 7 years, which further help with the repayment.

Enterprises need to meet the following criteria to qualify for an MSME/SME loan in Madurai.

Sl. No.

Eligibility criteria

Requirements

1

Credit Score

Higher than 750

2

Business Vintage

Minimum 6 months, but lenders may prefer a higher bona fide vintage

3

Business Type

Sole proprietorship, Partnership, LLC, Private Limited and Public company

4

Yearly Turnover

Minimum Rs. 25 lakhs, but can vary depending on the financier.

Based on the fulfilment of these MSME loan eligibility criteria, lenders decide whether to accept or reject a particular application. However, meeting such stringent norms can be a challenge for some. In such instances, enterprises can bypass it by opting for a gold loan.

Gold loans, being secured in nature, offer less stringent eligibility norms and include more favourable loan terms. Furthermore, with lenders like Rupeek, you can enjoy a smooth gold-backed MSME loan procedure at your doorstep.

Features Of Rupeek’s MSME Loan/SME Loan Against Gold

Here are the notable features of Rupeek that make us stand out from the competition –

  1. Robust Security Protocols

At Rupeek, we follow robust security measures to store and transport your gold articles. Our loan executives carry the pledged gold items in GPS-enabled bags to high-security vaults. Moreover, your ornaments receive door-to-door insurance coverage during the tenure.

  1. Convenient Balance Transfer Facility

With Rupeek, you can now enjoy an easy loan transfer facility. Once you share the existing pledge card with our representative, they will guide you through the process. Save up to Rs.12,377 per lakh on loan repayments by transferring your loan with us.

  1. Multiple Repayment Plans

To make borrowing more accessible for you, we have introduced various repayment options. Our MSME loan process for repayment include standard EMIs, paying the interest in advance, or one-time bullet payment, where you can repay the whole amount in a single instalment at the end of the loan tenure. You can also pay instalments any time during the tenure based on the enterprise’s cash flow.

  1. Low-Cost Loan

The rate of interest we charge starts from as low as 0.79% per month, making interest payments more affordable. Get gold-backed MSME loan/SME loan up to Rs. 1.5 crores against minimal cost and reach your financial objectives affordably.

  1. Overdraft Facility

We also offer an extended credit line to our existing customers, known as Rupeek Quick. Access funds from the sanctioned limit and resolve cash flow issues easily. Furthermore, with Rupeek Quick, you need to pay interest only on the amount you use and not the entire credit line.

  1. Doorstep Services

Once you initiate a loan request via our website, our representatives will contact you for further processing. Following that, our loan manager will visit your address in just 30 minutes to evaluate the jewellery and verify the KYC documents.

Our presence in prominent localities around Madurai allows us to offer such prompt services.

Availability Of Rupeek’s Services In Madurai

Enjoy our instant doorstep MSME loan/SME loan against gold in and around the following localities –

  • Alanganallur
  • Anna Nagar
  • Sholavandan
  • Tirumangalam
  • Kamarajar Salai
  • Vadipatti
  • Vilakkuthoon
  • Madurai Main
  • Othakadai
  • Tirunagar
  • Thiruparankundram
  • Palanganatham

Avail an instant gold loan for MSME in Madurai to address all cash flow woes. Enjoy doorstep service, lowest interest rates, substantial loan, and top-notch safety of gold. Our gold-backed MSME loan/SME loan is just a click away!

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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 documents do I need for an MSME loan from Rupeek?

You need to only submit your KYC documents, like Aadhaar card, PAN card, etc. to avail funds from Rupeek. Also, keep utility bills or rent agreement in handy.

  1. How to repay MSME loan/SME loan against gold?

You can repay your loan online via the ‘Repay your Loan’ page Enter the OTP to log in and view the account summary. Proceed with repayment accordingly. We offer several payment options, like UPI, RTGS/IMPS, debit card, etc.

  1. How to avail rebate on gold-backed SME loan repayment?

To avail refund on MSME loan repayments, you need to make regular repayments. You can get a higher rebate based on how frequently you repay.

  1. Can I part release the gold items pledged for an MSME loan?

Yes, Rupeek offers a part release facility. However, the jewels being released must weigh more than 10 grams.

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