Noida recently has overridden Kanpur to become the economic capital of Uttar Pradesh. This exponential rise can be attributed to the steady growth of the IT sector and the services allied to this sector. Places like Yamuna Expressway, Greater Noida are also proposed to become the electronic zone in the near future, as Government statement concludes.
Along with large enterprises, several small businesses also have emerged over the years. These small businesses can opt for an MSME loan/SME loan in Noida to expand their business and stand out in the competitive market.
Micro, small, and medium enterprises can avail an MSME loan under a government scheme or directly approach a bank or NBFC. Depending on the source, the features of this financing option can differ.
Usually, government loans come with funding up to Rs. 1 crore. Per the scheme, the loan may or may not entail end-use limitation. For instance, a machinery loan availed under CLSS for Technology Upgradation scheme is solely meant for buying or upgrading equipment.
However, one may need to offer collateral, and the documentation process is often time-consuming.
On the other hand, most bank loans share a few common features like end-use liberty, tenure up to 5 years, and no collateral required. Hence, businesses can use this loan for various reasons, like –
Irrespective of the purpose of the fund, however, the eligibility and MSME loan procedure are complicated. Therefore, prospective borrowers need to know these aspects beforehand.
In order to apply, individuals must first meet the following criteria.
Particulars |
Requirements |
Business type |
Partnership, sole proprietorship, a private and public limited company (must comply with the definition of MSME prescribed by MSME Act, 2006) |
Business vintage |
6 months – 1 year (Government schemes) 3 months to 3 years (NBFCs and banks) |
Investments |
1. Less than Rs. 1 crore (micro) 2. Less than Rs. 10 crores (small) 3. Lower than Rs. 20 crores (medium) |
Turnover |
1. Less than Rs.5 crore (micro) 2. Lower than Rs.50 crore (small) 3. Less than Rs.100 crore (medium) |
Documents |
· KYC documents · Address proof · Address proof of business establishment · Audited documents pertinent to the company’s financial records · Revenue projections · Estimated turnover · Bank account details of last 6 months · Business registration and certificates · Income Tax documents |
Credit score |
750 and above |
Nevertheless, the eligibility may vary with different lenders; therefore, it will be wiser to check those when searching for ‘MSME loan/SME loan providers near me’. Besides, small business loan interest rate in Noida is also on the higher side that discourage many business owners from taking this credit option.
They can, however, solve these issues by availing a gold loan that comes with a gamut of benefits.
Since MSME loan is unsecured credit, lender set stringent eligibility that not all business owners can fulfil. In such a scenario, a gold loan can prove to be a better alternative, primarily based on the following factors.
An MSME Uttar Pradesh can also maximise the benefits further while they opt for a Rupeek gold loan. It also comes handy for budding entrepreneurs as they do not have to go through any additional eligibility check.
On the other hand, women entrepreneurs can also give wings to their business ideas just by pledging the gold articles that they possess.
Following are some of the striking features of Rupeek gold loan that makes it one of the most sought-after borrowing options available to small business owners.
Besides, Rupeek also extends another unique facility, loan overdraft, which borrowers can avail while they face any short-term financial emergency.
Access funds from anywhere at any time with Rupeek’s overdraft facility against gold. Customers can get a credit line by pledging additional gold to streamline their cash flow.
Known as Rupeek Quick, this facility also helps in reducing the interest component as it is charged only on the spent amount.
Business owners living in and around the following places in Noida can request for our doorstep services.
Don’t let high business loan interest rates in Noida come between you and your dreams.
Request for a Rupeek gold loan today and achieve your business goals conveniently!
We offer the highest per gram rate on our gold loans.
Today’s max loan value/gm () ₹ **
Primarily MSME loan comes with more rigid eligibility criteria than that of a conventional business loan. Moreover, there are differences in terms of interest rate, tenure, business vintage and documentation.
Yes, you can transfer your current MSME loan/SME loan against gold to Rupeek and also can save up to Rs.12,377/lakh on interest.
We offer rebates on regular repayment of Rupeek gold loan. You need to pay frequently to get higher rebates.
You need to submit an ID proof, like an Aadhaar card, Voter ID card, or passport. Alongside that, provide recent utility bills or the rent agreement as address proof.
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