Patiala, the fourth-largest city in Punjab, is the home to Sheesh Mahal, Bahadurgarh Fort and other such historical spots. Resultantly, the city accounts for huge tourist footfall each year.
Apart from being a tourist destination, the city is known for its excellence in trade, IT industries, and burgeoning textile and manufacturing sector. As per a DCMSME report, Patiala accounts for about Rs.184427 lakh turnover from its MSE Sector and around Rs.770020 lakh from large & medium industry sector.
This data testifies that the city persuades many start-ups to proceed with business and trade activities. Resultantly, there are several micro, small and medium enterprises located in the city, that seek regular cash flow for their operations.
MSME loan/ SME loan is, thus, in high demand in the city, with businesses looking for viable options to acquire funds to expand the scope of their ventures.
Nonetheless, before proceeding to learn how to get MSME loans, business owners should learn about a few pertinent details associated with such funding options.
An MSME loan/ SME loan in Patiala is a financial product designed to offer financial assistance to micro, small and medium businesses. Such loans come with convenient terms to aid budding entrepreneurs to manage business expenses effectively.
A potential borrower needs to fulfil several MSME loan eligibility to enjoy hassle-free loan disbursal. Few of such criteria a borrower needs to fulfil include -
Failing to fulfil these criteria can lead to cancellation of an MSME business loan application. Alternatively, borrowers can opt for a gold loan, offering multiple feasible terms of service and lower interest rate.
Following are some of the factors that make a gold loan a better borrowing option than an MSME loan/SME loan in Patiala.
Irrespective of the business size in Patiala, owners might require emergency funds to purchase large equipment or to restock inventory. Gold-backed MSME loans can prove beneficial in this regard. With instant approval and disbursal, individuals can utilise these funds to meet their requirements effectively.
Gold loan, being a secured option, requires minimal eligibility and documentation compliance as compared to an MSME loan process. This makes its approval swift and hassle-free.
Again, being a secured financial product, the interest rate of a gold loan is lower than any conventional MSME loan/ SME loan in Patiala. It allows the business owners to save significantly on interest payment.
Rupeek has been serving clients all over the country with borrower-friendly gold loan schemes.
Reasons to opt for our gold loans are listed below. Take a look!
Unlike an MSME loan/ SME loan, borrowers can avail Rupeek’s instant gold loan at their doorstep. Once, an individual makes a loan request to Rupeek by clicking on gold MSME loan apply; our loan manager reaches to his/her place within 30 mins. After confirming the documents and gold weight, the loan is sanctioned to the borrowers’ account.
We offer one of the highest per gram value of gold as we maintain an LTV of up to 80%. Borrowers can avail a gold loan of up to Rs.1.5 crores pledging such items from their possession.
In this regard, they also can use an online gold loan calculator to estimate how much they need to pledge to avail their desired loan amount.
Existing gold loan borrowers can also transfer an existing loan from their current lender to Rupeek. Our gold-backed MSME interest rate starts at 0.79% per month.
We also offer a gold overdraft facility, Rupeek Quick, to our customers, wherein one can pay interest only on the amount they utilise from the total sanctioned amount. Borrowers can further avail funds on top of their existing Rupeek gold loan by pledging additional gold.
You can locate us in the following areas in Patiala -
With multiple benefits and borrower-friendly options, any new or existing business can turn to Rupeek gold loan to boost their liquidity. So, stop asking Google for ‘MSME loan providers near me’, and contact Rupeek to know about suitable alternative schemes.
A borrower doesn't require a CIBIL score to get gold-backed MSME loan from Rupeek.
Yes, Rupeek maintains corona safety measures. The loan manager maintains distance and wears a mask when processing the gold loan via doorstep service. Moreover, they use kiosk technology to sanitise the jewellery.
Prospective borrowers need to submit KYC documents along with other relevant documents like Aadhaar Card, PAN card, etc.
Rupeek offers regular repayment rebate scheme to gold loan borrowers. If one makes a regular payment, rebate rate also exceeds.
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