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MSME loan in Patiala

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.

How Does An MSME Loan Work?

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 -

  • High CIBIL score preferably 750 and above.
  • The entrepreneur has to show bona fide vintage of the business. It must be in operation for at least 6 months to 1 year.
  • One has to present accounts of revenue from the business.
  • Details on the business type and balance sheet.
  • A clean credit history.
  • The applicant must be aged between 25-65 years

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.

Why Choose Gold Loan Over MSME Loans?

Following are some of the factors that make a gold loan a better borrowing option than an MSME loan/SME loan in Patiala.

  • Crisis Fund

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.

  • Minimal Documentation

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.

  • Lower Interest Rate

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.

What Makes Rupeek Gold Loan The Most Viable Option?

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!

  1. Doorstep Services

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.

  1. LTV Ratio

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.

  1. Outstanding Balance Transfer Facility

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.

  1. Gold Overdraft Facility

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.

Localities In Patiala Where Rupeek Operates

You can locate us in the following areas in Patiala -

  • Rajpura
  • Nabha
  • Bhadson Road
  • Samana
  • Patran
  • Devigarh
  • Bhadson
  • Ghanaur
  • Amloh
  • Banur
  • Ghagga

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.

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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 the standard CIBIL score to avail gold-backed MSME loan from Rupeek?

A borrower doesn't require a CIBIL score to get gold-backed MSME loan from Rupeek.

  1. Do Rupeek officials maintain corona safety measures when collecting the gold items?

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.

  1. What are the documents required to avail a Rupeek gold-backed MSME loan?

Prospective borrowers need to submit KYC documents along with other relevant documents like Aadhaar Card, PAN card, etc.

  1. What is the rebate scheme for gold-backed MSME loan by Rupeek?

Rupeek offers regular repayment rebate scheme to gold loan borrowers. If one makes a regular payment, rebate rate also exceeds.

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