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MSME loan in Rajkot

Positioned in the Saurashtra area of Gujarat, Rajkot is bequeathed as the second-most hygienic city of India. The city inhabits the 22nd spot on the register of the fastest-developing metropolis in the world. Known for its handicrafts industry and textile, Rajkot is a significant contributor to the state’s financial system.

Household knives, diesel technology, and car parts are among an assortment of other manufacturing products produced in Rajkot. From hefty auto-parts manufacturers to minute Patola saree weavers, this city has a lucrative break for all.

Moreover, the state government has been promoting ways to sustain start-ups, SME and MSMEs. Rajkot’s estimated average number of the daily worker employed in small scale industries were nearly 2,24,220 while 24,000 in large and medium enterprises, as per a government report.

Thus, it’s quite apparent that there are ample possibilities for opening your business. But acquiring finances can be a bit exigent. That’s why MSME loan /SME loan in Rajkot is steadily becoming so trendy.

Nonetheless, a potential borrower must research well about MSME finance in Gujarat and its variables to avoid inconveniences later on.

What Is The Function Of An MSME Loan/SME Loan?

As the name suggests, an MSME loan/SME loan is customised to support India’s Micro, Small and Medium enterprises. Both government schemes, as well as private financiers, extend this financing option. Government options include MSME loan scheme like -

  • Market Promotion and Development Scheme (MPDA)
  • Coir Vikas Yojana (CVY)
  • Skill Upgradation and Mahila Coir Yojana (MCY)
  • Prime Minister Employment Generation Programme, etc.

 As per the Government of India’s Micro, Small and Medium Enterprises Development (MSMED), 2006 act, following are the definitions of these businesses. 

  1. Enterprises with investment below Rs. 1 crore and turnover less than Rs. 5 crores is considered Micro.
  2. Investment of a firm that does not exceed Rs.10 crores and turnover does not exceed Rs.50 crores falls under Small.
  3. Medium-scale are enterprises with an investment of less than Rs.50 crores and turnover below Rs. 250 crores. 

The government offers MSME financing to these enterprises based on their turnover and eligibility fulfilment. Even NBFC’s are stringent in terms of documentation, which makes the loan processing tedious. 

On the other hand, the interest rate on finance for SME can be incredibly high. In such cases, a gold loan can be an excellent alternative to an MSME loan in Rajkot.

Prospective borrowers in need of emergency fund can collateralise their gold assets and get the desired funds instantly. 

Nevertheless, a comparative study of these two credit products will help them to choose the product, best for their small business.

MSME Loan Vs Gold Loan: Which Is Better?

Here is a table specifying differences between MSME loan/ SME loan and gold loan products. 

Points of Comparison

MSME Loan

Gold Loan

Documentation
  • The entrepreneur has to show bona fide vintage of the business. It must be in operation from 6 months to 1 year.

· Enterprise’s bank account statements and income tax return of the preceding two years

· The balance sheet of the past two years assessed by an authorised CA

· Registration of the corporation, AOA and MOA, partnership deed if any, PAN card and other KYC documents.

KYC documents and address proof

CIBIL Score

The applicant must have a high CIBIL score, preferably above 750 and remarkable credit history.

Not Required

Eligibility

· One has to show the revenue from business

  • Details on the Business type and balance sheet
  • A remarkable credit history
  • The applicant must be aged between 25-65 years

· Must be 18 years and above

· Gold Jewellery of at least 18 carat

The above table substantiates the advantages of availing a gold loan over a conventional SME loan in Rajkot. Moreover, one can multiply these benefits ten-fold by opting for a Rupeek gold loan.

We also offer you a gold loan calculator to get an estimation of how much gold needed to be pledged against the loan amount. 

What Are The Features Of MSME Loan/SME Loan From Rupeek?

Following are some of the features of Rupeek’s MSME loan against gold that makes this product beneficial unlike a stringent MSME loan/ SME loan in Rajkot. 

  1. We offer the highest per gram value of the gold as our offered LTV ranges up to 80% of the current valuation of the pledged gold.
  2. You can get up to Rs.1.5 crore through Rupeek gold loan, which you can use to undertake big-ticket expenditures.
  3. Our interest rate starts at 0.79% per month, and we also facilitate a flexible repayment of the loan. Borrowers can choose the schemes accordingly by assessing their finances. 
  4. We provide doorstep service to our borrowers who apply for a gold-backed MSME loan. Our loan manager visits your address on the scheduled date for a gold valuation and KYC assessment. After completion of these formalities, the loan is sanctioned to you within 30 minutes.
  5. We also offer a line of credit against gold, which gives you the flexibility to access fund any time as per your convenience. Details related to this feature can be checked under Rupeek Quick section.
  1. You can repay the due amount in a single payment at the term’s end or go by the regular EMIs. We also offer you the option to clear interest payment first and then repay the principal.

These features make our MSME loan process convenient, affordable, and efficient for a borrower. Check Rupeek today to read about the features in detail.

Rupeek’s MSME Loan/SME Loan - Rajkot Localities

We are currently operating in all these places in Rajkot. Check out the list to avail our doorstep gold-backed MSME loan/ SME loan. 

  • Dhebarbhai Road
  • Rajkot Marketing Yard
  • Gondal
  • Wankaner
  • Paddhari
  • Sapar Veraval
  • Rajkot Metoda Gidc
  • Sardhar
  • Rajkot Raiya Road
  • Virnagar
  • Mota Mava

Leverage all the benefits of a Rupeek gold-backed MSME loan/ SME loan in Rajkot and ensure a healthy cash flow. So, stop searching for the ‘best MSME loan lender near me’ and apply for a gold loan today with us.

Here’s to achieving your dream business!

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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 tenure for an MSME loan/SME loan in Rajkot?

Loans offered by banks and NBFCs can generally go up to 5 years. Specific lending institutions can also extend this tenure if needed.

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

We offer rebates on regular repayment of Rupeek loan debts. You can get a higher refund by paying frequently and timely. 

  1. What are the jewellery items accepted by Rupeek for a gold-backed MSME loan?

Rupeek accepts gold articles like ornaments, jewellery that ranges between 18K and 24K. However, we do not accept gold bars, coins, etc. 

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