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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.
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 -
As per the Government of India’s Micro, Small and Medium Enterprises Development (MSMED), 2006 act, following are the definitions of these businesses.
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.
Here is a table specifying differences between MSME loan/ SME loan and gold loan products.
Points of Comparison |
MSME Loan |
Gold Loan |
Documentation |
· 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
|
· 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.
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.
These features make our MSME loan process convenient, affordable, and efficient for a borrower. Check Rupeek today to read about the features in detail.
We are currently operating in all these places in Rajkot. Check out the list to avail our doorstep gold-backed MSME loan/ SME loan.
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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Loans offered by banks and NBFCs can generally go up to 5 years. Specific lending institutions can also extend this tenure if needed.
We offer rebates on regular repayment of Rupeek loan debts. You can get a higher refund by paying frequently and timely.
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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