MSME Loan in Surat

When it comes to investments, business owners often find themselves struggling with insufficient funds, and that is where an MSME/SME loan comes into the picture.

A few of the features of SME loans are:

• Loan Amount: The loan amount differs based on the financial institution or the government scheme one is opting for. The minimum amount one can avail is Rs.10,000, whereas the maximum amount ranges up to Rs.1 crore.
• Collateral: Usually, financiers do not ask for collateral to sanction a business loan in Surat. However, certain government schemes do require enterprises to provide a business asset.
• Repayment Tenure: The basic duration remains between 12 months to 5 years, while individuals can extend it in special cases.

However, before replenishing the funds, one should be aware of all the shortcomings an MSME/SME loan comes with as well to ensure a well-informed decision. These are –

• Banks loans in Gujarat entail a hefty interest charge because they’re unsecured.
• An applicant must have a CIBIL score of 750 or above; the enterprise must have a business vintage of 6 months (2 years in case of loans offered by banks and NBFCs).
• One must submit ID proof, income statements (audited), and several other business-related documents, which consumes considerable time in getting the loan approved.
• Government-sponsored MSME loans take a minimum of 8 days to be sanctioned and disbursed.

As an alternative, entrepreneurs can opt for an MSME loan against gold. It comes with virtually all the benefits of a regular MSME loan/SME loan but sans the shortcomings mentioned above.

Apart from the stringent MSME eligibility criteria and tedious documentation process, there are certain requirements that individuals need to fulfil in order to acquire a substantial fund. Having a decent repayment history, healthy CIBIL score, collecting specific documents, etc. are some of them, therefore, relying on it does not remain a smart option when you instantly need to invest a bulk amount.

In such a situation, a gold-backed MSME loan can be considered as a smart alternative because of the following options.

• As a non-consumable asset, gold allows individuals to obtain substantial funding to invest and grow their business.
• A gold loan comes with affordable interest rates.
• Smooth documentation process.
• Being a secured loan, it is free from strict eligibility parameters.

To apply for a gold loan online, you can voice search for ‘gold-backed MSME loan provider in Surat near me’. But, it might be prudent to first check out the benefits you can enjoy with us.

Here are some significant features of Rupeek’s gold-backed MSME loan that help young entrepreneurs to take their businesses up a notch.

• Satisfactory LTV Ratio

We offer the highest loan-to-value ratio in the market, which can reach up to 80% depending on the purity of your gold items. You can also use our loan calculator to understand how much amount you will be receiving against your gold.

• Lowest Interest Rate

Since you are pledging collateral, it already releases you from the burden of bearing heavy interest rates. On top that, Rupeek offers the lowest interest rate that starts from 0.49% per month.

• Doorstep Service

You can get rid of a tedious loan application, sanction and disbursement process with Rupeek’s doorstep service. Upon receiving your loan application, our loan manager will visit your residence with a gold appraisal kit to evaluate the gold and sanction the amount depending on that. The entire process gets completed within 45 – 60 minutes.

• Overdraft Facility

With our line of credit facility, Rupeek Quick, you get the opportunity to obtain more funds by repledging additional gold. As an additional advantage, the interest is charged only on the used sum, not the total loan amount.

Conventional MSME loans mainly involve lengthy processing period in case of government-operated institutions and rigid eligibility criteria along with high interest rates in case of NBFCs. Whereas, individuals get a lot of independence with a gold-backed MSME/ SME loan which makes it a go-to option for business owners who are gathering funds for business-related emergencies.

Here is of all the areas where you can get our doorstep services:

• Dumas Road
• Sachin
• Hajira
• New textile market
• Udhana - Magdalla Road
• Katargam
• Pal
• Mota Varachha
• Umarwada
• Amroli
• Dumas
• Piplod
• Adajan
• Olpad

Business owners residing in any part of Surat can avail our attractive loan offers and convenient doorstep service. You can also find further details in Rupeek app or contact our support team to clarify any query regarding MSME loan/ SME loan in Surat.

So take a leap towards fulfilling your business goals. Rupeek’s gold loan offers have got you covered!