MSME Loan in Surat

Over the years, Surat has acquired a bunch of epithets like ‘The Sun City’, ‘The Textile City of India’, and ‘Embroidery Capital of India’. The city possesses a wide range of historical landmarks, and their stunning architectural aspects blended with medieval charm are a visual treat for heritage lovers. For tourists, there are many popular attraction points like Sardar Patel Museum, Dutch Garden, Swaminarayan Temple, and Dandi Beach that have enhanced Surat’s beauty.

Apart from the fascinating cultural elements, the immense industrial growth of this city has remained another focus point. Surat is also popularly known as the diamond hub as it handles nearly 90% of the world’s diamond cutting and polishing work. With booming industries and developing economy, the city has given rise to a bunch of micro, small and medium enterprises (MSMEs).

To further this burgeoning growth, the Central government, as well as banks, NBFCs, and fintech companies in Surat, extend financial assistance in the form of MSME loan/SME loan. Enterprises can leverage this monetary device to fund an array of expenditures.

Role Of MSME Loan/ SME Loans

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.

Gold-Backed MSME Loan – A User-friendly Alternative

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.

Rupeek’s MSME Loan/SME Loan – Benefits To Entrepreneurs

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.

Avail Rupeek’s MSME Loan Services In Surat – Locality List

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!

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Benefits of Gold Loan over MSME/SME loan.
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We offer the highest per gram rate on our gold loans.

Today’s max loan value/gm () **

Today’s max loan value/gm ()
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  • 2 lakh
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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. How is the interest rate calculated for MSME loan against gold?

The rate of interest depends on the financial institution you are availing the loan from. It is generally set by the moneylender, and in order to have a complete idea regarding gold loan interest rates and schemes, you can contact the lending company.

  1. What are the minimum and maximum MSME loan amounts with Rupeek?

Borrowers can avail a substantial loan amount against their gold assets. The minimum amount that can be obtained with Rupeek is Rs.15,000, and the maximum remains Rs.1.5 crore.

  1. What is the process of partial payment for a gold-backed MSME loan?

One of the key features of Rupeek’s gold loan is that you can choose partial repayment in case you do not have the total amount ready with you. Visit our online portal and on ‘Repay you loan’ page enter your registered mobile number to sign in. Select the ‘Part Payment’ option to pay the amount ranging between monthly interests to anything less than the full-closure amount.

  1. What should be done in case of any discrepancy found in the returned gold?

You can immediately contact our support team who will assist you regarding the same.

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