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MSME loan in Thiruvallur

Situated on the banks of Cooum River, Thiruvallur is one of the fastest-growing cities of Tamil Nadu. Companies like CAT, Mitsubishi, TCL, Delphi-TVS have units in and around Thiruvallur, Tamil Nadu.

The presence of big corporations like these in the city, however, makes it difficult for small businesses to gain a foothold. Smart financial planning and proper utilisation of MSME loan/SME loan can help enterprises to sustain and grow to that end.

Usage Of MSME Loan

Businesses can use an MSME loan to fund an array of expenses. While a few government-backed schemes come with end-use restriction, bank loans are usually free of such limitations. Here are a few common use-cases of an MSME loan –

  1. Entrepreneurs can use SME loans to boost their organisation’s working capital.
  2. MSME loan online can also be used to purchase new equipment or upgrade the existing ones.
  3. An MSME loan can be used to meet seasonal demands.
  4. MSME loans are an excellent source of support during expansion, diversification, and modernisation.

Entrepreneurs can meet these expenditures and more with an SME loan. However, companies must meet the eligibility criteria to apply for this financing option.

MSME Loan/SME Loan Eligibility Criteria

Here are the necessary eligibility requirements that applicants need to fulfil –

  1. The enterprise must boast a business vintage of at least 6 months to 1 year. Private financiers prefer a bona fide vintage of 2 years.
  2. The applicant must have a 750+ credit score.
  3. The yearly turnover of the organisation must be higher than Rs. 25 lakhs.

The documents a businessperson needs to submit includes KYC papers, audited P&L statement and Balance Sheet, documents pertaining to revenue projections, etc.

It’s prudent to check the eligibility and documents required thoroughly when searching for ‘SME loan providers near me’ in Thiruvallur.

Companies that are unable to meet these requirements can, however, be denied of an MSME loan. Companies that barely satisfy these parameters, on the other hand, may have to service an unsecured MSME loan at high rates of interest.

To that end, a gold loan serves as an excellent alternative to an MSME loan/SME loan.

Gold Loan – A Suitable Alternative

The lenient eligibility requirements and minimal documentation make availing a gold loan hassle-free. Besides, a gold loan has no usage limitation. Thus, entrepreneurs can timely meet all their financial requirements with this financing facility.

To enjoy further benefits, like doorstep service, low interest rates, and optimal security of gold, MSME/SMEs can opt for Rupeek.

Reasons To Choose Rupeek For MSME Financing

One of the leading Fintech Companies of India, Rupeek has fashioned a number of customer-friendly loan schemes and offers a host of features that make borrowing a pleasant experience for entrepreneurs. Here are some notable ones –

  1. Overdraft Facility

At Rupeek, we offer an overdraft facility to aid our customers in every urgent financial need. Our existing customers can pledge gold to get access to a substantial line of credit called Rupeek Quick.

This facility is conducive for entrepreneurs, as now they have access to instant funds to meet their sudden business expenses. Moreover, they need to pay interest only on the amount they use. So, borrowers can save substantially on repayments.

  1. High Per-Gram Rate

We offer one of the highest per-gram rates in the gold loan segment, which allow our customers to avail up to Rs.1.5 crores. You can check the gold loan calculator on our website to learn the current per-gram rate, and calculate the loan amount.

  1. Affordable Repayment

Along with the high per-gram rate, we also offer a low-interest rate that starts from 0.79% per month. Hence, interest repayment with us is more affordable now.

  1. Balance Transfer Facility

With us, you can now save substantially on loan transfer. The process is straightforward and quick. You can save up to Rs.12,377 per lakh on loan repayments.

  1. Multiple Schemes

Rupeek offers multiple repayment options. With us, you get to select the payment method you are comfortable with; you can choose from conventional EMIs, interest pre-payment, single bullet scheme or pay as per your convenience.

Our doorstep services further enhance the benefit of selecting Rupeek. Following your loan request, our loan managers will visit your address to cater to your requirements. Rupeek’s loan executives are present in every nook and corner of Thiruvallur, ensuring they can reach your residence within just 30 minutes of a loan application. 

Localities Of Thiruvallur Where Rupeek Is Operational

  • Periapalayam
  • Ponneri
  • Pattabiram
  • Uttukottai
  • Pulicat
  • Tiruttani
  • Tiruvelangadu
  • Minjur
  • Kadambathur
  • Poonamallee
  • Avadi
  • Thiruverkadu

All businesses need to support their cash flow and other financial endeavours with debt, either wholly or partly, to sustain and grow. That’s why it is vital to be smart with the choice of MSME loan/SME loan.

A gold-backed financing option offers an excellent opportunity for entrepreneurs to avail the most of their gold’s worth. Plus, Rupeek’s many industry-first features ensure entrepreneurs are ideally positioned to access all opportunities that come their way timely.

Contact Rupeek for a fair, fast and flexible solution to your business needs.

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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. How to get MSME loan against gold from Rupeek?

You can get a gold-backed MSME loan from Rupeek by applying online. You need to provide your mobile number to initiate a loan request, and our representatives will get back to you and guide you through the process.

  1. What is Tamil Nadu Industrial Investment Corporation?

Established in 1949, TIIC is a financial institution owned by the state government of Tamil Nadu. It provides financial assistance to MSME/SMEs in TN.

  1. Is there any lock-in period with Rupeek’s MSME loan against gold?

No, there is no lock-in period with the MSME loan/SME loan offered by Rupeek against gold articles.

  1. How can I repay my gold-backed MSME loan online?

You can visit the payment portal of Rupeek for this purpose. Once you log in by using the OTP, you can see the loan details and make payments subsequently.

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