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MSME loan in Tirunelveli

The coastal city of Tamil Nadu, Tirunelveli is gifted with natural abundance. Some serene sites of this district like Vallanadu Black Buck Sanctuary and several temples like Arulmigu Nellaiappar Temple and others make Tirunelveli a paradise for tourists.

This agricultural district contributes majorly to the state’s growth by producing bananas, rice, coconuts and other forestry products on a large scale. Over the years, multiple small businesses have also emerged in this district as well, creating a bustling economy parallel to agriculture. These enterprises can apply for an MSME loan/SME loan to further their financial objectives.

Who Is Qualified For An MSME Loan?

Over the years, Tamil Nadu Industrial Investment Corporation has taken multiple initiatives to boost the small and middle-scale businesses. However, in order to qualify for the same, you need to meet specific criteria and present proper documents to authenticate the details provided by you. 

It also holds for NEEDS scheme that provides principal and interest subsidy to budding entrepreneurs. Moreover, you need to wait for days to get funds through government schemes. Thus, if you are in urgent need of liquidity for your business, these financing options might prove ineffectual. 

Nevertheless, several commercial banks, NBFCs as well, extend financial assistance to eligible enterprises. The loan amount one can avail, and the interest rate on it depends on how well an applicant meets the MSME loan eligibility parameters. You can search for ‘MSME finance providers near me’ to view lender-specific eligibility criteria.

A few common yardsticks include –

  • 750+ - credit score
  • 2 years – Minimum business vintage
  • 25 lakhs – Minimum annual turnover
  • Must submit financial statements (audited)
  • Should provide future balance sheet to substantiate revenue projections

Businesses with insufficient credibility and turnover may struggle with getting an MSME loan/SME loan. These enterprises can consider a gold loan in Tirunelveli to meet cash shortfalls.

How Gold Loan Is A Substitute For MSME Loan?

The following are a few standard benefits of a gold loan –

  • Proper use of idle gold assets
  • Cost of borrowing is less when compared to an MSME loan
  • No restriction on usage, unlike a few government schemes
  • Prompt gold-backed MSME loan procedure
  • Minimal documentation 

In order to get these features and more in a single financial product, you can opt for Rupeek’s gold loan for MSMEs/SMEs. By opting for Rupeek’s gold loan, you can infuse required liquidity in your business without any hassle. 

Rupeek Brings The Best Deals On Gold Loan

We at Rupeek curated this gold loan keeping in mind the comfort and convenience of the borrowers. 

Here are a few characteristics of our gold loan. 

  • With the highest per-gram rate, business owners can acquire funds up to Rs. 1.5 crores without any credit score. They only have to use our gold loan calculatorto get an idea of how much gold they need to pledge to be eligible for the funds required. 
  • The Rupeek gold loan interest rate begins from 0.79% per month, making this financing option affordable for all sizes and types of business. 
  • Get an MSME loan/SME loan against gold within 60 mins at the comfort of your home. Once you request for the loan, our loan manager will visit your residence within 30 mins to initiate the loan processing formalities.
  • We also extend a 100% insurance coverage for all gold jewellery and also maintain a full-proof security protocol to keep the pledged gold safe. The gold articles are kept in the nearest bank’s vault to eliminate any possible security threat. 
  • Another perk of availing a Rupeek gold loan is that you can choose the repayment option based on your current financial status. We have some flexible repayment schemesthat let you repay the entire amount through EMIs, or you can pay the amount whenever you wish before the tenure ends. 

Moreover, Rupeek also offers a solution for emergency financial requirement through a loan overdraft facility. 

How Does Overdraft Facility Work?

You can further amplify the benefits of Rupeek gold loan by availing loan overdraft facility, also known as Rupeek Quick. This facility enables existing borrowers to avail a credit line by repledging some gold. 

You do not have to present any document to take advantage of this facility. Moreover, once the gold appraisal is done, the amount will be credited to your mobile wallet. You either can start using the funds directly from there or transfer it to your bank account. Another perk of this facility is that you only need to pay interest on the amount spent from the total limit. 

Hence, you can not only draw funds round the clock but also lower your interest payment to a great extent with Rupeek Quick. 

Availing an MSME loan/SME loan against gold has become simpler than ever. Our loan executives are dotted all across Tirunelveli to ensure timely response to your application every time.

Rupeek Location List For Tirunelveli

We offer our loan services in and around the following localities in Tirunelveli –

  1. Ambasamudram
  2. Kokkirakulam
  3. Alwarkurichi
  4. Palayankottai kalakad
  5. Nanguneri
  6. Vallioor
  7. Kudankulam
  8. Cheranmahadevi
  9. Manjolai
  10. Kallidaikurichi
  11. Kavalkinaru

When the hard-to-meet MSME loan eligibility criteria and tedious paperwork block your borrowing means, Rupeek’s gold loan comes to rescue.

Apply for a gold loan with Rupeek and see your business grow!

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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. Is an MSME certificate necessary for a small business loan against gold?

No, Rupeek does not ask for MSME certificate before approving a loan for small business. 

  1. How long does Rupeek take to disburse an MSME loan/SME loan against gold?

The loan manager will reach the borrower’s home within 30 mins. The entire loan process takes another 30 minutes to complete. 

  1. How does Rupeek determine the value of pledged gold?

Our loan manager will enter the weight of each of your gold article on his/her system. The quality of the gold is also evaluated using an ISI-certified gold appraisal kit. This information will be passed to our loan processing team for approval. The process will be completed within minutes.

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