Mudra Loan

The Indian government launched PMMY to achieve the following objectives:

• Ensuring that the Microfinance Institutions (MFIs) are registered.
• I am providing a set of guidelines concerning financial assistance provided to the micro and small-scale enterprises.
• Providing micro and small enterprises with adequate funds to sustain and expand their operations.
• Helping lower-income groups to grow their business.
• Providing financial assistance to SC/ST by giving them more lending preference.

Given below is a tabular representation of the different types of MUDRA loans that one can avail:

Applicants are required to furnish the following documents to avail a MUDRA loan:

• A detailed, self-written business plan.
• 2 passport size photographs
• Proof of Identity issued by the Government of India like Aadhaar Card
• Government-issued Proof of Address such as Passport.
• Income proof documents such as Income Tax Returns and Sales Tax Returns
• Proof of Ownership of the business such as a Partnership Deed (if it’s a partnership firm) and Trade License.
• MUDRA loan registration form duly signed by the applicant.
• Government-issued documents that serve as proof of belonging to special categories such as SC/ST and OBC.

As we can see from above, the application procedure of a MUDRA loan involves a tedious documentation process. Moreover, business owners often fail to fulfil the stringent eligibility criteria of such form of credit. Owing to these reasons, a gold loan has now become a preferred option for most businesspersons.

This form of financial assistance can be availed without submitting any proof of income. Moreover, you can utilise the credit availed from the lender to finance a wide range of expenses such as restocking inventory, hiring skilled labour, supplementing cash flow, etc. Moreover, with Rupeek, it is now possible to avail such form of credit from the comfort of your home.

In the past few years, our services have garnered enormous popularity among business owners in India. With our hassle-free application process and lowest interest rates, financing your various business expenses has never been easier. Here are the benefits of availing a gold loan with us:

• Doorstep Loan Service: You can avail our services from the comfort of your home. Place a request with us through our app and our authorised executive will be there at your location as per the scheduled time to complete the formalities before loan disbursal.
• Instant Loan Disbursal: Once our authorised executive completes the KYC and gold valuation process, the approved loan amount will be disbursed immediately into your bank account.
• Overdraft Facility: We offer a gold loan overdraft facility that you can avail to fulfil your short-term financial requirements. You only have to pay interest on the amount you end up utilising.
• Flexible Repayment: Individuals availing our gold loan can repay the loan amount in instalments, or they can choose to repay the entire outstanding amount at the end of the six months’ tenure.
• Minimal Documentation: If you choose to avail a gold loan with us, you only have to submit your KYC documents. There is no requirement for additional documents such as income proof and proof of ownership of a business.
• No End-use Restrictions: Contrary to an NBFC MUDRA Loan, there’s zero spending restraints in relation to the loan amount availed from us. You can use the amount to fulfil various financial requirements. However, utilising the funds to finance illegal activities is against our policies and is strictly prohibited.
• Lowest Interest Rates: We offer gold loans at the lowest interest rates (starting at 0.49% per month.). You can choose any one of our schemes that are best suited for your needs.

The table given below represents the differences between our gold loan and PM MUDRA loan:

Whether you are a budding entrepreneur or a retail business owner trying to expand your existing business, we are here to cater to your financial needs. Now that you’re aware of the various benefits of a gold loan, your search for the ‘best MUDRA loan provider near me’ ends here.

Apply for a gold loan via our app or web platform and our authorised executive will be there at your location as per the scheduled time. You can also use our gold loan calculator to ascertain the quantity of gold you need to pledge to avail the loan amount you require. In case of any query, feel free to contact us as per your convenience.