Mudra Loan in Bangalore

Mudra Loan in Bangalore

Bangalore is the primary IT industry in India and one of the largest globally. It is also called the ‘Garden City of India’ owing to an abundance of green spaces and sites like Lal Bagh Botanical Gardens.

According to Oxford Economics during 2020-2024, Bangalore is likely to record annual GDP growth of 9.9%. The advanced infrastructure and presence of multi-national organisations like Samsung, Microsoft, Accenture, Amazon, and many more have fuelled the emergence of micro and small businesses.

On the other hand, however, the skyrocketing competition in Bangalore also makes it difficult for budding enterprises to keep up and sustain. To that end, enterprises in Bangalore can consider a MUDRA loan.

What Is A MUDRA Loan In Bangalore?

In 2015, the Government of India introduced Prime Minister Mudra Yojana under Micro Units Development and Refinance Agency Limited or MUDRA scheme. The aim here is to extend affordable financial solutions to small and medium scale industries.

Entrepreneurs can avail the facilities of this scheme via banks, NBFCs, RRBs, MFIs. Under the MUDRA loan scheme, they can avail up to Rs.10 lakh.

Furthermore, MUDRA Yojana Bangalore has 3 categories, based on the stage a particular venture is in presently. Following are the details –

  1. Shishu: This sub-category of MUDRA loan scheme intends to offer financial support to entrepreneurs who are just starting their business. The maximum loan amount here is up to Rs.50000. 
  2. Kishore: This category of e-MUDRA loan aims to extend financial support to those individuals who are looking to expand their existing business. Here, the loan amount ranges from Rs.50000 to Rs. 5 lakh. However, one must keep the documents required for Kishore MUDRA loan like balance sheet, income and sales tax details, business plans, etc. handy to make this process smoother.
  3. Tarun: Well established businesses that are planning a diversification or further expansion can opt for this sub-category of MUDRA finance Bangalore. It offers the highest loan amount under this financing scheme. The loan amount here ranges between Rs. 5 lakh to Rs. 10 lakh.

What Are The Features Of MUDRA Loan In Bengaluru?

Here are some prominent features of financing scheme –

  1. MUDRA loan does not require any collateral.
  2. The processing fees are minimal to nil.
  3. The funds offered under PM MUDRA loan can be used for various business purposes.
  4. It is available as a term loan and a composite loan.
  5. Overdraft facility is available.

Who Is Eligible For MUDRA Loan Subsidy?

MUDRA loan in Bangalore is available to the following business owners –

  • Partnership firms
  • Sole Proprietary concerns
  • Public company
  • Private limited company

Nevertheless, a point to note here is that applicants must have a spotless credit history and a satisfactory CIBIL score. Usually, the eligibility-checks and documents required are quite extensive. Plus, fund disbursal takes under this scheme takes up considerable time.

Hence, entrepreneurs looking for easier borrowing terms and in need of funds higher than Rs. 10 lakh can instead of searching for ‘MUDRA loan provider near me’ opt for a gold loan.

How Gold Loans Are An Alternative?

Gold loans are secured, and they offer better loan terms when compared to the MUDRA loan in Bengaluru. It means lenient eligibility requirements, better interest rates, and quick processing.

Moreover, the restriction-free usage of this financial product allows entrepreneurs to fund an array of business expenses. Here are some common ones –

  1. Buying Inventory

The quick disbursal nature of gold loans allows entrepreneurs to attain the necessary inventory for their business without any delay.

  1. Investing In Equipment

Additionally, the high-value nature of gold loans helps business owners to invest in buying new equipment.

  1. Business Expansion

One needs to submit his/her business plans to avail funds from MUDRA scheme. They can bypass this hassle with a gold loan. In the case of this financial product, the lender does not assess project cost, which makes it simpler for applicants.

Along with these, the low cost of borrowing and repayment flexibility make availing a gold loan affordable and easier when compared to a MUDRA loan in Bangalore. But these are the basic advantages of a gold loan. To enjoy industry-first features like high-value loan and doorstep service, entrepreneurs can select Rupeek.

How Rupeek’s Gold Loan Can Help Entrepreneurs?

One of the leading gold loan providers of India, Rupeek offers a wide variety of repayment schemes, tailor-made to suit the convenience of all borrowers. Here are some notable features of Rupeek, that help us to stand out from the crowd –

  1. Considerable Quantum

We feature one of the highest LTV ratios in this segment that can go as high as 80%. It enables our customers to avail up to Rs. 1.5 crores. To find out the loan value and per-gram rate of gold offered, they can use the gold loan calculator on our website.

  1. Competitive Interest Rates

Borrowers can enjoy monthly interest rates as low as 0.49% per month. Therefore, the interest repayment with us is now more affordable.

  1. Flexible Repayment Schedule

To make the interest payment more affordable, we have introduced a flexible repayment system. Here, customers can choose from different repayment plans like one-time bullet payment, traditional EMIs, and interest pre-payment. Moreover, they can also choose instalment payments according to their convenience.

  1. Convenient Balance Transfer Facility

With Rupeek, one can save substantially on loan transfer. The process is straightforward. Customers need to share their current pledge card with our representatives, and we will guide them through the process. Entrepreneurs can save up to Rs,12,377 per lakh by transferring their gold loan in Bangalore with us.

  1. Hassle-Free Eligibility and Documentation

Individuals who are above the age of 18 and possess gold jewellery can avail funds from us. Additionally, applicants need to submit only KYC details to avail gold loan from Rupeek.

  1. Overdraft Facility

Our overdraft facility against gold, Rupeek Quick, helps entrepreneurs in Bangalore meet all their cash flow requirements without hassle. A credit line can be taken out by pledging additional gold ornaments. One can avail funds anytime from the limit sanctioned against their gold valuables and pay interest solely on that amount.

  1. Doorstep Services

Our doorstep services further increase the benefit of selecting Rupeek as your lending partner. Following the online application, our loan manager will reach your house within 30 minutes. They will perform the gold appraisal and validate KYC documents, and you can have the necessary loan amount within 45-60 minutes.

We can offer such a prompt service owing to our presence in the top localities of Bangalore.

Localities Of Bangalore Where Rupeek Offers Its Services

  • Sampangi Rama Nagar
  • HSR Layout
  • Whitefield
  • Yelahanka
  • JP Nagar
  • Banaswadi
  • Banashankari
  • Bannerghatta
  • Bommanahalli
  • Bellandur
  • Koramangala
  • Electronics City
  • Hal Old Airport Road
  • Hoskote
  • Nelamangala

A MUDRA loan in Bangalore offers the necessary financial assistance to both budding and established businesses. On the contrary, the strict eligibility criteria and long processing time can be an issue for some. In this context, a gold loan is a potent alternative for such entrepreneurs. Additionally, with industry-first features like doorstep service paired with repayment flexibility, Rupeek offers a hassle-free borrowing experience.

Choose Rupeek for a fair, fast and flexible solution.

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Benefits of Gold Loan over Mudra Loan.
  • <1 lakh
  • 2 lakh
  • 3 lakh
  • 5 lakh
  • 10 lakh
  • 20 lakh
Comparision Parameters Mudra Loan Gold Loan
Interest Rate 2.39% 0.49%
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 apply for a gold loan from Rupeek?

You can quickly apply for a gold loan from Rupeek via the official website of the company. Enter your mobile number and initiate a loan request. After that, our company representative will get in touch with you for further processing.

  1. What is the tenure for MUDRA loans?

The repayment tenure of MUDRA loans can range between 3-5 years. Moreover, since it is a term loan one needs to follow a strict repayment structure.

  1. How to avail a rebate on gold loans from Rupeek?

You can avail rebate with regular repayment of your gold loan. Moreover, with a higher frequency of repayment, you can avail a better rebate.

  1. Is there any part-prepayment facility available with Rupeek?

Yes, there is a part-prepayment facility offered by Rupeek. Individuals can log in to their Rupeek account to choose their suitable repayment option.

  1. What is the minimum credit score required to avail funds from Rupeek?

Rupeek does not ask for credit score to avail funds from them. Hence, even if you have a credit score below 750 or an unsatisfactory credit score, you can still avail funds from Rupeek.

  1. What is the MUDRA loan age limit?

MUDRA loan age limit is 18 - 65 years.

  1. What are the documents required to avail a MUDRA loan?

One needs to submit business ownership documents, balance sheet, business plan, income and sales tax documents, and caste certificate in case of reservation.

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