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Also renowned as the City of Lakes, Bhopal is the capital of Madhya Pradesh and houses notable sites like Lakshmi Narayan Birla Mandir, Taj-ul-Masajid, and Van Vihar. Besides being one of the greenest cities in India, Bhopal boasts of state-of-the-art campuses like that of DB Corp, AMPRI, and BHEL, making for ample employment opportunities for the educated youth and boosting the city’s urban population.
Keeping up with the rapidly growing industrial hub for cotton, electrical goods, handicrafts, and jewellery can pose a threat, especially for blooming businesses and start-ups. A Mudra Loan in Bhopal can thus prove to be a suitable financial backup for business owners in the city, providing hassle-free funding to eligible applicants.
To promote small and micro enterprises across the country, the Government of India introduced the Pradhan Mantri MUDRA Yojana (PMMY) on April 8, 2015. This scheme aims to provide them with formal funding options and benefit them in the following ways.
Small business owners can acquire MUDRA loan for machinery and other purposes under three categories depending on their financial requirements.
To get help in deciding the scheme’s suitability for your business, contact on the MUDRA loan helpline number or search “MUDRA loan provider near me”. If you are interested in applying for one, read on to find the procedure to apply online for MUDRA loan.
Follow the given steps to avail a MUDRA loan in Bhopal.
Although this application procedure might look simple at first glance, applicants need to make it through a stringent set of eligibility criteria to qualify for a MUDRA loan in Bhopal. Plus, the list of mandatory documents is a long one, which might not be favourable for budding entrepreneurs unable to meet the minimum parameters.
Nevertheless, instead of letting such hurdles put your funds on hold, consider gold loan as an alternative borrowing option.
Refer to the following table to understand in detail how a gold loan differs from NBFC MUDRA loan.
Parameters |
MUDRA Loan |
Gold Loan |
Eligibility |
Stringent |
Must be 18+ years of age and possess sufficient gold |
Documentation |
Elaborate |
Only KYC |
Credit History |
Should not include repayment default |
Not checked |
Employment |
Must own or start a non-farm/non-corporate business |
Not required |
Loan Disbursal |
Takes up to 7-10 working days |
Can be completed with 1-2 hours |
Maximum Loan Amount |
Rs. 10 Lakhs |
Rs. 1.5 Crores |
Usability |
Restricted to business requirements |
Can include anything from medical emergencies to foreign trips |
If you have already weighed the pros of a gold-backed loan over a MUDRA loan in Bhopal, it is time you choose a gold loan provider offering the best policies.
Rupeek Fintech is an NBFC aiming to make instant funds available to business-owners with varying financial backgrounds through a simple online application process. Plus, a variety of loan schemes coupled with other striking advantages make this financial product suitable for every loan-seeker.
Here are some of the most striking benefits of opting for a gold loan from Rupeek instead of an e MUDRA loan.
Apart from these, Rupeek also extends a unique 30-minute loan service to specific areas in Bhopal.
Enjoy Rupeek’s advantageous gold loan services over MUDRA loan in Bhopal in the following localities in this city.
Besides the above areas, Rupeek aims to extend its striking offers to every nook and corner across the country. So, if you are a resident looking for affordable borrowing options, apply for a gold loan with Rupeek today!
To avail a MUDRA loan, individuals need to be aged above 18 years, own or plan to start a non-farm/non-corporate business, have a good repayment history, and possess necessary skills to put their business plan to action.
Partnering with Brinks, Rupeek ensures robust security for the pledged gold through safe transportation in a bag fixed with GPS-tracker. Thereafter, your gold items are stored in secure bank vaults within a 5-km radius of your residence, where they undergo surveillance 24x7. Additionally, Rupeek also provides 100% insurance against any sort of damage or theft of the collateral.
The Pradhan Mantri MUDRA Yojana details specify a maximum of 5 years or 60 months as repayment tenure for loans under this scheme.
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