Mudra loans in Bhopal

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.

Collateral-free credit
Negligible processing and additional charges
Advantageous features like overdraft facility, MUDRA card, etc.
Varied business-related utility for non-corporate/non-farm companies

Small business owners can acquire MUDRA loan for machinery and other purposes under three categories depending on their financial requirements.

Shishu: Sanctions loan of up to Rs. 50,000.
Kishore: For loans between Rs. 50,000 and Rs. 5 Lakhs.
Tarun: Offers loan amount above Rs. 5 Lakhs up to a maximum of Rs. 10 Lakhs.

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.

Get a copy of your business plan ready.
Go to the official website of MUDRA loan to download the form for the required category or visit your nearest MUDRA loan distribution
Duly fill in the form and submit it along with all the documents, and complete other formalities specified by the lending institution.
Receive the loan amount in your account upon a successful application and approval.

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.

Avail up to 80% of your gold’s value with Rupeek’s highest per gram rate. We maintain 100% transparency with our online gold loan calculator, using which you can check available loan amount against your asset.
A huge relief for borrowers is a low borrowing cost with interest rates starting from 0.79% per month.
Enjoy instant online gold loan at your doorstep upon a successful loan request and complete verification and gold appraisal from the comfort of your home.
Rupeek offers flexible repayment schemes, using which borrowers can choose to make a payment anytime during the loan tenure, including single bullet payment, or they can opt for traditional EMIs.

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.

Anand Nagar
Kohefiza
Gandhi Nagar
Bagh Swaniya
Arera Hills
Jahangirabad
Vallabh Bhawan
Kolar Road
Chuna Bhatti
Govindpura
Bairagarh
Bhel Town

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!

Comparision Parameters	Mudra Loan	Gold Loan
Interest Rate	2.39%	0.79%
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	-