Mudra Loan in Chennai

Mudra Loan in Chennai

Situated on the Coromandel coast of Bay of Bengal, Chennai is one of India’s top five metropolitan cities. It is also the state capital of Tamil Nadu and houses the UNESCO world heritage site of Mahabalipuram. The Marina Beach of Chennai is one of the largest sea beaches in the world.

Chennai’s automobile industry has earned this city the nickname of ‘Detroit of India’. Brands like Royal Enfield, Hyundai, Renault, Ashok Leyland, etc. have facilities in this state. Alongside manufacturing, the IT sector in this city is also growing steadily.

Business opportunities abound here, and financing options like a MUDRA loan in Chennai allow MSMEs to access these with ease. Nevertheless, learning the various aspects of this government-backed scheme is imperative to ensure sound financial planning.

MUDRA Loan Features

The Indian Government introduced MUDRA loan in Chennai and all over the country in 2015 to extend affordable financial support to SMEs and MSMEs.

Here are some notable features of this scheme –

  1. Mudra Mitra scheme requires no collateral.
  2. Borrowers can use it for a wide range of business expenses.
  3. The processing fee is minimal.
  4. It is available as composite and a term loan.
  5. It has an overdraft facility.

Types Of PMMY Chennai

The MUDRA loan in Chennai has three categories. Here are the details –

  • Shishu: This e-MUDRA loanscheme is purpose-built for businesses starting their operations. The maximum loan amount available here is Rs. 50000.
  • Kishore: Companies that are already in operations and planning to expand can opt for this scheme. Here the available loan amount is Rs. 50000 to Rs. 5 lakhs.
  • Tarun: Well-established companies are only eligible to avail funds from this Pradhan Mantri small business loan The maximum limit here is up to Rs. 10 lakhs.

Irrespective of the scheme, entrepreneurs need to meet the required eligibility criteria to avail any fund from MUDRA loan government scheme. It includes having a credit history without any defaults, and applicants must be involved in a servicing, trading, or manufacturing sector. Also, individuals must have the required skill set to manage the business.

Along with meeting the eligibility norms, one needs to submit the documents required for MUDRA loan. This list includes business ownership papers, bank statement, income proof, and balance sheet. Additionally, borrowers need to submit a business plan with their application.

However, such strict eligibility norms of MUDRA Yojana Chennai are not possible for every applicant to fulfil. Moreover, the lengthy approval process can be a hurdle as well in availing funds from this scheme. Hence, business owners often seek alternatives, and instead of looking for ‘MUDRA loan lenders near me’, they can apply for a gold loan.

Gold Loans As A MUDRA Scheme Substitute

When compared to a MUDRA loan in Chennai, gold loans seem to be a better financing option. It is secured and offers better loan terms and repayment flexibility without compromising the customer-friendly benefits.

Here are some ways in which a gold loan can help business owners –

  • Starting A Venture

With assistance from a gold loan, one can quickly start his/her business. Also, they are not required to submit any business plans like in an NBFC MUDRA loan.

  • Emergency Requirements 

The swift approval of gold loans comes handy in case of any business-related emergencies like procuring inventory, managing cash shortfalls, etc.

  • Business Expansion

Gold loans also help individuals with their business expansion. They can purchase or upgrade equipment, buy or rent a new place, etc. with the funds. Also, they can bypass the hassle of submitting a long list of documents.

Furthermore, the repayment flexibility and low cost of borrowing make gold loans a preferred mode of financing than a MUDRA loan in Madras. Nevertheless, one needs to select a reliable lender for an effortless borrowing experience.

In this regard, Rupeek is a name to consider. With country-wide presence and industry-first features like doorstep services, Rupeek focuses on offering a better customer experience.

Rupeek – A Name To Consider

Rupeek has established itself as a leading gold loan lender of India. The features and benefits it offers focus on improving a customer’s borrowing experience. Here are the prominent ones that make Rupeek stand out from its competitors –

  1. Lenient Eligibility Terms

Our eligibility requirements are minimal; any Indian over 18 years and with gold ornaments can apply for a loan with us. They are also spared of a rigorous documentation process, as one only needs to submit KYC documents.

Moreover, the entire process takes 45-60 minutes to complete, so there are no delays in availing funds.

  1. Higher Loan Amount, Low-Interest Rate

With Rupeek, one can now avail up to Rs.1.5 crore. We offer the highest per-gram rate that helps borrowers to get more funds against their gold articles. Applicants can use our gold loan calculator to check the current per-gram rate and calculate their loan amount accordingly.

Additionally, the interest we charge on a gold loan starts from just 0.49%, making interest payment even more affordable.

  1. Multiple Repayment Options

To make loan repayments even more affordable, we have introduced multiple repayment schemes. With Rupeek, borrowers have the flexibility to choose their repayment method. They can either opt for a regular EMI plan or can pay according to their suitability.

  1. Better Security For Gold Jewellery

We have implemented robust security measures to ensure the safety of gold ornaments pledged with us. Our representatives use bags fitted with GPS-tracking systems to carry gold from and to an applicant’s house. Also, we use high-security vaults to store them.

Additionally, the gold ornaments enjoy complimentary insurance coverage during the loan tenure. We also perform a regular security audit to eliminate the loopholes in our system, if any.

  1. Convenient Balance Transfer

We have also introduced a balance transfer facility to increase the convenience of our customers. Borrowers can share their current pledge card with our representatives, who will guide them through the rest. With a loan transfer with Rupeek, one can save up to Rs.12,377 per lakh on loan repayments.

  1. Overdraft Facility

The overdraft facility offered by us is popularly known as Rupeek Quick. It allows our existing customers to pledge additional gold to avail a line of credit. Thus, they can access funds as per their will 24x7. What’s more, one is not liable to pay interest on the total sanctioned amount, but the amount they have used.

Our doorstep services further amplify Rupeek’s customer-oriented approach. It is possible due to our strong presence across different localities of Chennai.

Localities In Chennai Where Rupeek Provide Services

Enjoy 30-minute doorstep service from in and around the following locations in Chennai –

  • Nungabakkam
  • Koyambedu
  • Anna Nagar
  • Mylapore
  • Maduravoyal
  • Vadapalani
  • Tiruvottiyur
  • Kodambakkam
  • Perambur
  • Porur
  • Triplicane
  • Tiruvanmiyur
  • Velacheri
  • Valasaravakkam

MUDRA loan in Chennai offers the necessary monetary assistance to emerging as well as established businesses. However, the eligibility criteria and lengthy processing time can be an issue, at times. In this context, gold loans can be a suitable alternative. Additionally, with a lender like Rupeek, this process becomes even quicker and helps entrepreneurs meet their business expenses without delay.

So, contact 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 avail a gold loan from Rupeek?

You can apply online for our loan. Once you initiate a request by submitting your mobile number, a company executive will contact you for further processing. Following that, loan managers will visit your address and assess the ornaments and the documents. Once they are content, you will receive the loan amount.

  1. What is the ‘No Tension’ plan offered by Rupeek?

It is one of the repayment plans offered by Rupeek. Under this scheme, you do not carry the burden of an EMI, and you are free to pay as per your convenience within the tenure.

  1. What is MUDRA Yojana for women entrepreneurs?

It is a specially curated plan to promote female entrepreneurship in the country. Here, female business owners can get necessary funds at a reduced interest rate and enjoy better overall loan terms.

  1. How to avail rebate on gold repayments with Rupeek?

To avail a rebate on repayments to Rupeek gold loans, you need to make regular payments. Moreover, with higher payment frequency, you will get a better rebate.

  1. Is there any part release facility available with Rupeek gold loan?

Yes, Rupeek offers a part release facility of gold items. However, this jewellery must weigh at least 10 grams or more.

  1. Is there any lock-in period for Rupeek gold loan?

No, there is no lock-in period on any funds availed from Rupeek.

  1. Do I need CIBIL score to get a MUDRA loan?

Yes, lending institutions extend a MUDRA loan in Chennai with a healthy CIBIL score, a spotless credit history, and no record of payment defaults.

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