Mudra Loan in Guntur

Situated 64 km to the north of Bay of Bengal on the Eastern Coastal Plains, Guntur is a city in Andhra Pradesh. It serves as the administrative headquarters of the Guntur District and is the third-most populous city in AP. Places like Jinnah Tower, Nagarjuna Sagar Dam, Ethipothala Falls, Kondaveedu, Mangalgiri, Downtown Guntur, Suryalanka Beach, Amravathi, and Uppalapadu Nature Conversion are some of the top tourist destinations in this city.

Guntur’s economy is primarily based on chilli, cotton, and tobacco products and is one of the leading exporters of these. Home to the largest chilli yard in Asia, Guntur secures the second position in terms of trade after Mexico. Additionally, its proximity to Vishakhapatnam has largely impacted the commercial landscape of the city. Individuals can avail a MUDRA loan in Guntur to consolidate their position in this rising economy.

All non-corporate and non-farm entities that are generating income and have credit requirements up to Rs. 10 lakhs are eligible to apply for a MUDRA loan in Guntur.

After passing the eligibility parameters of a Shishu MUDRA Loan Guntur or that of any of the other two schemes, borrowers need to submit certain key documents. The documents required for MUDRA loan include:

Self-written business plans.
Furnished application form of the specific scheme. For instance, if you are opting for Tarun MUDRA Loan in Guntur, you need to fill out the Tarun loan form.
KYC documents of the applicant and/or co-applicant
Income proof, including financial documents such as Sales Tax return, ITR, license, Registration (if any)
SC/ST/OBC certificate (if applicable)
Business address and vintage proof (if applicable)
Registrations, License or Certificates (if any)

Though the MUDRA loan government scheme aims to fund the unfunded business segment across the country, the lengthy documentation and stringent eligibility criteria make it ill-suited in some cases.

Moreover, the processing time of this government-backed scheme is not specified. Individuals might have to wait for 7 – 10 days to get the loan amount disbursed. In such cases, businesspersons who have urgent cash requirement and are looking for quick funding can opt for a gold loan as an alternative.

During a liquidity crisis, gold can offer enormous financing support. A distinctive discussion between the government-backed MUDRA loan and the gold loan will help borrowers to understand the benefits of availing the latter.

Parameters	MUDRA Loan	Gold Loan
Loan type	Unsecured	Secured
Eligibility	Stringent	Relaxed
Documentation	Extensive, as mentioned above	Simple, only KYC documents and address proof
Processing Time	No fixed timing (may take 7 – 10 working days)	Less than an hour
Loan tenure	1 – 5 years	Up to 12 months

Entrepreneurs can enjoy a range of other essential benefits like doorstep services and multiple repayment options with Rupeek. Read along to know more.

Businesspersons can enjoy the following benefits with Rupeek’s gold loan –

Doorstep Service In 30 Minutes

Every business/entity needs a steady cash flow to optimally run the business. To ensure ready accessibility to funds and eliminate the hassle of going to banks, we provide instant doorstep gold loan service. Our gold loan professional reaches the client’s preferred location within 30 minutes to complete all the formalities once a borrower requests a gold loan with us.

Quick Disbursal Up To 1.5 Crores

Borrowers can get access to funds up to Rs. 1.5 crores in just 30 minutes with Rupeek. They need to keep only KYC documents and address proof handy for an expeditious loan processing. What’s more, the loan comes with zero usage restriction, something that a Kishore MUDRA loan Guntur does not offer.

Highest LTV

To ensure clients of Rupeek get the most out of their pledged gold, we offer the highest LTV up to 80%. Borrowers can check our consumer-friendly gold loan calculator to assess the loan amount beforehand and plan finances accordingly.

Flexible Repayment

The flexible repayment option of Rupeek enables borrowers to easily manage their gold loan as well as their business expenses. Individuals/entrepreneurs/businesspersons can choose to repay the loan amount either on a monthly basis or any time within the gold loan tenure (6 months). They can also pay the entire amount at once after the tenure ends.

Gold Overdraft Facility

The gold overdraft facility also referred to as ‘Rupeek Quick’ enables borrowers to secure a gold credit line. This facility is particularly beneficial as it helps borrowers to withdraw loan amount any time as per their requirement. On top of that, borrowers get the added benefit of paying interest only on the utilised money and not on the entire sanctioned loan amount.

During an urgent cash requirement, individuals tend to look for a reliable financing partner nearby. That is why Rupeek is now operational in all the major locations in Guntur.

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	-