Guntur
Mudra Loan in Guntur
mudra-loan-in-Guntur

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.

Understanding PM MUDRA Yojana Loan

GOI introduced this scheme in 2015 for non-farm and non-corporate business units. Banks, NBFCs, small finance companies, and MFIs are empowered to provide MUDRA loans to such entities.

Products offered under Micro Units Development and Refinance Agency (MUDRA) loans scheme includes:

  • Shishu Loan: Up to Rs. 50000
  • Kishor Loan: From Rs. 50001 to Rs. 5 lakhs

Tarun Loan: From Rs. 500001 to Rs. 10 lakhs

MUDRA Loan Eligibility And Documentation

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.

Gold Loan Vs MUDRA Loan In Guntur

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.

Merits Of Rupeek

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.

Service Locations Of Rupeek In Guntur

Contact us for the best doorstep business financing solutions in Guntur –

  • Amaravathi
  • Tadikonda
  • Thamma Ranga Reddy Nagar
  • Kanna Vari Thota
  • Pedakakani
  • Velagapudi
  • Pedanandipadu
  • Prathipadu
  • Mangalagiri
  • Nallapadu

You can finally stop googling for ‘MUDRA loan provider near me’ and instead opt for gold loans from Rupeek.

Apply now for convenient doorstep loan up to Rs. 1.5 crores!

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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% 0.69%
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. Where can I get a MUDRA loan in Guntur?

You can get a MUDRA loan from any of the commercial banks in Guntur. Certain NBFCs, RRBs, and MFIs also offer a MUDRA loan. You can apply online or visit your nearest branch.

  1. Is credit score important for MUDRA loan?

Yes, the credit score is an essential eligibility criterion. You need to boast a strong credit score and a spotless repayment history to qualify for this financing scheme.

  1. Can I get a gold loan against gold bar?

No, you cannot get a gold loan against gold bars. Our lending partners only accept gold pieces of jewellery of quality 18 carats or above.

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