Mudra Loan in Hyderabad

Mudra Loan in Hyderabad

Hyderabad, the capital city of Telengana, is renowned for its 400-year-old history, culture, and heritage. It became a major trade centre in the 16th century due to Golconda diamond mine's discovery.

The contemporary city of Hyderabad is also one of the most important economic hubs of India with essential industries in sectors like auto parts industry, textiles and apparels industry, poultry farming, etc. Hyderabad also has a flourishing handicrafts industry for which it is known as the city of pearls.

Apart from that, this city is also emerging as a central I.T. hub of India. Consequently, there is a significant potential for growth for call centres, business process outsourcing firms, etc. I.T. giants like Dell, IBM, and Microsoft have also set up their offices in Hyderabad. Such developments have earned this city the nickname of Cyberabad.

These enterprises can opt for a MUDRA loan in Hyderabad to secure the requisite funds for operations expansion.

What Are MUDRA Loans?

The Government of India introduced the Pradhan Mantri Mudra Yojana or MUDRA Mitra to provide credit to the Non-Corporate Small Enterprises engaged in trading, manufacturing, and service sectors requiring funding of up to Rs. 10 Lakhs.

MUDRA loan distribution is done through Co-operative banks, Regional Rural Banks, scheduled commercial banks, NBFCs, MFIs, etc.

This scheme offers three types of Pradhan Mantri small business loan based on the funding needs of an enterprise as well as stages of development of an organisation -

  • Shishu –

Businesses in initial stages and individuals looking to launch their ventures can opt for Shishu loans to avail financing of up to Rs. 50,000.

  • Kishore

Under the Kishore category, enterprises can avail PM MUDRA Yojana loan above Rs. 50,000 and up to Rs. 5 Lakhs to accelerate their operational growth and development.

  • Tarun

Tarun covers PM MUDRA loans above Rs. 5 Lakhs and up to Rs. 10 Lakh. This credit product mainly focuses on established businesses that are looking to diversify their operations.

Who Can Apply For A MUDRA Loan?

Applicants who meet the following eligibility criteria can apply for a MUDRA loan in Hyderabad

  • Applicants should already own or be planning to start a business in the non-corporate or non-farming category.
  • They should not have any history of defaults on payments.
  • Applicant must have the required educational knowledge or skill for undertaking the proposed business activity.

Individuals, Partnership Firms, Proprietary concerns, and Public or Private Ltd. companies are eligible to apply for a MUDRA loan in Hyderabad for the following purpose –

  • Purchase of commercial vehicle, car or two-wheeler to be used only for business purpose
  • Office renovation
  • Purchase of plant and machinery
  • To meet working capital requirements

Prospective applicants can visit MUDRA loan office in Hyderabad or go through the official website to learn more about eligibility parameters.

If you are not sure of which lender to approach for this financing, you can proceed to search for “MUDRA loan near me” and proceed to zero in on a suitable financial institution accordingly.

Documents Required For A MUDRA Loan

Any individual opting for a MUDRA loan in Hyderabad needs to submit the following list of documents to the concerned financial institution –

  • Business plan
  • Duly filled in Pradhan Mantri MUDRA Yojana application form
  • Passport size photograph
  • Income tax returns filed for the previous 2 years
  • Bank statement copy of last 6 months
  • KYC documents which include Aadhaar card, PAN card, Voter ID card, passport, driving license or any other officially recognised documents
  • Business continuity proof
  • Financial statements certified by a CA
  • Proof of establishment (resident/office)
  • Qualification proof
  • Trade references

In addition to this, businesses will also need to fill in a separate application form for a vehicle loan, business instalment loan or rural business credit. As such, most small businesses may find the documentation process for MUDRA loan for machinery or any other purpose to be very extensive and time-consuming.

Hence, entrepreneurs or business owners can consider other funding options that require nominal documentation, such as a gold loan.

Financing Business Growth And Expansion With A Gold Loan

Apart from nominal documentation, there are also other perks of Gold-backed loans over a MUDRA loan in Hyderabad. These have been discussed below -

  • Credit History Is Not Essential

One of the significant eligibility parameters in NBFC MUDRA loans is that applicants should hold a reliable credit history. Apart from that, they must not have any account of defaulting on payments to any financial institution.

However, there is no such requirement to be met for gold loans since the loan amount is backed by pledged gold.

  • Instant Processing

Individuals applying for a MUDRA loan in Hyderabad are required to meet several eligibility parameters and submit an extensive list of documents to the respective financial institution. The lender will then determine an applicant's eligibility for funding under MUDRA scheme based on the forms provided.

Furthermore, the project cost will be decided according to the applicant's business plan and investment proposal. Thus, the MUDRA loan’s origination process is time-consuming.

On the other hand, applicants are only required to submit a few essential documents and meet nominal or no eligibility parameters in case of a gold loan as the amount is secured against gold. Accordingly, the loan application is sanctioned, and the amount disbursed to the borrower within a day.

Besides these features, individuals can avail added perks and benefits compared to MUDRA finance Hyderabad if they apply for a gold loan with Rupeek, India's leading online gold company.

Why Rupeek For A Gold Loan?

We offer the following added benefits to individuals applying for a gold loan with us -

  • Flexibility In Repayment

With Rupeek, borrowers can opt for repayment schemes according to their conveniences and financial strategies suitable for their ventures. For instance, an individual with a business that enjoys regular cash can consider opting for the 'regular pay' repayment scheme to carry out monthly repayments.

On the other hand, borrowers with a seasonal business can choose the bullet repayment option to pay off the principal and interest at the end of a tenure.

  • Rupeek Credit Line

Applicants can also avail gold overdraft facility known as Rupeek Quick, wherein they can withdraw only the required amount and pay interest as accrued. It will enable a business owner to meet his/her working capital requirements while saving on interest repayments.

Furthermore, existing users can also apply for an extended credit line under this facility.

  • Top-Notch Security

Individuals applying for a gold loan with Rupeek can be completely reassured of its safety as we offer multiple layers of security. These include the following –

  1. During gold valuation and documents verification, the gold is collected directly from the applicant's residence by a representative from Rupeek. It is then kept in a GPS-enabled bag so that the transportation can be tracked to make sure the pledged gold has been taken to its designated location.
  2. Throughout the tenure, the gold ornaments will be kept in a military-grade vault in a bank partnered with Rupeek.
  3. The gold assets are insured for the whole of the repayment period.
  • Affordable Interest Rates

We offer gold loans at affordable interest rates starting from 0.89% per month so that enterprises and firms can achieve their business goals without straining their budget. Additionally, one can also use tools like Rupeek calculator to compute the loan amount that one can get for their gold beforehand. It will enable them to strategise their interest payments accordingly.

Moreover, we are also available at several prominent locations in Hyderabad, so that small non-farm, non-corporate businesses in these areas can easily avail our services.

Gold Loan From Rupeek – Hyderabad Locations

Here are some of the locations in Hyderabad where you can avail gold loan services from Rupeek -

  • Secunderabad
  • Kukatpally
  • Banjara Hills
  • Begum Bazar
  • Jubilee Hills
  • Vikarabad
  • Begumpet
  • Falaknuma
  • Golconda
  • Himayathnagar
  • Khairatabad
  • Miyapur
  • Bowenpally
  • Chandanagar
  • Ghatkesar
  • Balnagar
  • Sanjeev Reddy Nagar
  • Amberpet
  • Erragadda
  • Himayat sagar
  • Shamirpet
  • Somajiguda
  • Yousufguda
  • Musheerabad
  • Sainikpuri
  • Tarnaka
  • Alwal
  • Bahadurpura
  • Film Nagar
  • Gandhinagar

Therefore, existing businesses and start-ups unable to qualify for a MUDRA loan in Hyderabad can opt for a gold loan from Rupeek to meet business financing needs. Apart from that, one can also utilise the funds to meet personal needs, since the financing comes with no end-use restriction.

Apply for a gold loan with Rupeek today and get funds disbursed within an hour!

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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. Which documents are required while applying for Rupeek gold loan?

Ans. Applicants only need to submit KYC documents such as PAN card, Aadhaar Card, driving license, passport, voter ID card, Utility bill or lease agreement to apply for a gold loan with Rupeek.

  1. Can a loan be availed against all types of gold items?

Ans. At present, Rupeek is offering loan only against gold ornaments. Moreover, the ornaments should be of 18 carats and above.

  1. What is the LTV ratio offered by Rupeek?

Ans. Rupeek offers up to 80% of the value of the gold as funding.

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