Mudra Loan in Indore

Mudra Loan in Indore

The largest city in Madhya Pradesh, Indore attracts millions of tourists every year. Although Bhopal is the capital city, Indore’s rich culture, heritage, and history draw people from all over the world. Also, Indore is one of the largest centres for the cotton textile industry in India. Small-scale businesses also thrive in this city in the form of bangle production and sales. A MUDRA loan in Indore is often the chosen method of cash influx for these enterprises.

To take advantage of this specific government undertaking, an entrepreneur needs to have proper knowledge of what the MUDRA scheme entails.

MUDRA Loan: What Should You Know?

MUDRA or Micro Units Development and Refinance Agency is a specific scheme introduced under the Pradhan Mantri Mudra Yojana in 2015. Besides individuals, advances under this NBFC MUDRA loan scheme are available to SME and MSME businesses as well. Borrowers can avail such a line of credit in one of three categories – Tarun, Kishore or Shishu.

Here is what the three categories of e-MUDRA loan entail –

  • Shishu – As the name suggests, this particular loan scheme addresses businesses which are still in their infancy. The maximum loan amount is Rs. 50,000.
  • Kishore – Companies looking to upgrade their equipment or machinery can avail an advance under the Kishore MUDRA loan in Indore category, availing principals ranging between Rs. 50,001 and Rs. 5 lakhs. Keep in mind that this MUDRA loan for machinery is only available to an established company.
  • Tarun – For businesses with a significant legacy, Tarun loans are a valid option. This credit offers a principal ranging from Rs. 50,0001 to Rs. 10 lakhs.

Thus, the maximum MUDRA loan in Indore available to businesses or individuals is limited to Rs. 10 lakhs. The next aspect you must know is the documents necessary to avail this credit.

Documents Necessary For MUDRA Loan Application

Make sure to arrange the following documents before proceeding with MUDRA finance Indore.

  • KYC documents of borrowers and co-borrowers
  • The duly filled form for MUDRA loan in Indore. Keep in mind that Shishu loan differs from Kishore and Tarun forms.
  • If borrowers belong to a minority community, such as SC, ST, OBC or others, documents proving the same would be necessary as well.
  • Business address proof
  • All necessary licenses, registrations and certificates
  • Identity proof
  • Residential proof
  • Self-written business plan
  • ITR, profit and loss statements, sales tax return, etc.

Evidently, MUDRA credit is a useful source of finance for small businesses. However, these have stringent eligibility and documentation process. Furthermore, principal is restricted to Rs. 10 lakhs only, which may not be sufficient. A business, which is starting out, can acquire credit of up to only Rs. 50, 000.

A gold loan may represent a better alternative when compared to a Pradhan Mantri small business loan. These advances are easier to avail, with minimal formalities. Additionally, the underlying security in this line of credit is an idle asset. Rather than remaining inside lockers, business owners can put their owned gold jewellery to good use.

Rupeek: Your Best Source For Gold Loans

Rupeek is one of the most reputed gold loan providers in Indore, with more than 25000 happy customers. You can expect the following features from this financier’s offerings –

  • Gold Loan At Your Doorsteps

One of the most advantageous features of Rupeek’s product is that borrowers do not need to venture out of their homes to acquire the credit. In fact, loan managers visit one’s home to fulfil all formalities and provide the necessary funds. This facility of instant gold loan at your doorstep can help finance emergency business expenses.

  • Interest Rates Starting From Just 0.49% A Month

New businesses can rarely afford to service colossal interest rates on their business finance. Rupeek’s gold loans start from just 0.49% per month. Therefore, companies end up paying less than 12% interest in a year during repayment.

  • Substantial Loan Amount

Individuals can avail a fund up to Rs. 1.5 crores if they have enough gold at their disposal. They also can use a gold loan calculator to estimate the required gold amount against their desired fund.

  • Easy-to-meet Eligibility

Rupeek gold loans are available to any individual over 18 years of age. Additionally, the collateralised asset must be at least 18 carats in purity. Other than this, borrowers do not need to fulfil any additional criteria. Even individuals with a low credit score or no record at all can opt for gold loans from Rupeek without any complications.

  • Simple Documentation

Instead of submitting a long list of documents to avail MUDRA loan in Indore, business owners can acquire gold loans by providing their KYC documents only. Thus, even if one is simply starting out with their business, availing a gold loan would be easier. A business plan in writing is not necessary in this case.

Moreover, individuals can further maximise the benefits of this gold loan by opting for our additional facilities like gold loan overdraft facility.

Rupeek’s Convenient Overdraft Facility

Rupeek Quick is a specialised facility offered against gold to our existing customers, enabling businesses to secure a line of credit by pledging gold. For instance, if you collateralise gold worth Rs. 10 lakhs and withdraw Rs. 1 lakh from the approved sum, your business will need to service interest on this withdrawn sum and not the entire principal.

Thereby, it also helps in reducing interest payment to a great extent.

Rupeek’s Services In Indore

Interested borrowers can look for Rupeek’s line of credit at the following localities in Indore and request for our doorstep services.

  • Rajendra Nagar
  • Sudama Nagar
  • Moti Tabela
  • Vijay Nagar
  • Pardesipura
  • Radio Colony
  • Indore Cloth Market
  • Bijasan Road
  • Nanda Nagar
  • Siyaganj
  • Lokmanya Nagar
  • Khatiwala Tank

Be mindful to check for gold loans instead of ‘MUDRA loan in Indore providers near me’. Doing so would maximise benefits, enabling you to avail the most suitable form of funding for your business.

Apply today and reap the many advantages of a Rupeek gold loan.

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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 can I repay gold loan at Rupeek?

Repaying a gold loan is simple, especially when you decide to opt for it from Rupeek. These loans do not force borrowers to stick to monthly EMIs. Instead, one can choose to pay off the due as and when they deem fit. Thus, an individual can pay in February and skip two months and pay the next instalment in May. With bullet repayment, one can also choose to service debt through a lump-sum payment.

  1. Can I avail gold loan by pledging gold coins or bars?

Most lenders disallow the use of gold coins and bars as collaterals. Rupeek, for instance, only accept gold jewellery and ornaments as security. That too, gold jewellery with a purity of 18 carats or more is allowed as collateral.

  1. How can I avail a MUDRA loan without ITR certificate?

Income Tax Return certificates are essential for MUDRA loan application. If you do not possess the same, you can consider gold loans as an alternative source of financing.

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