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Mudra Loan in Jaipur
mudra-loan-in-Jaipur

Mudra loans in Jaipur

Known as the ‘Pink City of India’, Jaipur is the capital and the largest city of Rajasthan. The rich architectural, cultural influence has made Jaipur a popular tourist destination in India. Places like Amber Fort and Palace, Nahargarh Fort, Hawa Mahal, Jal Mahal, Birla Mandir, and Chokhi Dhani present the true beauty of the ‘Pink City’.

Jaipur serves as a significant hub for arts and crafts, including products like bangles, pottery, carpet, leather, and metal-based things. Apart from its tourism-centric small-scale industry, the vital economic sectors include gemstone cutting, jewellery, luxury textiles, and hand-knotted rugs manufacturing.

While corporate industries can directly access institutional sources, non-corporate and non-farming businesses like pisciculture can get financial assistance via a MUDRA loan in Jaipur.

MUDRA Yojana Jaipur

GOI launched the Pradhan Mantri MUDRA Yojana (PMMY) to fund sectors that usually remain unfunded. Commercial banks, RRBs, MFIs, small finance banks, and NBFCs are authorised to offer a MUDRA loan in Jaipur to individuals/SMEs/MSMEs.

Products Offered Under MUDRA Scheme

Under PMMY, MUDRA loans schemes are classified into 3 further loan schemes. These are Shishu, Kishore, and Tarun.

MUDRA Loan Scheme

1.

Shishu loan

Capped at Rs. 50000

(For start-ups and new businesses)

2.

Kishor loan

In the range of Rs. 50000 and Rs. 5 lakhs

(For buying equipment/machinery, raw materials, expanding existing business)

3.

Tarun loan

Higher than Rs. 5 lakhs and up to 10 lakhs

(For established businesses and enterprises)

Mudra Loan Eligibility

Individuals, SMEs, MSMEs willing to apply for Pradhan Mantri small business loan must comply with the required eligibility factors of the financial institutions and belong from one of the following sectors.

  • Non-farming activities/businesses generating income.
  • Non-Corporate Small Business Segment (NCSBS), including Proprietorship or partnership firms.
  • Entities that are registered as an MSME.
  • Entities having a strong business plan with the financial requirement within Rs. 10 lakhs.

Mudra Loan Documentation

An eligible individual/ SME/MSME must gather the following documents while applying for a PM MUDRA loan in Jaipur:

  • Business plan
  • Filled application form of either Shishu Loan, Kishor loan or Tarun loan
  • KYC documents
  • Income proof such as audited income statement, Balance Sheet, ITR, sales tax return, etc.
  • Proof of belonging to special category (if applicable)
  • Business address and tenure (if applicable)
  • Registrations, license or certificates (if any)

Drawbacks of MUDRA Loan Scheme

A MUDRA loan in Jaipur also has certain drawbacks. A major shortcoming of MUDRA loans is the processing time. As a government-supported scheme, the time consumed in the loan application to approval under MUDRA Yojana to official sanction can take 7 to 10 business days.

The extensive paperwork involved in the PM MUDRA Yojana loan scheme delays the approval process. It creates hindrances for entrepreneurs or small business owners who generally do not maintain the vast number of documents.

The maximum loan amount is also capped at Rs. 10 lakhs. Hence, a MUDRA loan is not suitable for large-scale or urgent financial obligations. In this regard, entrepreneurs/businesspersons can consider a gold loan instead of searching for ‘MUDRA loan lenders near me’.

Reasons To Consider Gold Loan As A Substitute

Gold loans serve as the ultimate financing solution during immediate cash requirement. By availing a gold loan, individuals can easily meet their various business obligations as well as maintain the cash flow in the business.

Below are discussed some of the prime reasons for availing gold loans:

  1. Faster Processing Time: Unlike an unsecured MUDRA loan in Jaipur, secured gold loans guarantee faster processing time (generally less than a couple of hours). Approval is quicker because only a handful of documents are required.
  2. Relaxed Eligibility: Banks and NBFCs do not set strict eligibility criteria for a gold loan because it’s secured. That is why these financing options can be easily availed, unlike MUDRA loans.
  • Zero End-use Restriction: A MUDRA loan in Jaipur cannot be used for any purpose other than the ones defined by the scheme. A gold loan does not come with any usage restriction, thus, freeing the borrower’s financial capacity.

However, these are only a few elementary advantages. To enjoy a 100% transparent process and consumer-friendly repayment schemes, one can consider Rupeek.

Merits Of Rupeek

Entrepreneurs can expect the following benefits with Rupeek:

  • Quick Disbursal Up To Rs. 1.5 Crore

Opposed to MUDRA loan for machinery, where the processing time has no definite limit, and the highest loan amount extends up to only Rs. 10 lakhs, Rupeek offers a gold loan amount up to Rs. 1.5 crores. With Rupeek, individuals/business persons can enjoy quick gold loan disbursal within 45 – 60 minutes. The minimal documentation comprising only KYC documents is the reason behind our faster gold loan process.

  • Doorstep Services In 30 Minutes

Unlike a traditional MUDRA loan in Jaipur, Rupeek offers instant doorstep gold loan services. Once a client requests a gold loan with us, our gold loan executive reaches to the client’s preferred location within 30 minutes. The KYC documents verification and a gold appraisal are conducted from the comfort of the client’s home/office. 

  • LTV Up To 80%

Loan to Value ratio refers to the loan amount one would avail against the pledged gold. At Rupeek, we offer LTV up to 80%. Businesspersons are assured of getting loan amount at a starting interest rate of 0.79% per month. To ensure business owners get a clear assessment of the loan amount in advance and strategise their business priority accordingly, we provide consumer-friendly gold loan calculator.

  • Flexible Repayment

Clients of Rupeek can choose to repay the gold loan either via equated monthly instalments or any time within the tenure or at its end. The flexible repayment option significantly benefits small business persons/entrepreneurs as they can balance between their business and a gold loan efficiently and repay as per their convenience. 

The advantages of availing a gold loan with Rupeek does not conclude here. There is another facility named gold overdraft businesspersons can benefit from.

About Gold Overdraft Facility

The gold overdraft facility, also referred to as ‘Rupeek Quick’, makes for the best financing assistance during frequent and urgent cash requirements. Through this facility, our existing customers can secure a credit line facility. This facility enables borrowers to transfer cash to their account as per their requirement any time.

The proximity to a lending institution plays a significant role during an emergency liquidity crisis. To make sure each individual/entrepreneurs/businessperson gets funding on time, Rupeek has reached to all the significant locations in the ‘Pink city’.

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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% 0.79%
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

Rupeek’s Areas Of Service In Jaipur

To enjoy doorstep quick disbursal up to Rs. 1.5 crores, find us in the following locations in Jaipur.

  • Ashok Nagar
  • Talvandi
  • Mansarovar
  • Shobha Nagar
  • Amer
  • Vaishali nagar
  • Jhotwara
  • Jagatpura
  • Shastri nagar
  • Bhankrota
  • Bani park
  • Gandhi nagar
  • Vidhyadhar nagar
  • Malviya Nagar
  • Durgapura

End your search for MUDRA loan in Jaipur. Instead, click apply now to get the best gold loan services from Rupeek.

  1. What basic factors do I need to consider while applying for a gold loan?

You need to consider the LTV, interest rates, processing fee, processing period, repayment tenure, etc. before approaching any lender for a gold loan.

  1. Is CIBIL Score a necessary factor for getting a MUDRA loan?

Yes, you need to hold a healthy CIBIL score to avail a MUDRA loan in Jaipur. That is because it is an unsecured financing option.

  1. What is the maximum repayment period for a MUDRA loan?

It primarily depends on the financial institution. The repayment tenure can stretch as long as 7 years or 84 months.

  1. What kind of repayment methods does Rupeek offer?

Rupeek offers three repayment methods. These are interest payment, part payment, and closure payment.

  1. Can I opt for gold loan partial repayment with Rupeek?

Absolutely. Individuals willing to opt for partial repayment must pay an amount ranging between the monthly interest payable and the foreclosure amount.

  1. What security measures does Rupeek follow while transporting the valuables?

After sealing the valuables of clients in a GPS-secured bag, gold loan executives of Rupeek transport them to the nearby partner bank. These valuables are stored in bank vaults. Moreover, the pledged pieces of jewellery are fully insured against any theft or accident during the transition with New India Assurance. 

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