Mudra Loan in Jalandhar

Mudra Loan in Jalandhar

Formerly known as Jullunder, the city Jalandhar held around 20,306 registered micro and small units in 2014 – 15, as per a city report. Simultaneously, the employment scale in these sectors ranges around 154986, indicating a lucrative growth in the economy.

Being the manufacturing hub of sports gears and equipment for Commonwealth games, Olympic and more, the city is flocked with job seekers. Punjab government's initiative to support young entrepreneurs of Jalandhar and the developing infrastructure have upscaled the number of start-ups and SME’s.

However, the stability of these ventures depends on the financial backbone and quality investments. In this regard, opting for a MUDRA loan in Jalandhar can be a solution.

How Does Mudra Loan Operate?

PM MUDRA loan consists of three variants based on business vintage and stability. The three schemes are Shishu, Kishore, and Tarun. A potential borrower can avail this loan through RRBs, commercial banks, MFIs, small finance banks, and NBFCs. 

The credit limit of each section of MUDRA loan in Jalandhar are –

Shishu – This loan is given to entrepreneurs at the initial stage of business or planning to start one. They receive up to Rs.50,000 against PM Mudra Yojana loan.

Kishore- In this scheme, the applicants can receive a loan of any amount between Rs. 50,000 and Rs. 5 lakhs. This loan is given to business owners looking to expand their production scale.

Tarun – In Tarun scheme, an applicant gets funding within the range of Rs. 5 lakhs and Rs. 10 lakhs. This loan form is ideally availed by large scale business-owner.

What Is The Purpose Of Mudra Loan in Jalandhar?

MUDRA loan government scheme can be used for numerous purposes, resulting in income generation and employment formation. The loans are offered mainly for –

  • Commercial purposes like purchasing a transport vehicle
  • Mudra Mitra can work as a business loan for traders, vendors, small-scale factories, shopkeepers, etc
  • Individuals can use a MUDRA loan for restaurant or changing its interior
  • Farmers invest the amount to purchase tillers, tractors or seasonal seeds
  • One can finance their working capital with a MUDRA loan
  • The amount sanctioned against PMMY Jalandhar is ideal for buying equipment for micro-units
  • An e-mudra loan can be used for non-farming sectors.

These factors might seem pleasant at first, but the lengthy documentation and disbursal process can create issues. An applicant needs to submit a long list of documents that include MUDRA loan application form, specific loan type application form, business plan (self-written), Balance Sheet, Income statements, income tax returns, etc.

Failing to do so can lead to cancellation of MUDRA loan registration Jalandhar, leaving a mark on creditworthiness. Moreover, Rs.10 lakh's credit limit may not be sufficient for a borrower running a large scale business.

If you are worried about the loan disbursal time when searching for ‘Mudra loan lenders near me’, try searching for gold loan instead.

What Makes Gold Loan Better Than Mudra Loan In Jalandhar?

Gold loans are secured loan variants with lenient eligibility and better interest rates than MUDRA finance Jalandhar. The no-restriction usage further makes a gold loan perfect for the financing requirements of any enterprise.

Some of its common usages are –

  1. A borrower can use the sanctioned amount to restock their inventory with the latest products.
  2. Purchasing new and upgraded machinery for better productivity.
  3. Unlike Mudra loan in Jalandhar, a gold loan applicant doesn’t need to show ITR or income stability, making the disbursal quick.
  4. The amount disbursed against the gold assets is perceptibly more as compared to NBFC MUDRA loan.

Apart from these functions, the borrowing cost of a gold loan is quite affordable and borrower-friendly. But it is important to remember that availing this loan variant requires thorough research and selection of a trusted lender.

If you own an MSME and plan to expand it with secured loan variant, then Rupeek is the lender you have been looking for.

Rupeek – The One-Stop Gold Loan Solutions

Here are some of the notable features that make us better than other lenders–

  1. Generous Amount

Borrowers can get a generous amount against their gold ornaments with our highest LTV. We offer loans as high as Rs. 1.5 crores to fund all their expenses easily.

  1. Minimal Eligibility And Documentation

The feature that makes Rupeek’s gold loan a better financial solution against Pradhan Mantri small business loan is the ease in the documentation. A gold loan applicant needs to submit only the KYC documents and address proof.

  1. Lowest Interest Rate

Are you worried about the interest rate? At Rupeek, the interest rate levied on a gold loan is lowest, i.e. 0.49% per month.

  1. Multiple Repayment Options

To ease out the interest payment, we have introduced two schemes. Gold loan borrowers can choose to go with a monthly repayment option or choose to pay off the entire amount whenever they want. The option to repay as per convenience makes the interest payment easily manageable.

Apart from the above-mentioned features, a loan applicant enjoys some customised features like balance transfer and gold credit line.

  • Balance Transfer Facility

Are you finding difficulty in paying the interest on an existing loan? At Rupeek, you can quickly transfer your outstanding balance by merely sharing the pledge card with the loan manager and save up to Rs. 12377 per 1 lakh.

  • Gold Credit Line Facility

Rupeek offers overdraft feature to existing gold loan borrowers to manage emergency liquidity crisis. Under Rupeek Quick, an interested applicant can submit supplementary gold to avail additional fund.

This feature is designed to help entrepreneurs manage their minute expenses like salary payment, restocking inventory and more. Furthermore, borrowers only need to pay interest on the amount withdrawn, nothing extra.

The best part is that all the mentioned facilities can be availed at your doorstep. Following the online application with Rupeek, our loan managers will contact you regarding KYC verification. After weighing of gold and document authentication, the loan amount is transferred into your account.

Localities Where Rupeek Operates In Jalandhar

Here are some localities where we extend our gold loan service in Jalandhar

  • Jalandhar Cantt
  • Model Town
  • Phillaur
  • Dayanand Nagar
  • Goraya
  • Rama Mandi
  • Jandu Singha
  • Lajpat Nagar
  • Banga
  • Apra

Do you own a business and desire an immediate monetary solution? Avail a gold loan from Rupeek to remove the worries of lengthy documentation and delayed disbursal of MUDRA loan in Jalandhar. With our industry-based service and repayment flexibility, borrowers can rest easy.

Avail a gold loan from Rupeek for a secure, fast and hassle-free transaction!

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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. What are the documents required to avail a MUDRA loan?

Potential borrowers have to submit basic documents like identity proof, income proof, business plans, balance sheet, ITR to avail a MUDRA loan in Jullundur.

  1. Can I take a gold loan on top of a MUDRA loan?

Yes, you can avail a gold loan besides a MUDRA loan in Jalandhar. However, financial institutions may not advance a MUDRA loan if you are already servicing a gold loan.

  1. How long is a MUDRA loan tenure?

Ideally, the tenure for MUDRA loan in Jalandhar can stretch up to 7 years.

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