Mudra Loan in Kakinada

Mudra Loan in Kakinada

Kakinada is an emerging city of Andhra Pradesh. The economy of this city relies on agriculture and fishing. Also, edible oil, fertilisers, and natural gas production are some leading sectors of this city. In recent years, there has also been an increase in IT-related companies. Moreover, the Kakinada port also has a significant impact on this city’s economy.

This city presents ample opportunities for any business to grow. With financial help from a MUDRA loan in Kakinada, it has become even easier to establish and expand their operations.

Types Of MUDRA Yojana Kakinada

MUDRA loan in Kakinada is available in 3 categories. It is based on the stage a company is in –

  1. Shishu: This type of PM MUDRA Yojana loan designed to help firms that are just starting their ventures. They can avail up to Rs. 50000 from this scheme.
  2. Kishore: This sub-category of MUDRA finance Kakinada is for companies planning the next round of investment. Here, they can get up to Rs. 5 lakhs.
  3. Tarun: This category of MUDRA loan scheme Kakinada is only for well-established organisations with plans to expand their operations. They can get up to Rs. 10 lakhs for this purpose.

To get funds from this financial scheme, one needs to meet the MUDRA loan eligibility. Here are the details –

  • Age: 18-65
  • Business type: Any non-corporate and non-farming organisation
  • Business vintage: Not required, but only for small and medium businesses
  • Credit score: A healthy one, usually above 700
  • Credit history: Devoid of any defaults

Also, borrowers need to submit documents required for MUDRA loan government schemes to complete this process –

  • KYC documents
  • Business ownership papers
  • Income tax return documents
  • Balance sheet and profit and loss statement
  • Business plan

The borrower-friendly features of PMMY Kakinada make it a perfect financing option for SMEs and MSMEs. However, the strict eligibility criteria and lengthy approval process often make it ill-fit in some cases like during emergencies.

In this regard, a gold loan poses as a better alternative to a MUDRA loan in East Godavari owing to more borrower-friendly features and a higher loan amount threshold to meet any business requirement.

Features Of Gold Loans

Here are some notable features of the gold loan that makes it a preferred financing option –

  1. It has no end-use restriction
  2. The interest rates are more competitive since it is a secured loan
  3. High loan amount
  4. Better repayment plans

Businesspersons can enjoy additional features like best-in-class gold security and complimentary gold insurance cover for the entire tenure with Rupeek. Read along to know the full list of benefits.

Benefits Of Selecting Rupeek

Here are some prominent benefits of selecting Rupeek as their lending partner –

  1. The interest rate starts from 0.49% per month, which is one of the lowest ones in this segment. It makes interest repayment more accessible.
  2. Also, the high per gram rate further help borrowers to avail more funds against their gold articles. Entrepreneurs can get up to Rs. 1.5 crores for their business with Rupeek.
  3. The comfortable balance transfer facility is another feature of Rupeek that helps customers. Once they share their current pledge card, our representative will help them through the remaining process. With our loan transfer feature, one can save up to Rs.12377 per lakh.
  4. Also, the security measures opted by us is class-leading. We use GPS-fitted bags to carry the gold ornaments and store them in military-grade vaults. Also, we provide mandatory insurance coverage against gold articles during the loan tenure.

Overdraft Facility By Rupeek

This facility, better known as Rupeek Quick, helps our existing customers to pledge additional gold to get a credit line. Afterwards, they can withdraw funds as per their need, and only pay interest on the amount they use.

Moreover, the doorstep facility offered by us also increases our customers’ convenience. Owing to our strong presence Kakinada we can reach your doorstep within 30 minutes.

Localities Of Kakinada Where Rupeek Extends Its Services

  • Bhanugudi Junction
  • Indrapalem
  • Gandhi Nagar
  • Madhavapatnam
  • Rameswaram
  • Ramanayyapeta
  • Sri Nagar
  • Sarpavaram Junction
  • Thimmapuram
  • Vakalapudi
  • Valasapakala

Although a MUDRA loan in Kakinada comes with several benefits, a limited loan amount, stringent criteria, and lengthy approval process are not conducive for some cases. Alternatively, entrepreneurs can opt for gold loans for quick service, and with Rupeek, they can now get emergency instant business loans within 60 minutes.

So, instead of searching for ‘MUDRA loan lender near me’ get a gold loan from Rupeek.

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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 to apply for a MUDRA loan?

You can apply for a MUDRA loan in Kakinada via your nearest authorised lender’s branch. Otherwise, you can download the form online, fill it up with relevant details, and then submit it with required documents.

  1. Can I get a MUDRA loan in East Godavari without a business plan?

No, you must submit a detailed business plan with revenue projections to be eligible for a MUDRA loan in Kakinada. You also need to possess the necessary knowledge or skills to realise the business plan.

  1. How to apply for a Rupeek gold loan?

You can initiate a loan request with Rupeek by submitting your mobile number. After that, a company executive will get back to you for further processing. Following that, loan managers will visit your house for document verification and jewellery evaluation. Once they are content, you will receive the money.

  1. What is a ‘no-tension’ plan offered by Rupeek?

It is one of the repayment plans offered by Rupeek. Here, borrowers have the flexibility to pay as per their convenience.

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