Mudra Loan in Ludhiana

Pradhan Mantri Mudra Yojana or MUDRA Mitra is a Government of India Initiative that was introduced to offer financial support to businesses in the non-farm and non-corporate segment.

Classified as MUDRA loan in Ludhiana, these are extended to micro and small units within trading, manufacturing and service sector.

There are three types of MUDRA loan that enterprises can opt for depending on the stage of their organisation. These loans are classified under Shishu, Kishore and Tarun.

Prospective applicants need to submit an extensive list of documents to avail MUDRA finance Ludhiana which includes the following –

• MUDRA Application Form
• KYC Documents
• Proof of business continuity
• Income tax return for the last two years
• Copy of bank statement for the last year
• Business plan

Apart from that, applicants also need to meet several eligibility parameters to qualify for Pradhan Mantri small business loan. For instance, they need to maintain a favourable credit history, and they must possess the skill and knowledge required for the proposed business activity.

As such, fulfilling these MUDRA loan scheme Ludhiana eligibility norms can be challenging for some borrowers. In such cases, one can opt for a loan option with less rigid eligibility parameters such as a gold loan.

Here are some of the reasons why a gold-backed loan is a better alternative for MUDRA loan government scheme –

• Unlike MUDRA loan in Ludhiana, credit score is not an essential parameter for gold loans. Thus, individuals with no prior credit history are also eligible to apply for a gold loan.
• In case of gold loans, the amount offered depends on the current market rate of gold and the number of gold ornaments owned by an applicant. However, for MUDRA loans, the maximum amount that an individual can avail is capped at Rs. 10 lakhs.
• PM Mudra Yojana loan can be used to meet only business needs, whereas there is no end-use restriction on gold loans.

Hence, individuals can look for gold loan providers instead of searching for ‘MUDRA loan lender near me’. In this regard, they can consider applying for gold-backed funds from Rupeek instead of PMMY Ludhiana to avail additional features and benefits.

Borrowers can avail the following features and benefits when they opt for a gold loan from Rupeek –

• Doorstep Services

With Rupeek's doorstep services, borrowers can apply for and carry out the gold loan application process from the convenience of their home. After an application is placed, a representative from Rupeek will be at the applicant's doorstep for gold valuation and document verification. Moreover, if everything is in order, then the loan amount is disbursed to the applicant within just 60 minutes.

• Overdraft Facilities

Borrowers applying for a gold loan with Rupeek can also avail its overdraft facilities called Rupeek Quick. With this facility, borrowers can withdraw the loan amount as and when required. Moreover, borrowers only have to pay interest on the withdrawn amount, which will enable them to save on interest payment.

This facility will be beneficial for seasonal businesses or small enterprises with cash flow issues as they will have access to instant cash whenever required without availing multiple loans. Borrowers can also pay off the principal amount via the Rupeek app within six months.

• Hassle-free Repayment

We offer several repayment schemes to borrowers, enabling them to make payments on time without straining their budget. For instance, individuals with irregular income can opt for one-time bullet payment option to pay off the whole amount at the end of tenure.

Alternatively, borrowers with a steady income source can also opt for 'regular pay' option and make monthly repayments on the availed loan amount.

• Easy Transfer

Borrowers looking to save on interest payments can do so by shifting their current gold loan to Rupeek. They will be able to save up to Rs. 12,377 lakhs and enjoy other perks and benefits such as customised repayment options, non-jumping rate of interest etc. on loan transfer.

Furthermore, businesses in Ludhiana can easily avail gold-backed funding as Rupeek offers their services at several prominent locations.

Businesses located in the following areas can opt for an instant online gold loan at their doorstep from Rupeek –

• Ferozpur Road
• Brown Road
• Gill Road
• Model Town
• Sarabha Nagar
• Basti Jodhewal
• Focal Point
• Dhandari Kalan
• Shimlapuri
• Shivpuri
• Mundian Kalan
• Basant Avenue
• Moti Nagar

Thus, enterprises and firms looking for quick funding can easily opt for a gold loan as an alternative to MUDRA loan in Ludhiana to meet their business needs.

Opt for a gold loan from Rupeek today and select a repayment scheme according to your convenience.