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Mudra Loan in Madurai
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Mudra loans in Madurai

The capital city of Tamil Nadu, Madurai, is synonymous with Temple City because of the number of eminent temples that surround the city. Meenakshi Temple, Koodal Azhagar Temple, Alagar Kovil, etc. are some of the major religious sites of the district. These sites are also the epitome of art and intricate carvings that adorn the monuments. 

Along with tourism, Madurai has also become a vital business hub primarily based on the agro-industries, Jasmine plantation, rubber manufacturing, etc. This region's business owners often opt for MUDRA loan in Madurai to address their short-term or planned business requirements. 

The Purpose Of MUDRA Loan In Madurai

Besides utilising MUDRA loan for machinery, they can use the funds for various other purposes; these include -

  • Replenishing working capital
  • Maintaining cash flow
  • Setting up a new business
  • Expand a business
  • Finance overhead cost 
  • Hire skilled workers.
  • Purchasing new equipment to boost productivity

Besides these, businesspersons can use the PM MUDRA loan for other aspects as well.

Entrepreneurs have to search for ‘MUDRA loan providers near me’ to find a lender that disburses MUDRA finance Madurai.

However, MUDRA loan entails a cumbersome documentation process and stringent eligibility. Moreover, the max limit for MUDRA loan in Madurai is Rs. 10 lakhs under Tarun scheme. Due to these reasons, business owners often struggle to settle for this credit product. 

In such a scenario, one can opt for a gold loan that accompanies a host of benefits. A comparative study of these two loan products will help borrowers to make an informed decision. 

Difference Between Mudra Loan And Gold Loan

The following table helps the individuals elucidate the crucial differences between PM MUDRA Yojana loan and a gold loan. 

SL. No

Points of Difference

MUDRA Loan

Gold Loan

Loan Amount

Up to Rs. 10 lakhs

Depends on the value of the pledged article

Documentation

● KYC

● Proof of business ownership

● Business plan

● KYC

Credit Score

Required

Not required

End-use Restriction

Yes

No

Eligibility

Only non-farm, non-corporate small entities

Depends on the quantity and quality of gold.

Interest Rate

MUDRA loan interest rate in Madurai depends on an applicant’s credit profile

Depends on the financial institution.

Thus, it clearly shows that a gold loan can easily replace MUDRA loan in Madurai, thanks to the host of features and facilities it offers. In this regard, business owners can also opt for Rupeek gold loan that stands out for the services they provide. To know more, refer to the next segment. 

Rupeek’s Benefits

The interest rate of Rupeek gold loan starts from 0.79% per month. Besides this competitive interest rate, Rupeek gold loan also accompanies a host of benefits that individuals can consider. These include -

  • Doorstep Services 

We extend doorstep gold loan services so that borrowers can avail the loan from the comfort of their couch. The entire process of loan processing takes approximately 45 to 60 minutes. This allows borrowers to apply for this credit products when they need to boost their company’s working capital or pay for unplanned requirements. 

  • Substantial Loan Volume 

Individuals can use a gold loan calculator to estimate the gold required to avail the desired loan amount beforehand. Borrowers can opt for an amount of up to Rs. 1.5 crores by choosing us. 

With Rupeek, they can get up to 80% of the current valuation of the pledged gold, allowing borrows to fund all their requirements.

  • Flexible Repayment Options 

We have some customised schemes that facilitate easy repayment of a gold loan. Borrowers can choose conventional EMI payment, pay as per their convenience, or pay off the entire amount at once after the tenure ends. 

  • Credit Line 

Existing customers of Rupeek can also opt for additional funds alongside their primary gold loan. Other than these, customers can also utilise a certain sum from their allocated line of credit, and pay interest only on the withdrawn amount. This facility is known as Rupeek Quick, and as the name suggests, the fund gets disbursed within a few minutes. 

It also helps in decreasing interest payment as the interest is levied only on the funds utilised. 

We are available in all major cities in India, including Madurai. For the borrower’s convenience, we have prepared this following list that shows places where we extend our services. 

Find Us In Madurai

Following is the list of places where you can avail our services in Madurai. 

  • Kamarajar Salai
  • Palanganatham
  • Thiruparankundram
  • Vilakkuthoon
  • Alanganallur
  • Vadipatti
  • Anna Nagar
  • Tirumangalam
  • Sholavandan
  • Tirunagar
  • Othakadai
  • Madurai Main

Thus, business owners who cannot meet the eligibility for a MUDRA loan in Madurai can easily apply for a Rupeek gold loan. It will help to finance their business as well as personal expenses without straining their budget. 

Request for a Rupeek gold loan today and get funds in 60 minutes!

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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

  1. What is MUDRA loan eligibility?

MUDRA loan is offered to non-farm, non-corporate SMEs and MSMEs. The applicants must not have any loan default history as well. Any proprietorship company, partnership firm, Private Limited Company and other entities are eligible for this loan under PMMY.  

  1. Can I get a MUDRA loan subsidy?

No, there is no such subsidy under MUDRA loan. However, you can get rebates on a Rupeek gold loan. The rebates are based on the frequency of repayments; a higher frequency will attract higher rebates.  

  1. Does Rupeek accept all gold items?

No, we only offer loan against 18-carat gold jewellery. We do not accept gold bars or coins. 

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