Mysore
Mudra Loan in Mysore
mudra-loan-in-Mysore

Mudra Loan in Mysore

Located in the foothills of Chamundi Hills, Mysore, or officially known as Mysuru, is a city in the southern part of Karnataka. Tourism, Information Technology, and several large-scale industries stand as the backbone of Mysore’s economy. Units in sectors like weaving, sandalwood carving, and the start-ups in here can opt for a MUDRA loan in Mysore offered under PMMY scheme.  

Understanding PMMY Scheme And MUDRA Loan

With the main objective to ‘fund the unfunded’, GOI launched the Micro Units Development and Refinance Agency (MUDRA) scheme under Pradhan Mantri MUDRA Yojana(PMMY) to extend financial aid to individual businesspersons, SMEs and MSMEs.

MUDRA scheme is an owned subsidiary of Small Industries Development Bank of India (SIDBI). It focuses on non-corporate, non-farm small/micro enterprises to provide loans up to Rs. 10 lakhs.

Individuals, SMEs, MSMEs, enterprises, or businesses involved in manufacturing, trading and service sectors can avail MUDRA loan through commercial banks, RRBs, NBFCs, and MFIs.

This scheme offers 3 loan variants, namely Shishu, Kishore and Tarun. Below mentioned are a few details of these types.

MUDRA Loan Scheme

1.

Shishu loan

Loan amount up to Rs. 50000

For start-ups and new businesses

2.

Kishor loan

Loan amount from Rs. 50001 to Rs. 500000

For purchasing equipment/machinery, raw materials, and expanding an existing business

3.

Tarun loan

Loan amount from Rs. 500001 to Rs. 1000000

For established businesses and enterprises

MUDRA Loan Eligibility

To secure a MUDRA loan in Mysore, individuals/enterprises must be from the following groups.

  • Non-farming activities/businesses generating income are eligible for the MUDRA loan scheme.
  • Non-Corporate Small Business Segment (NCSBS), including proprietorship or partnership firms, can apply for a MUDRA loan.
  • Any entity registered as an MSME.
  • Any entity, presenting a strong vision and business plan with the financial requirement within Rs. 10 lakhs.
  • Applicant must possess the knowledge, experience or skill for the proposed business activity.
  • He/she must have an excellent credit record and should not be a defaulter to any financial institution in the past.

MUDRA Loan Documents

Individuals/entities willing to apply for Pradhan Mantri small business loan must prepare a list of documents before approaching the financial institution. Though the specific documents depend on the lending institution, the necessary requirements are: 

  • Self-written business plan
  • Filled application form concerning specific category Shishu MUDRA Loan Mysore, Kishor loan or Tarun loan
  • Passport-sized photographs of the applicant or co-applicant (if any)
  • KYC documents of the applicant or co-applicant
  • Identity proof (Aadhaar card/Voter’s ID card/ Passport/ Driving Licensee)
  • Residence proof (Aadhaar card/Recent Utility Bills/Voter’s ID card/ Passport)
  • Income proof, including income statements, ITR, bank account statements, and Balance Sheet
  • Caste certificate (if applicable)

MUDRA loan schemes are mainly designed to provide financial assistance to entrepreneurs, small businesses and micro-units. However, it has generally been noticed that entrepreneurs or many small enterprises lack the required documents, which makes them ineligible for the PM MUDRA loan scheme.

Also, the processing time for MUDRA loan schemes is not clearly specified by the authority, i.e., the Indian Government. It can take some 7 – 10 days.

In such cases, where individuals who have failed to meet the eligibility criteria of MUDRA loan or seem the sanctioned limit is insufficient can opt for a gold loan as an alternative due to its hassle-free documentation and several beneficial features. 

Gold Loan – An Alternative

As an idle asset, gold can offer aid during a liquidity crisis without hurting an individual’s financial health in any way. Individuals looking for Kishor MUDRA Loan in Mysore or other two categories of loan schemes can consider gold loan as a substitute because,

  • Contrary to an unsecured MUDRA loan with no fixed processing time, the secured nature of gold loans ensures quick processing time (only a few hours).
  • The eligibility factors are relaxed in case of gold loans. Individuals possessing gold are eligible for gold loans.
  • Opposed to a MUDRA loan for machinery, individuals/entities need not submit extensive documents while applying for gold loans.

Thus, gold loans serve as the ultimate option for individuals/business owners/enterprises looking for funding to meet business obligations or willing to start a new business or expand their existing one. In this regard, one can trust Rupeek as their perfect financial partner.

Reasons For Availing Financial Services At Rupeek

Individuals/ entrepreneurs/ business owners are guaranteed to get the following benefits from us at Rupeek.

  • Faster Processing Time

Unlike MUDRA finance in Mysore, business owners can enjoy faster processing with Rupeek. Gold is a highly liquid asset, and it is easy to evaluate ornaments that way. Moreover, a minor documentation procedure ensures approval and disbursal within just 30 minutes. 

  • Doorstep Services

Opposed to MUDRA loan schemes, where business persons need to go to financial institutions to submit the documents, we offer instant doorstep gold loan of up to Rs. 1.5 crores. To make the gold loan experience hassle-free, our executives reach the client’s preferred location and leaves after the loan amount is transferred to the client’s account.

  • Highest LTV

Loan to Value ratio refers to the amount individual would get against gold as collateral. With Rupeek, individuals are assured of getting LTV up to 80%. Also, the gold loan calculator available at our official website helps businesspersons evaluate the loan amount beforehand.

  • Hassle-free Repayment

Individuals not only get the benefit of reduced interest rate (as low as 0.69% per month) but also enjoy utmost flexibility with repayment. Businesspersons can choose to pay monthly EMIs or any time within the loan tenure. To get a clear understanding of loan repayment options, contact us.

  • Gold Overdraft Facility

Cash flow management can make or break any enterprise. Individuals can ensure it’s taken care of with our overdraft facility against gold, Rupeek Quick. Existing customers can pledge additional gold to secure a credit line, from where they can withdraw funds anytime from anywhere. Moreover, one can save on repayment considerably as we calculate interest only on the sum used.

To ensure business persons of Mysore can avail the above-mentioned benefits hassle-freely, Rupeek extends its services to all the major locations in here.

Service Locations of Rupeek in Mysore

Get a loan at your doorstep from the following locations in Mysore –

  • G Koppal
  • Bylakuppe
  • Hunsur
  • Periyapatna
  • Bettadapura
  • Kuvempunagar
  • Saraswathipuram
  • Bannimantap
  • Saligrama
  • Vijayanagar
  • Jayalakshmipuram
  • Gokulam
  • Udayagiri

Conclude your search for ‘MUDRA loan provider near me’ and instead opt for a gold loan from Rupeek. Click apply now and unlock all the beneficial features and facilities we offer.

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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% 0.69%
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 factors does one need to consider while applying for a gold loan?

When applying for a gold loan, one needs to consider factors like Loan to Value ratio, application fees and charges, repayment schemes, the safety of the gold jewellery, and interest rate.

  1. Which banks offer a MUDRA loan in Mysore?

Nearly all commercial banks are authorised to sanction a MUDRA loan up to Rs. 10 lakhs. Even a few NBFCs, RRBs, and MFIs can also extend this loan.

  1. Why is a credit score important for MUDRA loan?

Because it does not involve collateral, lending institutions observe substantial risk. That’s why they prefer borrowers with a healthy credit score and satisfactory repayment history.

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