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 |
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1. |
Shishu loan |
Loan amount up to Rs. 50000 |
For start-ups and new businesses |
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2. |
Kishor loan |
Loan amount from Rs. 50001 to Rs. 500000 |
For purchasing equipment/machinery, raw materials, and expanding an existing business |
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3. |
Tarun loan |
Loan amount from Rs. 500001 to Rs. 1000000 |
For established businesses and enterprises |
To secure a MUDRA loan in Mysore, individuals/enterprises must be from the following groups.
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:
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.
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,
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.
Individuals/ entrepreneurs/ business owners are guaranteed to get the following benefits from us at Rupeek.
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.
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.
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.
Individuals not only get the benefit of reduced interest rate (as low as 0.49% 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.
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.
Get a loan at your doorstep from the following locations in Mysore –
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.
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.
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.
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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