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Home to historical structures like Sheesh Mahal and Qila Mubarak, Patiala is flocked with tourists throughout the year. Weaving, jewellery-making, and cotton farming industries are some of the prominent contributors to the city’s economy.
This prosperity and socio-economic growth of Patiala has attracted thousands of job-seeking youths in the city. This has further increased the number of start-ups in Patiala needing ample liquidity source.
Business owners can apply for an instant fund to support their venture, namely, MUDRA loan in Patiala.
PM MUDRA loan is an initiative started by the Central government supporting new and old MSME and start-ups.
The sectors covered under MUDRA loan in Patiala are –
Apart from these sectors, NBFC MUDRA loan is designed to help individuals strengthen their business dreams. Some of its benefits are –
Individuals requiring funds up to Rs. 10 lakhs can easily address their financial requirements with a MUDRA loan in Patiala.
But, individuals might need to turn to alternative finance options for large-scale operations. Moreover, the stringent eligibility criteria and lengthy disbursal might not be conducive for urgent financial needs. In this situation, a gold loan may work.
The following table looks at the few distinctive points of these two loan types.
Particulars |
Gold Loan |
MUDRA Loan |
Documentation |
A potential borrower has to submit KYC documents. |
The applicant has to submit a long list of documents for MUDRA loan registration Patiala - · Bank statements of six months · ITR · Balance sheet (audited) · Memorandum Of Association · Sales made before the loan application · Multiple application forms · Business plans · KYC documents |
Eligibility |
The borrower needs to be 18 years and above. |
The borrower needs to own a business in the non-corporate or non-farming sector. |
Loan Amount |
Under this scheme, businesses can get a sizeable amount, based on the gold pledged and applicable LTV. |
Here the applicant receives around Rs.10 lakhs maximum. |
Tenure |
The tenure extends up to 12 months. The interest accrued is minimal due to this. |
The tenure of PMMY Patiala extends up to seven years. The payable interest increases with a prolonged tenure. |
CIBIL Score |
A borrower needn’t maintain a CIBIL score or creditworthiness. |
The interested MUDRA loan borrower must show a 750+ CIBIL score and remarkable credit history. |
The table reflects gold loan as a convenient solution during business-related emergencies. Hence, you can conclude your search for a ‘MUDRA loan lenders near me’ and search for gold loan instead. To enjoy additional benefits, like gold overdraft facility and doorstep services, you can also consider Rupeek.
Besides offering a vast array of schemes and repayment flexibility, here are some of the features that have made us the number one gold loan lender in Patiala –
Apart from the mentioned features, we offer you certain high-end benefits like flexible repayment, doorstep service, and gold credit line.
We have introduced two schemes for our borrower’s ease of repayment. The options are offered to make the interest repayment affordable.
Gold loan borrowers can choose to go with:
Rupeek offers overdraft feature to businesspersons to manage emergencies efficiently. Under Rupeek Quick section, an interested applicant can submit supplementary gold to avail the additional an overdraft facility. Furthermore, borrowers only need to pay interest on the amount withdrawn.
Rupeek has been a top choice for businesspersons owing to its exclusive doorstep loan service. Following the online application with Rupeek, our loan managers will contact you regarding KYC verification. After weighing of gold and document authentication, the loan amount is transferred into your account. All of these in 60 minutes!
Are you ready to make the most out of your gold possession? Then contact Rupeek immediately!
We are extending our services to every nook and corner of Patiala. Some of the localities where our services are active are –
A MUDRA loan in Patiala may seem convenient at certain times, but the lengthy documentation and creditworthiness issue can slow down funding. Thus, availing a quick and hassle-free financing facility like a gold loan may allow for smart financial management.
At Rupeek, affordable interest rate, substantial fund, the instant disbursal and multiple benefits make the perfect combo to add wings to your dream business.
So, stop visiting the MUDRA loan office in Patiala, and instead, apply for Rupeek’s gold loan from your premises.
The maximum loan amount sanctioned against a MUDRA loan is Rs. 10 lakhs.
Yes, many NBFCs offer this option on their official website. Potential borrowers have to click on the application section and provide their contact details for the loan procedure.
A potential borrower must possess at least 18-carat gold to avail a loan from Rupeek.
You can check the loan manager’s authentication through the official app, where an OTP is sent for the same. Apart from the app, you can personally check the executive’s ID card and government ID proof.
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