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Mudra Loan in Patiala
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Mudra loans in Patiala

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.

What Is The Function Of 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 –

  • Transport services like rickshaw, truck, three-wheelers, etc
  • Agriculture and related services like beekeeping, poultry, pisciculture, etc
  • Small businesses like papad and jam making, canteen services, etc
  • Handloom, embroidery services and other textile related services

Apart from these sectors, NBFC MUDRA loan is designed to help individuals strengthen their business dreams. Some of its benefits are –

  • Individuals can use the funds availed under MUDRA loan for restaurant to expand the trade and change the interiors.
  • The MUDRA Yojana for women aids female businesspersons to further their entrepreneurial goals.
  • Moreover, the minimal processing fees make a MUDRA loan for machinery hassle-free.

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 Difference Between Gold Loan And MUDRA Loan

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.

Rupeek – Efficient Liquidity Source For Business

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 –

  • Borrowers prefer Rupeek due to its transparency in operation. We evaluate your gold assets and disburse the loan amount exact to its value.
  • You can also use the gold loan calculator on our website and determine the loan value against the gold per-gram rate. This again leaves no space for confusion and quickens the loan disbursal process.
  • A gold loan applicant needs to submit only the KYC documents and address proof for documentation purposes.
  • The interest rate levied on a gold loan is lowest, i.e. 0.79% per month.
  • Individuals can enjoy loans up to Rs. 1.5 crores against their gold ornaments with Rupeek.
  • At Rupeek, you can quickly transfer your outstanding balance by sharing your pledge card with the loan manager.

Apart from the mentioned features, we offer you certain high-end benefits like flexible repayment, doorstep service, and gold credit line.

  1. Flexible Repayment Options

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:

  • A monthly repayment option, i.e., EMI
  • Or choose to pay off the entire amount whenever they want within the tenure.
  1. Gold Credit Line Facility

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.

  1. Doorstep Service

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!

Localities In Patiala Where Rupeek Extends Its Offers

We are extending our services to every nook and corner of Patiala. Some of the localities where our services are active are –

  • Rajpura
  • Bhadson
  • Bhadson Road
  • Patran
  • Ghagga
  • Samana
  • Nabha
  • Ghanaur
  • Amloh
  • Devigarh
  • Banur

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.

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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 the maximum MUDRA loan amount?

The maximum loan amount sanctioned against a MUDRA loan is Rs. 10 lakhs.

  1. Can I avail a PM MUDRA loan online?

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.

  1. What is the minimum gold weight accepted by Rupeek for a gold loan?

A potential borrower must possess at least 18-carat gold to avail a loan from Rupeek.

  1. How do I know that the loan manager sent by Rupeek is genuine?

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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