close btn

Service Update- (Covid-19)

In accordance with the respective state government’s directive, we’ve resumed operations in all the cities. However, a few services will remain affected while others will continue as usual. To read about the services or moratorium updates, Click here

Mudra Loan in Vijayawada
mudra-loan-in-Vijayawada

Mudra loans in Vijayawada

Situated on the banks of Krishna River, and surrounded by the Indrakeeladri Hills of the Eastern Ghats, Vijayawada lies in the centre of Andhra Pradesh. It is one of the fastest-growing cities of this state, and the economy primarily depends on IT, manufacturing, real estate, and service sector.

The growing economy of this city has witnessed a rise of small and medium businesses, and the introduction of MUDRA loan in Vijayawada has helped this process further. Firms can now avail funds at easy terms, and fulfil an array of business requirements.

Features Of MUDRA Loan In Vijayawada

In 2015, the Indian Government introduced MUDRA loan to extend monetary help to the small and medium enterprises. Here are the notable features of PMMY Vijayawada that you should know before applying –

  • It is a collateral-free financing scheme.
  • It is available as a composite and a term loan.
  • MUDRA loan comes with an overdraft facility.
  • The repayment tenure of this financial product can go up to 7 years.

MUDRA finance Vijayawada is available in three categories, and it is divided based on the stage a venture is in.

Types Of MUDRA Loan

  1. Shishu MUDRA loan Vijayawada offers funds up to Rs. 50,000 to enterprises beginning their journey.
  2. Kishore MUDRA loan Vijayawada provides financial support to organisations planning a business expansion. It offers funds from Rs. 50,000 to Rs. 5 lakhs.
  3. Tarun MUDRA loan in Vijayawada is particularly designed for established businesses. The loan amount on offer under this plan is Rs. 5 lakhs to Rs. 10 lakhs.

Eligibility Criteria Of MUDRA Loan

  1. Sl. No.

    Particulars

    Requirements

    1

    Age

    18 - 65 years

    2

    Credit score

    750+

    3

    Repayment history

    Must not have any defaults

    4

    Business type

    Must be involved in manufacturing, service, or trading sectors

    Apart from these, applicants of MUDRA loan scheme Vijayawada must have the necessary skill set to run the business. Also, they need to have a business plan in place to complete the application process.

    Even though MUDRA loan in Vijayawada offers easy access to funding, the associated terms of application often make it a difficult one to avail. The eligibility norms are stringent, and the loan approval process is long. Thus, it may not be a wise option to look for ‘MUDRA loan lenders near me’ for emergency requirements.

    Additionally, the funds available here is limited, and in case an entrepreneur needs additional money, he/she needs to look for other options. Considering these drawbacks of a MUDRA loan scheme, one can opt for a more flexible and convenient option like a gold loan.

Benefits Of Gold Loan Over MUDRA Loan

Gold loans, when stacked up against MUDRA loan schemes, fares well on multiple points. Here are the details –

  1. Gold loans offer lenient eligibility terms and require a handful of documents.
  2. The approval process is quick; usually, it takes a couple of hours to complete.
  3. The associated terms are more favourable since it is a secured loan.
  4. The loan amount can be substantial, depending on the gold’s weight and LTV.
  5. Moreover, the rate of interest is also comparatively low since you are submitting collateral.

Therefore, it is only fair to conclude that gold loans offer a better alternative to a MUDRA loan. However, it’s also vital to choose a lending institution that enables you to mobilise your business activities more efficiently. Hence, you can consider Rupeek.

Reasons To Select Rupeek

Rupeek is renowned gold loan provider in India and offers a host of benefits focused on increasing the convenience of debtors. In this regard, they have launched several repayment schemes, which allow borrowers to repay at their will. They have the option to select from a standard EMI scheme or pay as per their convenience.

Along with that, here are some notable reasons that make Rupeek a preferred option among borrowers –

  1. With Rupeek you can get up to Rs. 1.5 crores, which is significantly higher than the one you get in a PM MUDRA loan. Along with that, the rate of interest levied on such funds starts from as low as 0.79% per month.
  2. Applying for a loan with Rupeek is hassle-free. Also, the eligibility norms are minimal. Any Indian who is above the age of 18, and has gold ornaments can acquire a gold loan.
  3. Your pledged gold remains entirely safe with us. Not only do we store them in premium-grade bank vaults but also carry them in GPS-fitted bags so that you can track its movement in real time. Moreover, you get complimentary gold insurance coverage for the entire tenure.
  4. The quick loan transfer facility also helps you to save a substantial amount on loan repayments. With Rupeek, you can now save up to Rs. 12,377 per lakh.

Overdraft Facility By Rupeek

Rupeek also offers an overdraft facility commonly known as Rupeek Quick. It allows current borrowers to pledge more gold and get more funds in the form of a credit line. It means you can withdraw funds according to your need.

Moreover, with Rupeek Quick, you are only responsible for paying interest on the amount you have used, and not the entire line of credit.

Our quick doorstep services further amplify the advantage of picking Rupeek as your gold-loan provider. Since we have a strong presence in Vijayawada, we can reach your home within 30 minutes of your loan application, and provide you with the necessary services. 

Rupeek’s Service Places in Vijayawada

  • Autonagar
  • Bhavanipuram
  • Gannavaram
  • Gollapudi
  • Ibrahimpatnam
  • Kankipadu
  • Kondapalli
  • Nandigama
  • Satyanarayanapuram
  • Kanchikacharla
  • Mylavaram
  • Nidamanuru
  • Vuyyuru
  • Ramavarappadu

Although a MUDRA loan in Vijayawada is designed to offer necessary financial assistance to enterprises, the few limitations can be a hurdle. In such instances, one can opt for a gold loan to solve their crisis. Moreover, with a lender like Rupeek, they can now have an emergency instant business loan at their doorstep, without any delay.

Rupeek ad
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 -
Rupeek ad

Frequently asked questions

  1. How to initiate a gold loan request with Rupeek?

You can quickly initiate a gold loan request by registering your mobile number. After that, a company representative will contact you for further processing.

  1. What is MUDRA debit card?

MUDRA debit card is like any regular version of this payment card. After your loan application is successful, you receive the loan amount in your account. At the same time, you also get this payment card to withdraw funds as per your will.

  1. Can I get a MUDRA loan of Rs. 20 lakhs?

No, the maximum amount you can get under the MUDRA scheme is Rs. 10 lakhs.

  1. How to repay a Rupeek gold loan?

You can repay through the online payment portal of Rupeek. Once you log in via OTP, it will display your account summary, and then you can make payments as per your suitability.

Rupeek ad
gold img
Apply for Gold Loan 30 Minutes Doorstep Service
close
+91
Please enter valid Mobile Number
close
success img

Loan Request Successful

Your request has been received, our customer relationship manager has been notified and will call you shortly