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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.
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 –
MUDRA finance Vijayawada is available in three categories, and it is divided based on the stage a venture is in.
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.
Gold loans, when stacked up against MUDRA loan schemes, fares well on multiple points. Here are the details –
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.
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 –
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.
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.
You can quickly initiate a gold loan request by registering your mobile number. After that, a company representative will contact you for further processing.
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.
No, the maximum amount you can get under the MUDRA scheme is Rs. 10 lakhs.
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.
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