Mudra loans in Visakhapatnam

Here are the salient features of MUDRA finance Visakhapatnam that prospective borrowers should know of –

1. MUDRA loan in Visakhapatnam is collateral-free.
2. Funds availed under MUDRA scheme can be used for several business expenses.
3. PMMY Visakhapatnam has none to minimal processing fees.
4. The repayment tenure for this financial product is up to 84 months.
5. e-MUDRA loan is available as a term loan and a composite one
6. It comes with an overdraft facility.

The online registration process for MUDRA loan scheme Visakhapatnam is hassle-free. Here’s how you can register –

• Download the loan application form
• Fill it up
• Find a lender, and finish the formalities
• Following the submission of application forms and necessary documents, the loan application will be initiated

The MUDRA loan eligibility norms state that any small and medium business owners in the age bracket of 18 – 65 qualify for this loan. The following types of businesses can apply for a MUDRA loan in Visakhapatnam are –

• Proprietary firm
• Partnership ventures
• Private limited companies
• Public limited organisations

Nevertheless, a point to note here is that MUDRA loan applicants must not have any previous loan default record and should maintain a reasonable credit history. Additionally, applicants must have the required skill and knowledge to set up and run the respective business or proposed venture.

However, meeting the stringent requirements of MUDRA scheme is not easy for every borrower. Also, individuals who require more than Rs. 10 lakhs may not find this scheme favourable. In such instances, instead of searching for ‘MUDRA loan lenders near me’ one can opt for a gold loan as an alternative.

A gold loan offers several advantages over a MUDRA loan in Vizag, like minimal documentation, relaxed terms of eligibility, and competitive rates of interest.

Also, the lack of restriction helps individuals meet different expenses, personal and business-related, easily. The features of a gold loan include the following –

1. One needs to pledge gold jewellery to avail this financing option.
2. The interest rate is comparatively low.
3. It offers more repayment flexibility.
4. The eligibility and documentation are simple and hassle-free
5. Also, the loan approval process is quick. Usually, it takes around a couple of hours to get approved.

However, to make the most of these benefits, one needs to select a reliable lender. Businesspersons can turn to Rupeek to that end.

As one of India’s leading gold loan providers, Rupeek aims to better customer experience. Here is a list of Rupeek’s business-friendly benefits –

1. The interest rate we levy on gold loans starts from 0.79% per month. It is one of the lowest in this segment.
2. We provide loans ranging up to 80% of the pledged gold’s value. Borrowers can use the gold loan calculator to find more information and check their loan amount.
3. Also, to make the repayment more accessible, we have introduced different repayment schemes. One can repay in EMIs or as it suits them anytime within the tenure, with options like one-time bullet payment, part prepayment, etc.
4. Moreover, to ensure the safety of your gold, we follow strict security measures. From storage in high-security vaults to door-to-door gold insurance coverage, we ensure your risk is minimised.
5. Furthermore, the loan transfer facility introduced by us allows our customers to save up to Rs. 12377 per lakh on repayment.

Besides these, we also businesspersons with an instant solution to their cash flow woes with our overdraft facility against gold.

The overdraft facility offered by us, termed as Rupeek Quick, allows borrowers to pledge more gold and access instant funds. Moreover, borrowers are responsible for paying interest on the amount they withdraw, not the full credit limit. It helps entrepreneurs to meet their business expenses at any time while ensuring minimal interest.

Furthermore, our presence in the top localities of Visakhapatnam allows us to provide prompt doorstep services.

Individuals in the following areas in Vizag can meet their business needs in just 30 minutes with Rupeek –

• Andhra University
• Akkayyapalem
• Viman Nagar
• Gopalapatnam
• Madhurawada
• Maharanipeta
• Nad Junction
• Kancharapalem
• MVP Colony
• Simhachalam
• Gajuwaka
• Port Area
• Naval Dock Yard
• Pendurthy

MUDRA loan in Visakhapatnam offers the necessary funding to meet a variety of business expense. However, the processing time and moderate loan amount make it unsuitable for all business needs. Alternatively, one can opt for a gold loan, and with Rupeek they can get more favourable loan terms.