Mudra Loan in Visakhapatnam

Mudra Loan in Visakhapatnam

This port city on the east coast of Indian shoreline is famous for its seafood processing and export industry. Apart from that, I.T and pharmaceuticals are the two major industries of this city.

The administrative capital of Andhra Pradesh is also the largest city of this state. It houses some prominent tourist places like Rushikonda beach, Dolphin nose hill, and the Submarine. Along with that, there are other visiting sites as well in and around the city.

The business opportunities in this city are plenty, and with affordable MUDRA loan in Visakhapatnam, one can have access to quick funding against nominal eligibility norms to support their ventures.

Features Of Mudra Loan

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.

Online Process Of Mudra Loan Registration Visakhapatnam

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

Eligibility Terms For Mudra Loan

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.

MUDRA Loan Alternative – Gold Loan

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.

Features Of Rupeek

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 0.49% 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.

Overdraft Facility By Rupeek

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.

Rupeek’s Areas Of Service In Visakhapatnam

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.

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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% 0.49%
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 MUDRA Yojana for women?

Under this specially designed scheme, the government encourages women entrepreneurship. Here, applicants can receive funds at a reduced interest rate, and with more flexible loan terms.

  1. What is the loan amount cap on Pradhan Mantri small business loan?

The MUDRA loan max limit depends on the scheme you are opting for. The loan is capped at Rs. 10 lakhs for the Tarun scheme.

  1. What is the credit score required to avail funds from Rupeek?

Rupeek does not ask for any credit score to approve a gold loan. That’s because it is a secured loan.

  1. Can I get a MUDRA loan with a low CIBIL score?

A MUDRA loan in Vishakhapatnam is a collateral-free option. Therefore, you need to possess a high credit score to be eligible for this loan scheme.

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