Is it Possible to Obtain Rs.20 Lakh Start-up Business Loan at Home?

Posted by Rupeek Fintech Pvt Ltd. on May 17th, 2021

With easy access to the internet, the origination of fresh business ideas, and the advent of cutting-edge technology, India has slowly evolved to become the third-largest start-up ecosystem globally. 2020 brought some unprecedented changes in the business sector, where Indian start-ups raised around .3 billion until mid-December.

Despite ample opportunities for new ideas, start-up owners face major issues to finance their business expenses. From business expansion to maintaining smooth flow of regular operations, availing a business loan at homeseems ideal to get a substantial financial aid.

However, a doorstep service from financial institutions is not always available and even the definition of such services often varies from one lender to another. While some of them carry out KYC formalities at your doorstep, others emphasise on other criteria. It is advisable to contact your preferred lender to check if such facilities are available, including other requirements from their end.

Eligibility Parameters for Start-Up Business Loan

Looking at the present state of the technology landscape, it is fair to say that start-up owners can leverage several innovative ideas to grow their business. However, meeting the basic business loan eligibility criteria is required to obtain a substantial amount and ensure smooth business financing.

Here are some parameters individuals need to meet:

• Individuals with an age of 21 to 65 years are primarily eligible for this particular loan variant.
• One must present a solid business plan and have specific strategies in mind to develop the business in order to be approved by the financial institution.
• An applicant is supposed to have a CIBIL score of 750 or above and a decent credit repayment track record.

Apart from that, individuals need to submit identity and address proof, bank statements of the last six months, ITR documents, etc. With such stringent eligibility criteria and documentation, acquiring a sizable business loan at home might get comparatively difficultfor new and small businesses. A gold loan is an ideal substitute in that context, enablingborrowers to obtain a substantial amount with minimal documents. One of the lenders you can choose in this regard is Rupeek Fintech. It is an RBI-approved NBFC, offering highly feasible gold-backed funds with maximum benefits.

What Makes Gold Loan a Suitable Alternative?

Gold loan is a self-explanatory term that implies how a borrower can easily obtain a bulk amount by submitting gold as collateral. Due to its secured nature, gold loans inevitably come with certain benefits. These advantages are enhanced by lenderslike Rupeek, who offer the following customer-friendly features.

• No end-use restrictions: From purchasing new machinery to boosting your production, this particular feature allows you to utilise the loan amount to meet all kinds of financial requirements.
• Instant disbursal: The extensive verification process and cumbersome document requirements can be avoided with a gold loan. Being a secured variant, it ensures prompt disbursal along with a high loan amount.
• Doorstep service: One of the key features of gold loans includes prompt doorstep services. From applying for a loan to getting the credit amount disbursed, the entire process gets completed from the comfort of your home.
• Low-interest rate and flexible repayment tenor: Individuals looking for a business loan at home can avoid high interest rates offered by NBFCs with gold loans. By submitting your gold jewels as collateral, you can not only obtain a sizable amount but also get to choose the tenure as per your convenience.

Nonetheless, borrowers should be aware of the gold loan guidelines beforehand so that they can avoid additional charges or penalties in the future.

With an active user base and evolving nature of the start-up industry, establishing a business has become comparatively easier. All it requires is easy financing options like gold loans.

Are you still searching for ‘start-up business loan near me’ online? Make sure you go through the impeccable benefits of gold loans. Even a low credit score cannot stop you from availing a large amount to support your business.