India is a great place to start a gold loan business because of its large gold reserves and the simple process of borrowing money. According to Money Control, the sector has experienced steady growth over the past decade. The CAGR for this period exceeded 30% between 2010-2019. Business Line also projects that the market for Gold Business Manager loans will reach Rs. 4,617 billion in 2022
- Benefits of the Gold Business Manager for loans – The Best
- Rapid approval and disbursal
The Gold Business Manager is available to help owners in financial emergencies. Owners rarely have time for lengthy loan applications and approval procedures. However, banks and NBFCs often have additional formalities that can prolong this process. Rupeek Fintech Private Limited offers gold loans that are easier to obtain.
Online Facility to Verify Loan Eligibility
A gold loan provider will usually offer an online calculator that allows a potential borrower to calculate the loan amount. This is based on the weight and purity of the jewellery pledged. Enter the weight of the fishy business pledged gold and the purity value (between 18 and 22 carats) to calculate the maximum loan amount. However, one must remember certain factors when performing online calculations.
- Lenders are reluctant to accept gold jewellery with purity less than 18 carats as a guarantee against a gold loan.
- This calculator will only calculate the weight of gold. It does not include any impurities or stones, and may not take into account any ornaments.
- The price of gold can fluctuate from day to day. These online calculators calculate the amount of your gold loan that you are eligible for based on the value and time of gold.
Documentation Process Simplified
A conventional business loan requires that you complete several formalities. This includes extensive documentation. Banks may ask for business documents, personal identification papers, and many other documents such as IT proofs, income proofs, and so forth. Before you can apply for a loan, you will need to have the following documents: For business owners already working in stressful environments, arranging all these documents can become too complicated.
Individuals with Low Credit Ratings have an Effective Credit Option
When approving loan applications, Gold Business Manager loan lenders don’t consider your credit rating. This means that even if your CIBIL score is low due to past debt problems, you can still get gold loans. On the other hand, typical business loans are only approved to those with a credit score of at least 650.
You can Get Loans Right at your Door
Rupeek Fintech Private Limited uses a simple and easy-to-understand gold loan disbursement process. Applicants don’t need to travel far from their home in order to receive the funds. Instead, the lender will send a loan manager to you when you submit your online application.
