Medical Stores play a vital role in everybody’s life. Whenever you face any kind of emergency you always rush to a medical store for the first aid. All the medical store owners have to keep a variety of stock so that every individual gets the required medicine. There are a lot of brands like mankind, Cipla, Glenmark, and many more that give their agencies to the medical store owner. But there are some owners who cannot afford these top brands. Therefore you can take a look at the business loan for a medical store that is available at a starting interest rate of 20% for a maximum loan amount of up to INR 5 Lacs. You are free to choose the tenure of the loan for up to 3 years.
Quotes from 18 banks | Instant Approval | Maximum Loan Eligibility
Documents Required and the Eligibility Criteria for Business Loan for Medical Store
If you are thinking of borrowing money from the bank for the medical store then you must go through the eligibility criteria and documents required to take the business loan.
- KYC of the Applicants and Co-Applicants
- Ownership Proof
- Business Registration Proof
- Last 6 months bank statement
- Business Registration Proof is Mandatory.
- 2 years of Business Vintage Period has to be proved.
- Either Office or Residence in the City to be Self Owned in the name of Parents, Self, or Spouse.
- Current Account and Saving Account Bank Statement are Acceptable.
- No Personal Loan or Business Loan has been taken in the last 3 months.
Details of the Medical Store Loan
|Minimum Loan Amount||₹1 Lac|
|Maximum Loan Amount||₹5 Lacs|
|Minimum Rate of Interest on a Reducing Basis||20% per annum|
|Maximum Rate of Interest on a Reducing Basis||25% per annum|
|Minimum Tenure for the Business Loan||1 Year|
|Maximum Tenure for the Business Loan||3 Years|
|Business Vintage Proof||Minimum of 2 Years|
|Minimum CIBIL Score||725 Points|
Reasons for Taking a Loan for a Medical Store
You can explore various reasons for taking a loan for the medical store. If you own a medical shop then you are at the right place because you can apply directly through the form. Well, you must know the advantages of the loan amount for the medical shop.
Every business owner wants his shop to always look attractive and filled with the demanded products. So, you can take a loan from the bank and use it to renovate the shop. You can add counters, shelves, and the latest designs to your shop so that it looks attractive.
There are a lot of brands that are dealing in medicines and drugs. So you can acquire more brands to increase the variety of products in your medical store through a business loan. It can help you to generate more profits in the future.
Recruiting Human Resource
If you expand your medical business then it is obvious that you will need human resources. So, you can use the amount of business loans to hire new employees and workers for the shop. It can help you in your medical store expansion.
Some Medical Stores also sell medical equipment like a wheelchair, patient beds, and many other things. So, if you haven’t expanded your business to the medical equipment then you must take a business loan for medical stores and increase your product reach.
Maintaining Medicines in Stock
It is really important to maintain stock in your store so that you can fulfill the necessity of every customer. But stock maintenance needs a lot of funds so you can borrow money from the bank and maintain your stock.
Installing Latest Technologies
There are some medical store owners that install the best security system in their shops. On the other hand, you will need a proper computer system and updated software for accounting and billing. So, once you have the money through the business loan then you can fulfill the above needs of the business.
Bank and NBFCs Offer Loan for Medical Shop
You can take the business loan for the medical shop at the above-mentioned tenure, interest rate, and loan amount from the following bank and NBFC. Their business loan details are the same as the details mentioned in the above table.
Cities where the Loan is Available at the Above Details