Loan for Medical Shop

Business Loan for Medical or Pharmacy Store

Loans upto 30 Lacs | Flexible Repayment | Easy Eligibility

✓Minimal Documentation ✓Flexible Repayment ✓Collateral Free Loan | Apply for Business Loan Now!

Pharmacy stores provide easy access to medicines to the general populace of a region, and its demand is always on the rise. So, you could benefit greatly from opening one as an entrepreneur. But, if you do not have the necessary capital to do so, you can get a business loan for medical shop to get things running.

Medical Store Loans Fees & Interest Rates

You may refer to the following table to get an idea of the interest rate and other fees levied on business loans for medical stores by our various lending partners:

Lender

Interest Rate

Processing Fee

Bajaj Finance

20.5% p.a. onwards

Up to 2.75% of the loan amount

KreditBee

15% p.a. onwards

N/A

FlexiLoans

12% p.a. onwards

1.5% to 2.5% of the loan amount

Lendingkart

15% p.a. onwards

2% to 3% of the loan amount

NeoGrowth

18% p.a. onwards

2% to 3% of the loan amount

How Can a Business Loan Help a Medical Store

As a potential or existing business owner in the pharma sector, you must be aware of the ever-growing demand for health care supplies, which are only set to grow further in the years and decades to come. There are a number of processes, licences and registrations required for the smooth functioning of a medical store. Apart from these, you must ensure that in order to meet the changing demands of the people, you are sufficiently stocked with various essential as well as specific prescription drugs.

All of these aforementioned processes and expenses require a considerable amount of capital. While there are a number of business funding options available in the market, the most efficient and convenient method is that of availing a reliable business loan for your medical store. Provided you find the right lender, a well-timed business loan can help you establish a pharmacy from the ground up or aid you in expanding your existing one.

The obstacle that pharmacy owners often face is that traditional business loans for medical stores can take a long time in processing and disbursal of the requested loan amount. This issue can be entirely avoided by availing on Business Loans available on Bajaj MARKETS.

Features of Medical Store Loans

If you choose to apply for a business loan for your medical store/pharmacy via Bajaj MARKETS, you get a host of advantages and add-on features:

  • No Collateral: Medical stores are an essential element of the healthcare and medical services sector in the country. The unsecured business loans do not require you to pledge your valuable assets as collateral to open or fund your pharmacy.

  • Flexible Tenure: Based on your requirements and repayment potential, you can opt for flexible repayment tenures ranging from 12 to 60 months.

  • Swift Approval: The demand for medical supplies never takes a rest and neither should your pharmacy business. If you apply for a business loan for your medical store, it is approved in less than 2 minutes and the amount is disbursed to your bank account within the next 24 hours.

  • Minimal Documentation: Opening and running a medical store can be a hectic business, which is why the business loan for your medical store should ideally be as hassle-free as possible. The application process for business loans at Bajaj MARKETS is hassle-free and seamless and requires minimal documentation.

  • Trusted Platform: The Bajaj MARKETS platform offers a safe and transparent mode for availing financial products and services and is trusted by customers across India.

Eligibility Criteria for Medical Shop Loan

In order to avail a Business Loan on Bajaj MARKETS, as a financing option for your medical store, it is important to make sure that you meet the eligibility criteria of the concerned lender. While every lender as a different set of criteria, some of the criteria that you are required to fulfil in case of most lenders are as follows:

  • You must be a citizen of India

  • You must be self-employed

  • Your age must be in the range of 25-66 years

  • You must have business experience of at least 3 years

Before Availing a Loan for a Medical Store

As with all businesses, opening and running a medical store requires the business owner to conduct a thorough round of research before taking the leap. Therefore, before you apply for a business loan for your medical store, make sure you are familiar with the requirements of the pharmacy business.

The pharmacy business can often be a competitive space, so it is prudent to do some research on the current market conditions and possible locations before setting up your own pharmacy establishment. It is also recommended that you develop a comprehensive step-by-step business plan that charts out the launch or expansion plans for your medical store. Lastly, it is vital to ensure that you have all the necessary pharmacy and drug licences as well as registrations in place for your pharmacy business.

How to Apply for a Medical Store Loan

You may follow the steps given below in order to avail a business loan for your medical/pharmacy store through Bajaj MARKETS:

Step 1: First, head on to the Bajaj MARKETS website. Seek out the ‘Business Loan’ option under the ‘Loans’ tab. Click on ‘Apply Now’ to proceed to fill out an online form.

Step 2: Fill out the online form with required basic information such as your contact details, personal details as well as details of your business.

Step 3: The next step is to fill out the specific details of your business loan, including your choice of tenure and the desired loan amount.

Step 4: Once verified, the business loan for your medical shop can be approved in just 2 minutes and the loan amount would be disbursed to your bank account in just 24 hours.

Documents Required for Medical Shop Loan

You need to furnish the following set of documents while applying for a business loan for your medical store or pharmacy:

  • Identity Proof: Aadhaar card, passport, voter ID, etc.

  • Address Proof: Electricity bill, telephone bill, passport, Aadhaar card, driving licence, etc.

  • Business Proof: Certificate of business existence, Income Tax filings for the previous financial year, profit and loss statements for the past 3 years, etc. (applicable only for existing pharmacy owners).

  • 2 passport-size photographs.