Business Loan for Medical or Pharmacy Store

In the current scenario of rising worldwide health scares, there is going to be a surge in the demand for medical supplies and healthcare essentials. Even before the pandemic, it was estimated that health care accounted for 20% of the expenditure of an average consumer. This number is only expected to grow as medicines, drugs and medical supplies become an essential requirement for every individual and family across the nation.

In this landscape, medical stores are set to become an indispensable service for the masses. As a result, pharmacies today are presented with a favourable opportunity to improve access to medicines while serving as a well-functioning business. So, whether you are a budding entrepreneur looking to open your own pharmacy  or an existing pharmacy owner looking to scale your business, a business loan for medical store can help you along the way.  

How can a Business Loan Help for Medical Store?

As a potential or existing business owner in pharmacy, you must be aware of the ever-growing demands of the business, which are only set to grow further in the years and decades to come. There are a number of processes, licenses and registrations required in the smooth functioning of a medical shop. 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 processes require a considerable amount of capital to keep your pharmacy afloat and to aid it in making a profit. 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 shop. Provided you find the right lender, a well-timed business loan can help you establish a medical shop 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 shops can take a long time in processing and disbursing the requested loan amount. This issue can be entirely avoided by availing swifter, easier loans such as the Bajaj Finserv Business Loan available on Finserv MARKETS

Bajaj Finserv Business Loan For Medical Store

As a loan product, the Bajaj Finserv Business Loan offers borrowing entrepreneurs the freedom to spend their loan amounts, that can go as high as Rs. 30 Lakhs, as they deem fit. This business loan for medical stores is available on the Finserv MARKETS platform, which is one of the country’s leading online marketplaces for financial products and services. 

In order to establish or expand your own medical store, the Bajaj Finserv Business Loan offers a wide range of features and benefits that make your entire loan application and approval experience simpler. Moreover, you can easily customise the loan to suit the specific capital and funding requirements of your medical store. 

Why Business Loan For Medical Store?

If you opt for the Bajaj Finserv Business Loan as the choice of business loan for your medical store, you can expect a variety of advantages from the process. Here are the ways in which the Bajaj Finserv Business Loan makes for an ideal business loan for medical shops:

  • No Collateral: Medical shops are an essential element of the healthcare and medical service sector in the country. The unsecured Bajaj Finserv Business Loan does not require you to place your valuable assets as collateral to open or fund your pharmacy.  

  • Flexible Tenures: As a business loan for your medical shop,the Bajaj Finserv Business Loan offers you considerable flexibility in your loan repayments. Based on your requirements and repayment potential, you can opt for flexible tenures that range from 12 to 60 months.

  • Swift Approval: The demand for medical supplies never takes a rest and neither should your pharmacy business. Which is why the Bajaj Finserv Business Loan is quick in both its approval, which can take just 3 minutes, and disbursal, which can take just 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 Bajaj Finserv Business Loan helps you avoid a lot of paperwork with its minimal documentation requirements and an online application process.

  • Trusted Platform: The Finserv MARKETS platform is a safe and transparent mode of availing financial products and services and is trusted by more than 100 million customers across India.

Before Availing a Loan for a Medical Store

As with all businesses, opening and running a medical shop requires the business owner to conduct a thorough round of research before taking the leap. Therefore, before you apply for a business loan for medical stores, 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 licenses as well as registrations in place for your pharmacy business. 

Once you have  fulfilled these processes for your pharmacy establishment satisfactorily, you are ready to avail a business loan for your medical store. However, another important step along the business loan application process would be to collect all the necessary documents required. Some of the most important documents needed for the application for business loan for medical shops are as follows: 

  • Proof of Age

  • Proof of Identity

  • Proof of Residence

  • Financial documents such as IT Returns and bank statements

  • Proof of identity of sole proprietorship

  • Proof of residence for sole proprietorship

Eligibility Criteria: Business Loan for Medical Store

To avail the Bajaj Finserv Business Loan as a financing option for your medical store, it is important to make sure that you meet the eligibility criteria for the business loan. Here are the eligibility criteria for the same: 

  • 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.

Check business loan eligibility criteria here only at Finserv MARKETS

How to Apply for Business Loan for Medical Store

Finally, to make the Bajaj Finserv Business Loan your choice of business loan for your medical store, all that remains is to get started with its simple loan application process. Here are the basic steps you need to follow to complete the loan application process:

  • Step 1: First, head on to the Finserv 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 and employment.  

  • 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 3 minutes and the loan amount can reflect in your account in just 24 hours.

The quick and efficient Business Loan makes for the ideal business loan for medical store owners across the country. Visit the Finserv MARKETS website and avail the business loan today!

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