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How about checking some pre-approved offers you might be eligible for?

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Shop Loan

Retail businesses in India are an important link between manufacturers, traders and final consumers. If you are thinking of opening up a retail business, you will probably be looking into getting a shop loan to set up your shop. With the help of a business loan, you get the desired loan amount to suit your needs. You can choose your own tenure, and get a loan at affordable interest rates. You can meet your different financial needs, such as furnishing a shop, buying new machinery or equipment, or increasing your businesses working capital. If you are already an established business and are looking to further expand your enterprise or just need some funds for restocking or reordering, a shop loan can get the financial support your business needs.

Also read about components of GST to understand the whole concept of GST easily only at Finserv MARKETS

Benefits of Getting a Shop Loan

  1. Accessible and Convenient

Lenders offer different loan repayment options. Some banks and financial institutions provide a customized repayment plan as per the business cash flows to avoid facing financial difficulties while servicing the loan. Monthly instalment can be lower or increased by owners as per the profitability or choose a bullet payment option to repay the loan amount.

  1. Flexibility

Business owners have numerous options available for loans based on their current requirements. An overdraft facility whereby borrowers may overdraw the current accounts as per the agreed terms and conditions. The flexibility makes it easier for borrowers to avail a loan for the business facility.

  1. No Collateral Required

When getting a loan for business, you are not required to pledge any collateral to avail of the loan. For a small business start-up, these loans can help you meet your business requirements and grow your business.

  1. Loan Tenure

Business loans are unsecured loans this means it is given for a shorter period. Generally, the loan tenure for this loan is between 12 months to 60 months. You can choose between short term and long term loans based on your business requirements.

  1. Competitive Interest Rates

Most banks, NBFCs and other lending companies offer loans for business at competitive interest rates. These loans can be availed by small and medium businesses in India at attractive interest rates, nominal processing fees, with absolutely no hidden charges. The interest rate loan depends upon your business, the loan amount you have applied for and your past relationship with the bank. Currently, the rate of interest on loan starts at 13.50%. Most banks charge a minimum processing fee of 2% to 3% on business loans.

Shop Loan Eligibility Criteria

To be able to avail a loan with ease you need to fulfil the eligibility criteria only then you are eligible for a loan for your business.

  • You must be a citizen of India to be eligible for a loan.

  • You must be a self-employed individual to be eligible for the loan.

  • Self-employed individuals between 26 - 66 years are eligible and can apply for a loan.

  • Businesses who are in operations for at least 3 years are considered eligible.

List of Common Documents Required For a Shop Loan

  • Complete business loan application form with one passport size photograph.

  • Identity proof of the applicant such as Passport, PAN card, Voter’s ID card, Driving license etc.

  • Documents for Proof of Residence such as Ration card/Telephone Bill/ Lease agreement/ Electricity Bill/ Passport/Trade license /Sales Tax certificate.

  • Proof of Age: Passport, Photo PAN card, Voter’s identity card.

  • Financial Documents such as IT return documents for the last two years along with the latest Bank statements for 6 months and P & L and balance sheet for the last two years audited by a C.A.

Shop Loan Documents Required for Self-employed Individuals (Private Ltd. Co. and Partnership Firms)

  • Proof of Identity of Sole Proprietorship.

  • PAN card/ IT return documents of the borrower or Municipal tax, Water, Electricity bill in the name of the applicant.

  • Sole Proprietor proof of identity such as passport, driving license, voter’s identity card, PAN Card.

  • Proof of residence for the Sole Proprietor such as Driving license, Passport, Voter’s ID.

Shop Loan Documents Required for Self-employed Individuals-Non Professionals

  • Proof of identity of the sole proprietorship.

  • Three years of income tax returns.

  • Three years of sales tax return documents.

  • A copy of periodic stock and creditors-statement for last three months.

  • Bank statement of the last 6 months of the applicant.

Also, make sure you have a good credit score when applying for a shop loan with any bank or financial institution. An individual's credit score information is considered to be very important and a good CIBIL score signifies timely payment of all the loans. A number of factors can affect the CIBIL Score and a low Credit Score can simply mean rejection of your loan application. Even if your application gets approved you may be charged with a high-interest rate on the loan amount.

In order to manage your financial needs, Finserv MARKETS offers personal loans at attractive rates of interest. You can avail a business loan of up to Rs. 30 Lakhs. You can use the funds to invest in infrastructure, expand operations, upgrade to the latest plant and machinery or maintain inventory. Apply for a business loan online with the Finserv MARKETS app and avail pre-approved offers for an instant loan without security. You can also enjoy a high top-up loan or an interest rate reduction on your loan.

These unsecured business loans get approved under 24 hours, come with easy eligibility criteria and can be applied for with minimal paperwork. These exclusive features make Finserv MARKETS the best, fastest and most hassle-free loan provider to meet the urgent financial needs of small businesses. You can avail a business loan up to Rs. 30 Lakhs to finance various business operations, such as an expansion of your business, acquisition of other companies, buying high-value and getting new machinery or equipment, etc. By applying for a business loan at Finserv MARKETS, you can check your CIBIL score for free and also obtain a Financial Health Check Report(FHCR). That will provide you with a detailed analysis of your financial health and ways to maintain it in the future.

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