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How to Apply for Business Loan for Medical Shop

Jan 6th, 2022 at 01:15   Blog   Karachi   29 views

Location: Karachi

In terms of employment and revenue, India's healthcare sector has grown to become the country's most important industrial sector. Because of the country's increasing industry rate, the sector is expanding at a rapid pace. An increase in private and public expenditures is another factor driving this sector's growth.

In India, opening medical shops is primarily carried out as a small business. Both small and medium-sized businesses in this industry lack the necessary capital to invest. They are unable to purchase medical requirements for the shop. Also, unable to engage in research and development due to a lack of cash. This is because they are required to get a medical shop loan to carry out their business smoothly.

Moreover, with the emerging new trends in getting business loans, it has become easy to get loans for medical shops. Now, small or big entrepreneurs can easily get business loans for medical stores.

Advantages of Medical Business Loan

There are numerous advantages available if you take a medical shop loan. Below are the most prominent advantages of taking a business loan for your medical shop.

1. Acquire More Brands

Many different brands deal with medicines and medicinal drugs. So, with a business loan, you can acquire more brands to expand the variety of products in your medical store. It has the potential to help you make more money in the future.

2. Purchase Equipment

Medical stores may also sell medical equipment such as wheelchairs, patient beds, and other medical supplies. You'll need to get a medical store business loan to expand your product line or increase your firm.

3. Install Security System

Some medical store owners invest in the best security system for their shop establishments. On the other hand, for accounting and billing, you'll need a good computer system and up-to-date software. So, once you get the money from the business loan, you may install the security system.

4. Hire Workers At the shop

With the increase in your medical business, you will also be required with the new workers. For that, you will be required with a business loan for your medical shop. You may easily use that loan amount to hire new workers. They will help you in your shop.

5. Maintain Medicines Stock

It's essential to keep your store stocked so that you can meet the needs of every consumer. However, a stock update necessitates a large sum of money. Therefore you can borrow money from a bank to keep your stock in good condition.

Eligibility Criteria for Medical Shop Loan

For getting a medical shop loan, you will need to qualify under the following criteria. After qualifying, you can easily avail of the business loan amount.

A medical shop that has proven business documents for more than two years.

Requires a turnover of INR 10 lakhs in the last year, ad no default history.

Income tax filed the previous year must be more than INR 1.5 lakhs.

Borrowers should have their own house or a business place.

Must have business experience of at least three years.

Must be self-employed and a citizen of India.

Essential Documents Required for Medical Shop Loan

To start or expand your medical shop business, you will be required to submit important business loan documents. These are also needed to acquire for establishing a medical shop business. Required documents are as follows:

Bank Details

Current Sales

Aadhar Card

PAN Card

Project Report

Business Partnership Details

Shop Registration Details

Non-Defaulter Certificates

Residential ID

Age Proof documents

Applying Process for Business Medical Shop Loan

The application process for a business loan in Lucknow for medical shop is simple and easy. It will require you to submit all the business loan documents. You must also qualify under the eligibility criteria before applying for the medical shop loan. Below are some of the steps which you will need to complete for the online application process.

The first step is to click on the “Apply Now” option for the business loan under the loans tab.

The second step is to complete the application form. The form will require basic information such as your personal details or contact details. It will also include details of your business.

Another step is to fill in all the essential details of your business loan. It will include the desired amount and choice of tenure under the loan.

After your application is verified, then the medical shop business loan will be approved within 3 minutes. Moreover, the loan amount will be transferred within 24 hours to your bank account. It is the last step of the process.