As a chemist or pharmacy shop owner, you may need financing options to expand your business or manage cash flow. A pharma loan is a specialised financing option designed for individuals who run a pharmacy shop. Understanding the nuances of this type of loan can help you make an informed decision and select the right financing options for your business requirements.
Types of pharma loan
Bajaj Finance offers pharma loans from Rs. 2 lakh to Rs. 7 lakh. This loan can help you cover a range of expenses from expanding your business to purchasing new inventory and hiring additional staff.
Pharma loans are available in two variants: the Term Loan and the Flexi Term Loan.
A Term Loan is a regular loan with a fixed tenure and monthly instalment amount. Interest is charged on the full loan amount.
With a Flexi Term Loan, you get the flexibility to borrow and repay funds as you need from your sanctioned loan amount. You pay interest only on the amount that you are withdrawing. This way, you can manage your cash flow without affecting business operations. This variant of pharma loan is beneficial for pharmacy shop owners who may face cash crises during periods of unforeseen expenses or adverse market conditions.
Who can get a pharma loan?
Individuals who run their own pharmacy shops can apply for a pharma loan. Partnership firms wherein your immediate family members are pharmacists are eligible to apply, provided all partners are part of the loan structure.
Qualifications for a pharma loan consist of D. Pharma/ B. Pharma/ M. Pharma degrees from a recognised institute or university. Relevant owner and employee experience are also pre-requisites for a pharma loan.
How to get a pharma loan?
Applying for a pharma loan requires relevant documentation. This includes proof of a self-owned pharmacy shop. You also need a shop establishment licence/ gram panchayat letter, a drug licence, and so on.
Once you have your papers in order, fill out our online application form with the required details. Upload your KYC proofs, and schedule an appointment for your document verification. Your representative will then contact you to move the process forward.
