Are you a medical store owner looking to expand your business or improve your existing store? A pharma loan might help you with the funds. Read further to find out if you may be eligible for a pharma loan.
Why get a pharma loan?
You can get a pharma loan from Bajaj Finance ranging from Rs. 2 lakh to Rs. 7 lakh. This collateral-free financing can come in the form of a Term Loan or a Flexi Term Loan. Term Loan is a regular loan with a set payment schedule and EMIs, while Flexi Term Loans offer more flexibility in repayment options.
You can use the loan to manage your pharmacy operational expenses or upgrade your shop. The funds can be useful for hiring or training talent as well.
Eligibility requirements for a pharma loan
Here are a few parameters that we evaluate when you apply for a pharma loan:
- Individual or partnership firm
To be eligible for a pharma loan, you must either be an individual who is an Indian citizen who runs a pharmacy shop or a partnership firm based in India.
- Experience
The owner and the employees should have work experience as per the minimum requirements.
- Qualifications
The owner must have a degree in D.Pharm/ B.Pharm/ M.Pharm from a recognised university or institute.
- Documentation
You must provide ownership proof of either the pharmacy shop or your residence. You will also need to provide documents such as shop establishment licence/ gram panchayat letter and drug licence.
In conclusion, a pharma loan may be a suitable solution for pharmacy owners looking to expand their business. You do not have to provide any collateral or share ITR documents to get a pharma loan from Bajaj Finance. However, there are minimum eligibility requirements that you need to meet. Some of the requirements are listed above. If you meet the eligibility requirements, you can apply for a pharma loan and take the necessary steps to move your business ahead.
