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Loan for medical store
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As technology advances and more Indians get access to superior medical services, the demand for medical stores will continue to grow.
With increasing business opportunities for this sector, more people are looking for funds to open medical stores all over the country. To fulfil their demands, Bajaj Finance is offering unsecured business loans to open medical shops.
Walk into the nearest branch or apply online.
Features and benefits of our business loan for medical store
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High-value loans up to 8000000
Bajaj Finance offers instant business loans with a high value of up to 8000000 to set up a medical store
Flexi Loan facility
With the Flexi Loan facility, borrow any amount within a fixed limit and pay interest only on the withdrawn amount.
Flexible repayment period
Opt for a repayment period within 96 months as per your financial needs.
Hassle-free application
Our business loans get approved in only 48 hours*, have and quick disbursal.
Online access to your account
Get convenient access to your loan due amount and loan statements online.
No need for collateral
With our collateral free business loans, you don’t have to risk valuable assets to secure the funds you need to open and run your medical store.
Loans for medical shops
Bajaj Finance offers existing business loan of up to 8000000 for your pharmacy shop. These business loans for medical shops are unsecured and thus, do not require you to stake any valuables for funds.
These loans come with a range of features and benefits. In addition, you can get a personalised loan suitable for the funding requirements of your pharmacy.
How to open a medical store?
Before opening a medical store, you need to conduct thorough research on the requirements of the pharmacy sector. You will need to plan what type of medical store you want to build.
Next, make arrangements for a store with sufficient space for goods as well as space to store extra items.
You also need some qualified pharmacists and several licences and permits, including registration of medical store business, your company, registration for drug license (retail/ wholesale) and GST registration.
You will also need sufficient funding to ensure that your store is fully stocked. A business loan to open a medical store can help with this.
How can a business loan help to open a medical store?
A business loan can help to open a medical store in many ways. Some of the benefits of a business loan for a medical store are:
- To buy or rent a suitable location for the store. A good location can attract more customers and increase sales.
- Purchase the necessary equipment and inventory for the store.
- It can help to hire and train staff for the store.
- Advertise and market the store, which can help create awareness and generate demand for the store’s products and services.
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How much investment is needed to open a medical store?
Before deciding to open a pharmacy, consider the various expenses involved. Given are some of the approximate costs (which can vary for different locations in India):
- Cost of renting commercial space for the shop: Rs. 10,000 to Rs. 1,00,000 per month
- Hiring at least one pharmacist: Rs. 5,000 to Rs. 30,000 every month
- Furniture and other fittings: Around Rs. 30,000
- Cold storage for medicines: Around Rs. 10,000
- Legal paperwork: Rs. 6,000 or more
- Other expenses: Around Rs. 15,000
Besides these monthly expenses, you may also need to invest approximately Rs. 50,000 to Rs. 1,00,000 in medicine stocks. The requirements for this will vary for different sellers, mediums of payment, geographical locations, etc.
One may need an initial investment ranging from Rs. 3,00,000 to Rs. 8,00,000, depending on where you open the medical store.
Eligibility criteria of our business loan for medical store
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Bajaj Finance makes it easier for medical shops to get these loans by offering simple eligibility criteria. The following is a list of these business loan eligibility criteria for pharmacy shops:
Age
21 to 80 years*
(*age should be 80 years at loan maturity).
CIBIL Score
Minimum score of 650.
Citizenship
The applicant must be a resident Indian citizen.
Employment type
Self-employed.
Business vintage
Applicant’s business must be at least 3 years old. It considers factors such as your CIBIL Score, tax payment history, EMI repayment behaviour, and the applicable business loan interest rate.
Additionally, prospective borrowers can use the business loan EMI calculator to estimate monthly repayment amounts based on their chosen loan amount, tenure, and interest rate. This makes financial planning easier and more transparent.
Bajaj Finance offers a business loan eligibility calculator to help you estimate how much loan amount one can apply for. Factors such as CIBIL Score, tax payment history, and EMI repayment behaviour also play an essential role in deciding eligibility.
Bajaj Finance offers an eligibility calculator to help you estimate how much loan amount one can apply for. Factors such as CIBIL Score, tax payment history, and EMI repayment behaviour also play an essential role in deciding eligibility.
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Documents required for our business loan
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The following is a list of documents required for MSME loans for medical shops:
- Identity proof: Voter ID card, PAN card, passport, Aadhaar card, driving licence or any other government-issued ID.
- Address proof: Electricity bill, telephone bill, trade licence, passport, lease agreement, or other government-issued official documents.
- Proof of business ownership: IT returns, registration document, partnership agreement, GST returns, shop registration certificate, certificate of commencement, article, and MOA of a private limited company.
- Financial documents: Audited balance sheet, profit loss statements for last 2 years, bank account statement for previous 6 months, ITR copy for the last year.
Interest rates and charges for Business Loan
Bajaj Finance makes it easy to get a high-value business loan for pharmacy shops by providing affordable business loan interest rates. The interest rates for these loans are affordable and can change due to your credit score, nature of business, and monthly turnover.
Bajaj Finance maintains 100% transparency with its rates and charges. It charges minimal processing fees, foreclosure charges, and zero part-prepayment charges for loans with floating interest rates.
Choose both fixed and floating interest rates for business loans from Bajaj Finance. The former ensures a fixed rate of interest throughout the loan repayment period. The latter will change depending on the current repo rates.
Helpful resources and tips for business loan borrowers
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Frequently Asked Questions
Overview
How can I take out a loan for a medical shop?
You can apply for a business loan from Bajaj Finance for a medical shop. If you meet the eligibility criteria, submit the required documents, you can get a loan of up to Rs. 80 lakh.
How much does it cost to invest in a medical shop?
The cost of investing in a medical shop depends on various factors, such as the location, size, type, and range of products of the store. On average, a small to medium-sized medical store in India can require an investment of Rs. 3 to 8 lakh for a retail or wholesale business. The investment amount will be higher for large towns and metropolitan cities.
What is the monthly income in medical store?
The monthly income in a medical store is influenced by the local population, the demand and supply of medicines, the profit margin, and the competition. On average, a small to medium-sized medical store in India can earn anywhere between Rs. 50,000 to Rs. 2,50,000 per month. The income can vary depending on the seasonality, customer loyalty, and marketing strategies.
Can you get a business loan specifically for a medical store?
Yes, a loan for medical shop owners is available through Bajaj Finance, which offers an unsecured business loan for medical store setup, with eligible borrowers able to access up to Rs. 80 lakh and approval in as little as 48 hours. The funding can support inventory, medical equipment, shop setup and other business expenses without requiring collateral.
What is the eligibility criteria for a business loan for a medical store?
Medical store loan eligibility typically includes being 21–80 years old, self-employed, having a CIBIL score of 650+ and a business vintage of at least 3 years. These factors are also relevant when assessing business loan for pharmacy shop eligibility. Bajaj Finance may consider additional business and financial details before approving an eligible application, subject to its current lending criteria.
How do I get a business loan for my e-commerce store?
You can get a business loan for your e-commerce store by checking eligibility, assessing your funding requirement and submitting the required business and financial documents. Bajaj Finance offers eligible applicants unsecured Business Loans of up to Rs. 80 lakh, subject to its lending criteria. You can apply online by providing your mobile number, business details and completing the verification process.
How to get a business loan for a liquor store?
You can apply for a business loan for a liquor store by meeting the lender's eligibility criteria and submitting the required business and financial documents. Bajaj Finance offers business loans to eligible applicants, subject to its applicable lending policy and permitted business activities. Before applying, confirm that your liquor retail business is eligible, assess your repayment capacity and provide valid licences and registrations where required.
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Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.