As a chemist running a pharmacy shop, securing the right financing is essential for business growth and expansion. A pharma loan is a specialised financing option designed to meet the needs of pharmacy shop owners. There are two types of pharma loans, namely Term Loan and Flexi Term Loan. In this article, we will discuss how Flexi Term Loan works with pharma loans.
What flexibility do you get with a Flexi Loan?
Flexi Term Loan is a type of pharma loan that provides financial support to pharmacy shop owners. It is a Term Loan with Flexi facility. With a Flexi Term Loan, you get a set sanction of funds upon successful loan application. You can withdraw money from this sanction as many times as you need and repay funds back when you have a surplus of cash in hand. With this flexibility in borrowing, you can use this loan for the varying expenses of business expansion, inventory management, and working capital.
In addition to this, the Flexi Term Loan comes with one great benefit – the interest is charged only on the amount you use, and not on the full loan sanction. This means, of course, that you pay lower EMIs overall than in a regular Term Loan.
Applying for a Flexi Term Loan
Bajaj Finance provides collateral-free pharma loans with the Flexi Loan facility. The repayment flexibility is especially useful for pharmacy owners who might face shortfalls in funds due to unfavourable market conditions or unplanned expenses. Our pharma loans start from Rs. 2 lakh and up to Rs. 7 lakh and come with repayment tenures of up to 96 months.
To apply for a Flexi Term Loan, pharmacy shop owners need to meet the basic eligibility requirements. This includes essential documentation, such as proof of self-owned residence or pharmacy shop, shop establishment licence, and others.
In conclusion, the Flexi Term Loan is a flexible financing solution that helps pharmacy shop owners meet their need for growth and expansion. If you are looking for financial assistance, consider applying for a pharma loan that provides you with the flexibility and support you need.
