You must be aware of the steadily increasing need for medical supplies if you are a prospective or current company owner in the pharmaceutical industry. This demand is only expected to increase over the following years and decades. A medical shop has to comply with several procedures, licences, and registrations to operate correctly. In addition, you must ensure that you have an adequate supply of different necessary and particular prescription medications to suit the shifting wants of the populace.
The procedures above and the costs all require a significant quantity of resources. While there are many company finance choices on the market, getting a trustworthy business loan for medical store is the most effective and practical option. A business loan for medical store may assist you in starting a pharmacy from scratch or growing an existing one, provided you select a suitable lender.
Characteristics of Medical Store Loans
You get a plethora of benefits and add-on features if you choose to apply for a business loan for medical store with Bajaj MARKETS:
No Collateral: The nation’s healthcare and medical services industry is not complete without medical shops. You may start or finance your pharmacy with an unsecured small business loan without having to put up any of your precious assets as security.
Various Repayment Terms: You may choose flexible repayment terms ranging from 12 to 60 months, depending on your needs and ability to make payments.
Swift Approval: Your pharmacy firm shouldn’t take a break since there is always a need for therapeutic goods. If you apply for a business loan for your medical shop, it is accepted in less than 2 minutes, and the money is sent to your bank account within the following day.
The small business loan for your medical shop should be as hassle-free as possible since opening and operating a medical store may be a busy endeavour. At Bajaj MARKETS, applying for business loans is simple, easy, and only requires a little paperwork.
Trusted Platform: Customers all around India have confidence in the Bajaj MARKETS platform, which provides a secure and open method of obtaining financial goods and services.
Qualifications for a Medical Shop Loan
As a financing choice for your medical shop, it’s crucial to make sure you match the eligibility requirements of the relevant lender before applying for a business loan on Bajaj MARKETS. Although each lender has its own set of requirements, you must meet the following requirements for the majority of lenders:
- It would help if you were an Indian national.
- It would help if you worked for yourself.
- It would be best if you were between the ages of 25 and 66.
- You must have at least three years of business experience.
- Before obtaining a loan for a pharmacy
Like any business venture, starting and operating a medical shop needs extensive due diligence on the part of the company owner. Therefore, be sure you are aware of the pharmaceutical industry’s regulations before applying for a business loan for your medical shop.
Before opening your pharmacy institution, it is advisable to research the current market trends and potential sites since the pharmacy industry is sometimes very competitive. It is also advised to create a thorough, step-by-step business strategy that outlines your medical store’s opening or growth strategies. Finally, ensuring that your pharmacy company is registered and you have all the required pharmacy and medication licences is crucial.
How to Apply for a Loan for a Medical Store
To apply for a business loan with Bajaj MARKETS for your medical/pharmacy establishment, please follow the instructions below:
Step 1: Go to the Bajaj MARKETS website first. The ‘Business Loan’ option may be found by selecting the ‘Loans’ menu. To begin completing an online form, click “Apply Now.”
Step 2: Complete the online form with the necessary basic information, including your contact information, personal information, and company information.
Step 3: The last step is to fill out the specifics of your company loan, such as the desired loan amount and term.
Step 4: After verification, the medical store business loan may be authorized in about two minutes, and the money will be sent to your bank account within a day.
Required Documents for Medical Shop Loan
- While filling out an application for a business loan for your pharmacy or medical shop, you must provide the following documents:
- Aadhar cards, passports, voter IDs, etc., are examples of identity proof.
- Address verification documents include a phone bill, a passport, an Aadhaar card, a driver’s licence, and more.
- Business proof includes a certificate of incorporation, income tax returns from the prior fiscal year, profit and loss accounts from the preceding three years, etc. (applicable only to existing pharmacy owners).
- Two passport-size pictures.