Here's How You Can Avail a Loan for Your Shop

To run a shop successfully, you need to infuse funds in it from time to time. It could be for working capital needs, to expand your shop’s reach, purchase machinery and raw materials. You would also need adequate funds if you want to buy new shop premises or renovate the infrastructure of your existing shop.

To fund your shop’s diverse needs, you can avail a shop loan. Irrespective of the kind of shop you wish to open, you can avail a shop loan on easy terms. 

  

Why should you avail a shop loan?

Easy application

With a simple application process, availing a shop loan is easy and convenient. You can apply for a shop loan by furnishing just two documents. Once you submit the application form with the required documents, your loan is approved within 24 hours.

With pre-approved offers, you can get shop loan application approved in an instant. All you need to do is share your details and check your pre-approved offer here.

Moreover, often lenders send their representative to guide you regarding the loan availing process. Lenders also provide a doorstep facility to collect your application form and documents so that you need not make multiple trips to the lender's office. Many lenders also offer online fund management facility to access your loan account online. With lenders you can manage all your loan information through the online portal- Experia and thus, save time.

High-value loans

Whether you want to revamp your shop interiors or open a new branch anywhere around the country, availing a high-value, unsecured shop loan could take care of the financial aspect. An unsecured loan does not require any collateral, guarantor or security to get the funds. The maximum quantum of shop loan, which can be anything between Rs. 20 to 50 lakhs, depends on the lender's policies and also on your CIBIL score.

Easy eligibility

You can conveniently avail a loan for shop through fulfilling easy eligibility criteria. To avail a shop loan these are the common eligibility requirements:

You should be above 25 years and below 60 years.

Your business should have run successfully for a few years. Ideally, lenders approve a loan when a business has a vintage of 3-5 years.

The lender may also look for your tax-related compliances. Depending on the lender's policies, you might have to submit Income Tax returns of the past one-three years to the lender.

Attractive interest rates

The interest rates on business loans like a shop loan depend upon various factors. These could be loan tenor, market rates, creditworthiness, your business's financial condition, loan amount, etc. While availing a loan for buying a shop, compare offers of various lenders and look for the one, which offers the lowest interest rates. The interest rates on such type of loans could vary from 12% to 18% along with a few other charges. 

Flexibility

By availing a shop loan from Bajaj Finserv, you can opt for flexible tenor and repay the loan amount as per your convenience. You can also lower your EMI value by opting for a flexi loan facility. In a flexi loan format, you can withdraw as much as you want anytime. Moreover, you will have to pay the interest only on the used amount.

How to avail a shop loan

A loan for shop purchase can be availed through three simple steps.

Fill-in the application form on the lender's website, by entering the relevant details. This includes personal details like name, date of birth, contact details along with information about your business, like annual turnover and the nature of the business.

Submit the application form and know your pre-approved offer through the lender's representative.

After you submit the loan application with the documents, the lender carries out a background check with the provided information. They assess your creditworthiness by checking your credit score and looking into your shop’s plan to use the funds. Submitting adequate and accurate details is necessary to prevent your application from being rejected.

Lastly, look for the best deal on your loan by comparing various lenders based on the offered loan amount, tenors, interest rates and application process.