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6 Ways Business Loan for Medical Store Can Improve Your Pharmacy

 6 Ways Business Loan for Medical Store Can Improve Your Pharmacy

The current scenario is already seeing the rise in the cases of worldwide health scares. The surge is sure to see a spike in demand for medical supplies and related services.

Even before the pandemic of COVID-19, it was estimated that healthcare made for about 20% of the consumer expenses. The number is expected to go up. It is as medicines and related services are urgently becoming essential needs across India.

In the same context, medical stores are sure to become an obligatory service for the masses. It could be a good source of income if anyone is looking to come up with a medical store in the near future.

Thus, if you are an entrepreneur looking to open your pharmacy store or improve your existing one, then you can count on the business loan for medical stores.

Let’s check out in multiple ways the business loan for medical stores can help you out! Read on!

A large loan amount

The expense of setting up a well-stocked medical store can go in lakhs. But you don’t need to worry. It is because the business loan for medical store can help you access as high as up to Rs.45 lakh. The final loan amount will depend on your eligibility.

No collateral required

One of the best parts of the business loan for medical store is that you don’t have to pledge any collateral to get the approval. To get funds to open or expand your drug store, you only need to prove your creditworthiness to the lender. Having a robust CIBIL score is one of the crucial aspects of the creditworthiness that lenders check. The doctor loan rates may also fluctuate depending on your higher or lower credit score.

Flexible repayment tenors

Availing the business loan for medical stores does not mean repaying a large amount per month and hamper the working capital or cash flow. It is because you can repay the business loan for medical store over a period ranging 12 to 84 months.

Quick approvals and money disbursements

You don’t have to wait for a long time to get the loan approval. Leading lenders in India takes only a few minutes to sanction your loan application. Once approved, the loan money may take only about 24 hours* to credit into your bank account.

Minimal documentation

Opening or expanding your pharmacy store business could be hectic. And the business loan for medical store application should be less cumbersome to help you. The application process of reputed lenders in India comes with less paperwork with minimal documentation. What’s more, you can save your time and efforts with an online application process.

Online loan account access

After you have availed the business loan for medical store, you don’t have to visit your lender to enquire about loan details. You can access all loan details like outstanding amount, EMIs paid and EMIs due and much more via the lender’s platform.

If your CIBIL score is 750 or more, you are an Indian citizen and aged 25-65 years, along with business expertise of 3 years, you can get the loan approval fast.

For availing the best business loan for medical store, you can compare all deals on a third-party platform for free.

Bajaj Finserv offers pre-approved offers on business loans, personal loans, home loans, and more. It is to make the loan processing simpler and faster. You can share your basic details like the name and mobile number to check your pre-approved loan offers today.     

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