Loan For Medical Shop And Pharmacy

As medical technology advances and buying power of people increases, more Indians are accessing medical services, the key to which are medical stores. With medicines seeing around 17% inflation each year, medical store business has seen exponential growth during the last ten years, and show no sloth].
Medical stores are now promising business avenues for small business owners and entrepreneurs alike. Now getting a business loan for pharmaceuticals has become easy and seamless with Lendingkart. We at Lendingkart can help you receive financial infusions on-demand and hassle-free.

How to open a medical store?

The basic framework to start a medical shop is very similar to other retail businesses. Firstly, have a business plan in place. Try to identify markets and areas where there’s a very clear demand supply gap that you can fill, i.e. scout areas where there are no or very less medical stores to cater to the demand. Secondly, put together the infrastructure required to operate the business like shop, stock, billing counter, racks, employee, etc. Also, make sure that you’re compliant with all applicable and new rules for medical store to avoid any penalty or non-compliance action against you by the authorities.
Lastly, ensure sufficient funding. It can be in the form of own equity or even debt financing that will enable you to maintain a healthy working capital balance. It is important to have sufficient working capital in the form of a term loan, or a business credit line would be a great idea to help if you have low liquidity.

Why Choose Lendingkart?

If you’re planning to start a medical shop business, to prosper in this day and age of competition, your financial plans need to be well-thought-out. Lendingkart is the financial partner who understands your needs and helps you grow likewise, with start-ups, growth needs and working capital, at the right time and opportunity, so that you are never short on funds. Availing a business loan is just clicks away!

Medical Store & Equipment Benefits of Choosing Lendingkart:

1. Paperless Product Solutions:

Never lose your papers again. Upload the relevant documents online, and your pharmacy business loan will be sanctioned upon matching the criteria.

2. Minimal Amounts of Documentation:

Balance sheets, audit reports, internal data, none of this is needed.

3. A Business Loan That is Collateral Free:

For a thriving medical store business with yearly turnovers of over ten lacs, you need no collaterals.

4. Quick And Seamless Disbursement of Loans:

Upon meeting the necessary criteria, you are eligible to receive funds straight within your bank a/c, within a timeframe of three days.

5. No Hidden Charges or Fees:

Interest and handling fee are transparent. There are no prepayment charges, and the EMI’s are easy to pay back.

Lendingkart takes pride in solving real business problems related to medical stores’ opening, growth or reorganisation.

Business Loans for Medical Stores/Equipment Are Offered Under Following Categories:

  • Applicants applying for an amount more than Rs. 50,000, generally start-ups or micro-business owners.
  • Applicants applying for an amount that is in between Rs. 50,000/- and five lacs, generally meant for existing business owners looking for growth and proper establishment through additional funds.
  • Applicants applying for an amount that is in between Rs. five lacs to two crores, generally with established business setup, but require more money regarding the modernisation or expansion of a medical store business.

Required Important Documents:

For you to get financial assistance from Lendingkart, to start, expand or better establish your medical store, you will need the following documents:

Since most of the traditional lenders need collaterals and a whole lot of documents small businesses, such as retail, medical stores, cannot fulfil their eligibility criteria and have to face rejections while applying for the a pharmacy business loans.

Lendingkart’s customer-friendly, short term business loans, help to provide for easy credit to the small businesses.

While being a driving force in the financial inclusion for small businesses in India, Lendingkart provides business loans for pharmaceuticals to many small businesses with a focus on their expansion and growth. Our extensive use of cutting-edge technology to simplifies your process of the loan application and the time of turn-around.

Our policies are customer friendly, and they led to sustained growth in the past years, as we continuously strive towards building lasting relationships with the customers. Customers are the real partners in the growth story of Lendingkart, and we sincerely believe in mutual progress.

Interest Rate:

Rates of Interest Starting from 1.25% per month
Fees for Processing One-time fees of 2-5%
Tenure of Loan Up to 2 years
Charges for Pre-closure Pre-closure charges are applicable as per the lender’s policy
Criteria for Eligibility More than Rs. 90,000 turnovers for minimum three Months
Amount of Loan Rs. 50,000 – Rs. 1 Crore
Instalments for Repayment Monthly/Bi-weekly (Flexible)

In What Ways Will Your Business Loans for Medical Stores Help You?

  • If you are starting up with a small medical store in India, depending upon the size of your store, the stock of medicines, location and the monthly rent, your loan amount should be around Rs. 40k to Rs. 80k.
  • In case your shop is already there, but you lack in financial capacity to restock or re-furnish, you will need somewhere between Rs. 1 to 2 lacs depending on the total cost of furniture, fittings, computer, database management software, refrigerator, and medicine stock.
  • If your dream is to re-establish your extant medical shop with the state-of-the-art technical equipment along with impressive stocks of innovative medicines, you have to look for a pharmacy business loan amounts as big as your dream, which will be between Rs. 5 lacs to 2 crores.

How to Apply for a Medical store Loan at Lendingkart?

  • To apply for a medical shop loan at Lendingkart, via line of credit or term loan, to start-up or grow your medical store; first,you must log on to the official site of Lendingkart via the Apply Now button.
  • Then you need to fill in the relevant details for the primary registration as a new user. As a new user, you need to fill in the personal details as well as the business-related details regarding your medical store. You must mention the type of shop you are applying for and the name of the shop and registration number.
  • Upon finishing this step, you receive your login credentials in your registered e-mail and phone number. Note your User ID and password down as these will be needed for you to log in every time.
  • After the email verification and the receiving of these credentials, you need to log on again. Then fill in the application form for business store loan for pharmaceuticals. This is the elaborate part, but don’t worry, it’s paperless, and all you need are scanned copies of relevant documents.
  • Here you put in the relevant documents mentioned above.
  • In the last step is your declaration to abide by the terms and conditions of Lendingkart, and then you can press the “Submit” button.
  • Remember that it is in Lendingkart’s sole discretion whether it will sanction the application.
  • Once your application is verified, your line of credit or term loan is passed and sent to your account.

Lendingkart will offer you unsecured and secured business loans, that too at lucrative interest rates and customer-friendly, reasonable terms. Do get in touch with us. Scientific evaluation through algorithms ensures proper evaluation of your application and swift disbursal of the loan amount.

Lendingkart is operational during business hours, through many channels. Feel free to call us, email us, drop us a PM via the website, real-time chat with the customer support or WhatsApp us.

Summary

The medical store business in India is thriving due to advancements in the healthcare industry, government focus & support, and increasing consumer spending capacity to afford better healthcare. With medicines experiencing about 17% inflation annually, these stores are lucrative opportunities for entrepreneurs. Lendingkart makes it easy to obtain medical store loan, swift and convenient  for the entrepreneurs to secure funding for their medical store in India without the hassle of traditional lenders.

How to open a Medical Store: Starting a medical store business involves a few key steps. First, identify the demand-supply gap and an appropriate location with a demand for medical supplies. Set up the necessary infrastructure, like shops, softwares, stock, shelves/counters, etc. It is imperative to ensure compliance with regulations and follow all old and new rules for medical store. Partnering with local doctors can boost sales with customer referrals. It’s also wise to stock secondary products like snacks and beauty items to attract more customers and improve customer stickiness, so the retail customer purchases medical as well as non-medical items from your store, this will increase the average bill value too. Having sufficient working capital is absolutely essential, as the business often deals with delayed payments from clients, and considering the fact that India is a very credit-heavy market, having your working capital tied up in form of bills receivable may land you in trouble with operating the store smoothly.

Why Choose Lendingkart?: Lendingkart offers a user-friendly loan process with minimal documentation, no collateral required, and quick disbursement. The loans can be applied for online, and funds can reach your account within three days. They cater to different needs, whether you’re starting a new store or expanding an existing one.

Loan Details: Loans range from ₹50,000 to ₹2 crores, with flexible repayment options. Key documents needed include ID proofs and business registration details. Interest rates start at 1.25% per month, with processing fees between 2-5%.

Applying for a Loan: To apply, visit Lendingkart’s website, fill in your details, and upload the necessary documents. After verification, approved loans are quickly transferred to your account.

In summary, with the right planning and financial support from Lendingkart, starting and growing a medical store in India can be a profitable venture.

FAQs

1. How can a Business Loan help a medical store?

You require a functional workspace to service your clients and meet their requirements. You will need money to expand and set up more room for your pharmacy. In this case, a medical store loan can be very beneficial. In other words, such loans can come in really handy if you’re looking to start a store for medicines, it can help with setting up a medicine shop, managing working capital requirements for daily operations, help with enhancements in existing setup, loans can also help with expansion in terms of offering additional products and services in current retail medical store or opening up a new store/warehouse.

2. How to apply for a medical store loan?

  • Log on to the lender’s website and select Apply.
  • Fill in the pertinent information.
  • Submit the necessary documents.
  • Agree to the terms and conditions before clicking Submit.
  • Your loan will be transferred to your account once your application is approved.

3. How much amount can you borrow as Business Loans for Medical stores?

In India, there is more business potential in the medical sector, as the gross profits are usually very lucrative in this business compared to other retail businesses. Also, the customer stickiness, and overall industry outlook is very bright, citing the fact that with rising incomes the healthcare industry booms. Today, more people are looking for funding to start medical supply stores. Consider every cost involving a medical store before opting to invest in it. Medical shop investment cost can vary, depending on the lender, you can obtain a loan of over 50 lakhs to start your business, you can also take a smaller loan if you’re looking to release some pressure or have a shortfall in your working capital.

4. How profitable is the medical store business?

A medium-sized medical store should anticipate daily sales of Rs. 30,000 to 50,000 with 10-20% profit. So according to the aforementioned estimates, medical shop daily income can vary from Rs. 3000 to Rs. 10000 on a daily basis. However, the return on investment might differ based on some variables, including location, pricing, competition, etc. Before beginning any firm, it is typically advisable to do a careful market analysis and develop a sound business plan.

5. Can you avail of a MUDRA Loan for a medical shop?

The MUDRA scheme aids small or micro businesses by offering refinancing at attractive rates with a goal to promote micro businesses in an attempt to grow the economy. This program grants small, non-corporate, and non-farm businesses loans of over Rs. 10 lakhs. Business owners, including owners in medical store business, can easily apply for a loan using this scheme.


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