Business Loan for Petrol Pump

In a country of more than 133 crore people, easy access to petrol pumps is paramount. The petrol pump business is very bankable but also understandably requires a big amount of capital to be put in. There is also the issue of having a land ready for the petrol pump to be built upon, getting a license for it etc. all of which requires you to have money ready. Once the petrol pump is built, a steady flow of working capital is also necessary to pay wages, restock fuel, logistics and other general operations. Banks today offer a wide variety of loan options for you to get started on building your petrol pump.

Investment requirements:

These figures are the initial figures and does not involve the working capital requirements and the cost of building the petrol pump. On the basis of all these figures, it is only necessary to get a business loan for your petrol pump. You would have a steady flow of income which you can use to repay the loan over a period of time.

Features and Benefits of Business Loans for Petrol Pump:

As similar to normal loans, business loans can be availed off from banks, Non-Banking Finance Companies (NBFCs) and digital NBFCs. Digital NBFCs are the revolutionary way of getting a business loan.

• Large range of loan amount: Business loans of up to Rs. 2 crores can be availed of. Smaller business amount loans of Rs. 50,000 are also available. A bigger loan amount would be enough to get the petrol pump started as well as be enough for working capital.
• Short processing time: loan processing time is really quick. The applicant doesn’t have to wait for months on end to get the loan approved and in your account.
• Flexible tenure: Business loans can have a tenure of up to 36 months. The applicant would have sufficient time to repay the loan off.
• Repayment options: One can choose to repay off their loans in a variety of ways. Monthly or bi-weekly. Some loans even allow you to repay them off when you have particularly good sales.
• Shorter disbursal time: The time to get your loan amount is as short as 3 days. Most banks take up to 8-10 days to get your loan amount disbursed.
• Low-interest rates: The interest rates are determined using big data and analytics. The interest rate is carefully decided and differs from case to case. You would get only the best interest rate for your petrol pump.

Eligibility Criteria:

The eligibility criteria to get a business loan from a bank or an NBFC is not long.

• The applicant has to be an Indian citizen.
• Age of applicant must be between 21 to 55 years.
• If your business is already established and you are applying for a loan, you must be in operation for more than 6 months. This will differ among different financial institutes.
• Most business loans require a minimum turnover amount. For example, minimum turnover of Rs. 90,000 or more in the months before your loan application.
• The business must not be in the blacklist or the excluded list.
• The location of the business also must not be in a specific location.

Documents Required

• Bank Statement
• Address Proof of applicant: Aadhar card, Driver’s license etc.
• Identity Proof of applicant: PAN card, Driver’s license etc.
• Proof of business registration
• Partnership Deed
• Company PAN card

How to Apply for Online Petrol Pump Business Loan through Lendingkart:

LendingKart, as the name suggests, offers various types of business loans and working capital loans. The entire process of availing of a business loan is digital and very quick.

• Submit Application: Go to www.lendingkart.com and submit an application for the loan of your choice. You would have to enter all the details regarding your business and your details too.
• Upload documents: All the documents mentioned in the section above must be submitted digitally online to the website.
• Get approved: If all goes well and your loan is approved, your application will be sanctioned and disbursed to you within 3 days.

Fees and charges that you would have to pay as an applicant on LendingKart are as follows: