Do you need a loan for a shop and where will you get it from? If you want to know this, then you are at the right place. Today you will be given information about Dukan Ke Liye Loan Chahiye Kaha Se Milega.
Often shopkeepers either have to shift to another location or renovate their shop. Apart from this, many people want to start a shop business. But due to lack of money people are not able to think further about it. But now you do not need to be worried and frustrated at all.
Today in this article we will tell you how you can take a shop loan. That is why before starting we would like to tell you that you should read this article till the end.
Need a loan to buy a shop?
Here we will discuss with you what is a shop loan and which banks provide shop loans. Apart from this, how can you apply for a shop loan? Let’s start now.
What is a shop loan?
- This is a loan in which you get the desired loan amount. This loan also gets approved in a very short time.
- When you take this loan, you can expand your shop. If you want to hire staff, you can do that here
- If you want to renovate your shop, you can do that. Overall, you get this loan in the form of financial support
- Here you get the financial amount and with that, you can do whatever you want for your business.
What are the features of a shop loan?
- Let us now know what benefits you get when you take a Shop Loan.
- First of all, you get a loan here at competitive interest rates. The interest rate starts from 12%.
Whichever lender you take a loan from, you get a lot of options to repay the loan. Some banks also provide you with customized repayment plans in which you do not have any kind of financial difficulty.
As this is an unsecured loan, there is no requirement for any kind of collateral. In any case, there is no need of collateral in a business loan.
Apart from this, if we talk about the tenure of this loan, it ranges from 12 months to 60 months. Apart from this, here you get to select short-term loan or long-term loan as per the requirements of your business. When your loan is approved, your loan is transferred to the bank within a few days.
What is the eligibility for taking a Shop Loan?
Now let us know, what eligibility you should have when you take this loan.
- The applicant should be an Indian citizen.
- The age of the applicant should be more than 22 years.
- The applicant should have more than 3 years of experience in doing business.
- The applicant’s business should not be included in the blacklist.
- The business address of the applicant should not be in a negative location.
- The applicant should not have defaulted with any financial institution.
- The applicant should be self-employed.
With which documents is Shop Loan available?
When you take your Shop Loan, you will need some documents, the main documents of which are mentioned below.
- Identification Card: PAN Card, Driving License, Aadhar Card, Passport, Voter ID Card
- Address Proof: Telephone Bill, Ration Card, Mobile Bill
- Financial documents
- Filled application form
- Business Address
Which banks provide loans for shops?
Let us now know which are banks or NBFCs from where you can get loans. A list of these is given below.
- HDFC Bank
- Canara Bank
- Axis Bank
- Bajaj Finserv
- IIFL
- Federal Bank
- Indian Bank
- RBL Bank
- Punjab National Bank
- State Bank Of India
- Kotak Mahindra Bank
- UCO Bank
- Union Bank Of India
- United Bank Of India
- Zip Loans
- IDBI Bank
- IDFC First Bank
- Central Bank Of India
- Corporation Bank
- Bank Of Baroda
How to get a loan for business?
For this, first of all, you have to compare the loan deals provided by the lenders who are giving you the loan. You have to compare the interest rates.
After this, you will have to select the load deal that suits your business needs. For this, you have to fill out the online application.
Then the lender from whom you are taking the loan will proceed with the loan formalities and if all your documents are verified, your loan gets approved and then the loan gets disbursed into your bank account.
In what ways is Shop Loan taken?
Let us now know in what ways you can take a shop loan. For this, first of all, you can take a loan from the bank. You were told about this above.
There are many government loan schemes by the government, under which you can get a shop loan. If we talk about the most important loan scheme for this, then you can take a Mudra loan. Here you get a loan of up to ₹ 500000.
What things do lenders consider when giving a loan on a shop?
Look, whenever you take a loan from any lender, he will look at some factors based on which you will either get the loan or you may not get the loan.
In this, first of all, the location of your shop is taken care of, i.e. if the location is in a crowded area. Then the lender will be confident that your sales will be good there and then you will be able to repay the loan properly.
It is also taken into consideration how many shops are there around your shop and what business you are doing.
Apart from this, whether you are opening a wholesale shop or not, etc. is also considered.
