Starting a shop or store requires quite an investment, depending on its size and nature. Whether it’s a retail, coffee, medical, mobile, car wash, stationery, Kirana, or a grocery shop, there will be a need for funds for different purposes, starting from registration to product purchasing.
From incurring the start-up costs to paying vendors and employees, a shop loan comes in handy at such times. Micro businesses are booming in India for the diverse employment opportunities they are offering people in becoming self-reliant. And to promote this ecosystem, many financial institutions are offering startup business loans to support individuals in setting up or expanding their ventures. To ease out the entire loan process, almost all financial institutions embrace technology and accept online business loan applications.
Why is it important to apply for a shop loan?
As consumer demand keeps increasing, the dependence on trustworthy local stores is on the rise. To meet this demand, every store comes with a set of requirements that the shopkeepers or small traders might fail to fulfill without adequate support. These are the primary reasons why shops need business loans to flourish.
- Urgent financial assistance – Business loans are viable financing methods to meet urgent needs pertaining to any company’s requirements. These are usually extended to individuals to finance the expansion of an existing shop, refurbishing it, upgrading equipment, stocking on inventory, etc. Applying for the right financing solution from the various options is essential in the drill to become a successful small business owner.
- Ensure proper cash-flow and promote profitability – As every business or shop owner requires proper cash flow to ensure smooth operation and promote profitability, a shop loan enhances the chances to avail large-scale financing easily and quickly. These loans are collateral-free options that can be customised according to the business requirements providing large capitals to take your shop to greater heights.
- Meet working capital needs – It is pertinent to choose a working capital loan to meet to fund business operations. A shop might sometimes undergo seasonal financial crunches when there is surplus inventory and a dearth of inventory. During such lean periods, business loans provide the necessary financial support and act as its backbone.
- Boost local business – During 2020’s nationwide lockdown to fight the novel coronavirus pandemic, the ‘local for vocal’ initiative by the government of India was introduced. Shop loans for local vendors are making it easy to boost local business operations across the nation both for the well-being of the community and society at large.
How to avail business loans online for a shop?
Every business owner must follow these simple steps to apply online business loan for a shop –
Step 1: Click on the chosen lender’s website and visit the page with the designated application form.
Step 2: Fill in the mandatory details and submit the required documents.
Once the documents are submitted, and the verification is done, if all goes well, the business loan gets approved.
On approval, the loan amount gets disbursed to the borrower’s account within 24 hours.
Features and benefits of a shop loan –
- Flexible loan repayment.
- Flexible tenor.
- Instant loan processing and disbursal.
- Low-interest rates.
- High-value collateral-free loans.
- Online application and account access.
- Special offers.
Further, financial institutions like Bajaj Finserv extend pre-approved offers to avoid wastage of time and simplify loan approvals. These offers are available on a range of financial products, such as personal loans, business loans, and more. One can check his/her pre-approved offer by submitting details like name and phone number.
As most businesses struggle to gain access to timely shop loans, many financial institutions are offering these credits to help them out for better sustainability. Shop owners and small-time traders are encouraged to avail themselves of these loan options and inject capital into their ventures to expand the scope of operations.