Top Features and Benefits of Shop Loans
The top features and benefits of shop loans are as follows:
Accessible and Convenient
No Need for Collateral
Greater Flexibility
Competitive Interest Rates
Convenient Loan Tenure
Fast Disbursal
Reasons to Apply for Shop Loans
Every shop comes with unique requirements that might create the need for financing. A few of the top reasons why shopkeepers opt for a loan are as follows:
Purchasing Land for Expansion
Several people own a business and dream of expanding it once they earn significant profits. It's prudent to opt for expansion when a business notices positive forecasting numbers for the future. Applying for a kirana store loan can give business owners the capital required for expansion.
Increasing Stocks
By taking a loan, shops can increase their stock and offer high-quality items to customers. Shop loans are also useful for purchasing the required machinery and equipment to run operations smoothly. Sometimes businesses need to invest in new machinery when the old ones become non-functional. It ensures that the shop can build stronger deals and make more money.
The Flow of Operational Capital
A business owner with a good credit history can take a business loan for the shop and make the necessary improvements to gain a competitive edge. When a business has additional capital to spare, it can improve its daily working expenses.
Redesigning or Maintenance of Shop
Despite the number of items available at your store, their appearance is crucial. The way your store looks determines whether customers will be attracted. A shop will ensure that you can redesign your store and make it more appealing. Moreover, the funds will also be useful for performing routine maintenance on your shop.
How to Apply for Shop Loans Online?
Piramal Finance makes it relatively easy to apply for shop loans online. All you need to do is carry out the straightforward steps below:
Step 1:
Go to the Piramal Finance Shop loan page. Read the features and eligibility criteria, and start the application process.
Step 2:
Click on Apply Now
Step 3:
Fill in the required Personal details such as Name, Contact Number, Birth Year, and Shop Loan Amount.
Step 4:
Choose the employment type 'Salaried' OR 'Self-Employed'
Step 5:
Add your monthly income
Step 6:
Select the State and branch (enter the branch by city) and Submit the Shop loan application form.
Step 7:
Wait for a call from the official representative to move ahead with the processes.
After completing all the steps, like scanning, uploading the required documents, and paying the processing fees, wait until your Shop loan application is approved.
More Business Loan Products
View more
Frequently Asked Questions
If you apply for a business loan from Piramal Finance, the interest rates begin from 16.49% per annum. The interest rate will be determined according to your credit score, repayment capacity, tenure, loan amount, and more.
You should be between 18 to 48 years to be eligible for a shop loan in India.
You will have to repay a shop loan on a monthly basis.
Yes, Piramal Finance offers a loan against commercial properties.
You should check out the eligibility requirements of your loan provider to determine whether your shop loan application will get approved. If you want to know how much you will be able to borrow, use a loan eligibility calculator online.
You can use an online EMI calculator to determine how much you will have to pay for your shop loan EMIs. You will need to enter some basic details like the interest rate, loan amount, and tenure so that the tool can calculate the EMI for you.
Yes, you can get a loan to buy a shop in India.
Yes, a credit score is important to get a shop loan in India. However, Piramal Finance provides shop loans to applicants with low credit scores.
You can get collateral-free shop loans from Piramal Finance.
Piramal Finance offers INR 3 lakh to INR 20 lakhs for business loans. You will have to use a business loan eligibility calculator to determine how much you can borrow.
