If you are looking to expand your electronic business to the next level and but scared because of the fund, then you’ll love this post.

In today’s post, how you will learn how to apply business loan for an electronic store with ZipLoan with minimum documents.

Electronic Store Business Condition in India

Electronics products are a segment that is needed by every category of people. People from the middle class to high class use these products. Today, things like television, fridge, mixer, washing machine, mobile phone are easily available in almost every household that is sold through the multi-brand electronic stores

Indian Electronics business is heavily dependent upon the raw materials, components, and even finished goods from China. The electronic items manufactured in China are both innovative & cheap and many small businesses sell these products both as the component as well as the finished products.

The electronic stores in India have been always dominated by big brands like LG, Samsung, and Sony as the demand for these brands has always been high but the changing consumer mind-set towards Chinese products providing more or the same features at a much cheaper and discounted price.

On the other hand, there has been very less demand for Indian Brands like BPL, Intex, and Crown which are trying to take the brand license of the popular brands like Kodak that has currently defunct. They are trying to leverage the past glory and the strong brand recall of these brands.

Due to the advent of e-commerce consumers are purchasing products from Chinese brands like Xiaomi, Oppo, Viu, etc. at take away prices with free home delivery which has become a significant threat for the brick and mortar electronic stores that has limits on providing offers & discounts, hence in the past due to the cut-throat competition by the brand outlets as well as the e-commerce marketplace many small electronic outlets have been shut down and has become defunct.

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And the many electronic stores also suffered due to the Lockdown caused by the COVID 19, as they had to shut their stores for the indefinite period and there was also blockage on the delivery channels even if they took orders from the customers who did not visit the store.

As the things are getting normal and the stores are opening, they have to cover the huge financial loss that has been caused to them during the lockdown and these stores require financial support in terms of the business loan to cover the operational expenses, staff salaries, setup changes so that they do not run out of business if the similar situation arises again.

As the dynamics of consumer electronics have been changed due to the selling on the online platform, hence the electronic stores have to take the following steps:

  • Reinvent themselves and integrate with the e-commerce platforms on the stores so that the consumers have the choice at their fingertips and select the electronics catering to their needs without wasting time. Here, the customers can click the items and add them to their cart and the payment is being done and the product will be delivered to their home.
  • Competitive offers – Consumers are getting good discounts and after-sale services like installations, etc. on e-commerce sites like Amazon and Flipkart. The electronic stores have to come up with innovative offers.
  • Adopt technological advancements – It’s time for the electronic stores to up their ante and adapts to the technological change required for the traditional retail business. New business models and tools are required to be adopted to survive in these competitive industries.
  • Omnichannel Presence – Without a strong Omnichannel presence such as a strong mobile presence, social media presence, and other online presence it will be difficult to compete with other top online retail electronic providers.
  • Payment Options – A few electronic stores have done some changes at the point of sale and the payment option systems. Better payment systems help in quick customer checkouts, additional security, the flexibility of payment mode that enhances the customer experience.
  • Stocking innovative products – Electronic stores should stock top, latest and innovative products as today’s millennials look for the best products and not just another basic alternatives.
  • Customer Service – For any brick and mortar consumer electronic store, customer service is very vital. The majority of the electronic stores struggle in recruiting the smart customer service staff who are knowledgeable and confident in handling customer queries and can engage customers in upselling and cross-selling products.
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Type of Electronic Store Loans


Types Descriptions Rates


Small Business Administration loans (SBA) It is an agency that does not directly lend money to the  small business owners but instead set guidelines for loans made by its partnering lenders, community development organizations, and micro-lending institutions 6-10% 3 – 7 years
Bank Financial institutions and banks  provide loans at a lower rate of interest 6-10% 3 – 7 years
Line of Credit The borrowing limit is being set by the lender. The borrower can take money out as needed until the limit is reached  

5- 15%

1 – 3 years
Cash Advance A cash advance is a short-term loan from a bank or an alternative lender. The term also refers to a service provided by many credit card issuers allowing cardholders to withdraw a certain amount of cash. 1.16 % 3 – 24 months

Also Read: 6 Ways Business Loans Can Help Your Business Grow

Electronic Store Loans from ZipLoan

ZipLoan offers collateral-free electronic store business loan to fulfill the working capital and cash flow need of managing the electronic store in just 3 days*

Eligibility for the Electronic Store Loan

ZipLoan takes care that more and more businesses can get business loans. So that the businessmen will be able to expand their business on time. That is why eligibility for business loans is kept to a minimum. The eligibility is as follows:

  • The business should be more than 2 years old.
  • The annual turnover of the business should be more than Rs 10 lakh.
  • The annual ITR should be more than Rs 1.5 lakh.
  • Both home and business should be in different places.
  • Either of the business or home premises should be in the name of the businessman or the name of a blood relative.

Apply for Small Business Loan

Necessary Documents for Electronic Store Loans

Many electronic store owners are not able to get loans from other banks and finance companies simply because they demand a lot of documents. But ZipLoan tries to get electronic store loans to more and more to the business owners. That is why basic papers are demanded. The following is a list of the documents that are demanded:

  • Aadhar Card
  • Pan Card
  • Bank statement of the last 9 months
  • Copy of ITR filed in the last financial year
  • Ownership Proof of anyone (house or business premise, it is valid even if it is in the name of the blood relative)

Also Read: Business Loans: Know The Easy Way To Qualify And Apply

How to Apply for an Electronic Store Loan?

Applying for an electronic store loan from ZipLoan is very easy. You can apply for an electronic store loan by visiting ZipLoan’s website. Apart from this, you can also apply for an electronic store loan by using ZipLoan Mobile App from anywhere and anytime.

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