A medical store loan is a good financing option given that it helps the medical store owner to perform various business-related activities in an affordable manner. A business loan for the medical store is available with both collateral or without collateral. However, to make the best of the opportunity, the store owner must know the best way to apply for a loan for the medical store. Read on to know a step-by-step guide that can be followed to apply for a doctor loan.
Choosing the right lender is very important in order to make sure that the right loan, in terms of affordability and terms and conditions, is availed. So, before applying for a medical store loan, review various loan lenders available in the market. Lenders can be reviewed in terms of interest rate, terms and conditions, and type of loan they offer. This will help in zeroing in on the best lender.
After selecting a lender, it is important to see if you meet his business loan eligibility criteria requirements. Loan for the medical store is usually granted on the basis of business turnover and vintage. However, ITR filed in the last year can also be taken into consideration by the lender. Matching the lender’s eligibility criteria can help in getting the loan approved in the first time itself. And if you don’t meet the lender’s eligibility criteria, the loan application is more likely to get rejected which will only waste time.
Depending on the lender chosen, the next step is to file a loan application online or offline. You must choose the lender on the basis of your convenience. However, you are suggested to choose an online lender as this will save a lot of time otherwise wasted on traveling to the lender’s office. Also, the online loan application can be filled in as less as just 10 minutes.
Also Read: List of Documents Required for business loan
After filling the loan application, the next step is to submit the soft copies of the documents as proof to the information provided in the loan application. You are advised to shortlist the lender who offers business loan for the medical store at minimal documentation. This again will save time in collecting documents and getting their photocopies, etc.
After the document submission, the lender will process the application. He would verify the information and documents provided. If he finds everything okay, he will approve the loan application. And once the application is approved, the funds will be disbursed directly into your bank account that you have provided. Most NBFCs offer a fast turnaround time of as low as just 3 days loan disbursement process.
Now that you know how to avail a business loan for the medical store, you can avail the credit facility to help your business grow. Also, a few lenders these days offer their own application for the ease of the borrowers. And in addition to that, they also offer a mobile App where the business owners can list themselves and their products and services. They can also connect with other traders and manufacturers in the same business vertical to expand their business.