The healthcare industry is changing quickly, so the need for available pharmaceutical outlets is increasing. This blog details the process of opening a drugstore and why borrowing a business loan to fund it can be an intelligent choice – say from Ruloans.
The Growing Importance of Medical Stores
As you plan to establish a chemist shop, note that the demand for pharmaceuticals has increased since the COVID-19 outbreak. Despite its economic impact, most Indians allocate much of their finances to health emergencies. Therefore, any business person who opens a chemist store stands a chance of making handsome profits on his investment.
Financing Your Medical Store with a Business Loan
Launching a pharmacy store requires significant financial resources. These costs include obtaining a space, adjusting it, ordering medicine and inventory, getting the necessary permits, and hiring professionals. A business loan from Ruloans can provide financial support to cover these expenses.
Why Choose a Business Loan for Your Medical Store?
- Shop Renovation: Adhering to regulatory standards, a medical store often requires specific renovations. A business loan for medical store can cover these extensive refurbishing costs.
- Inventory and Equipment: High-cost items like medical equipment and a diverse range of pharmaceutical products can be financed with the loan.
- Working Capital: To ensure smooth day-to-day operations, having adequate working capital is essential. A business loan can help manage these ongoing expenses.
Applying for a Business Loan with Ruloans
To secure a business loan from Ruloans, you need to meet certain eligibility criteria:
- Minimum age of 21 at the time of application and not more than 65 at the end of the loan tenure.
- At least 2-3 years of total business experience.
- Profitable business operations for the last two financial years.
- A CIBIL score of 700 or above.
Required Documents:
- KYC documents with 2 recent photographs.
- ITR for the past 2-3 years and bank statements.
- GST registration certificate and GST returns of the last 2 years.
Filling Out the Application Form:
Applying for business loans is now super easy. Visit the Ruloans website to access the business loan application form. Fill in your personal, professional, and financial details and select your desired loan amount, interest rate, and repayment tenure. Once submitted, Ruloans will review your application and documents and typically approve the loan within a few business days if all criteria are met.
Conclusion
Today’s healthcare-centered market is an excellent opportunity for someone wanting to start a medical store. When you want to finance your store, you can approach Ruloans for help. Remember, though, if you need more information, please call our customer service line at 1800-266-7576, and they will guide you toward other beneficial options.
