Oftentimes shop owners may find themselves unable to expense each of their financial needs that are required to ensure the upkeep of their stores. With a retail loan, however, they are better equipped to deal with the same such that they have the finances needed to run their shops.
What is a Retail Loan?
Serving as a form of a business loan, retail loans are offered by financial institutions to retail store owners such that they can fulfil their financial needs. With retail loans, it is possible to manage the flow of working capital, meet seasonal demands, and direct funds towards marketing and advertising.
What are the Features and Benefits of Retail Loans?
Loans Provided with Efficiency – At Finserv MARKETS it is possible to avail of MSME loans for retail stores with ease and efficiency online.
Competitive Interest Rates – Those that avail of retail loans can avail of the same with competitive rates of interest.
Flexible Repayment Tenure – Those who avail of Bajaj Finserv MSME loans, are able to enjoy flexible terms of repayment and have between 12 and 60 months to repay the credit extended to them.
What are the Business Loan Eligibility Requirements?
As a retail store owner, in order to be eligible for a business loan, you must fulfil the following business loan eligibility criteria.
You should be self-employed.
You should be aged between 25 and 65 years.
Your business should be at least 3 years old.
You should be able to furnish income tax returns for at least one year.
In order to check whether you meet the requirements of a business loan, consider using Bajaj Finserv’s business loan eligibility calculator.
Documents Required for Retail Loans
In order to avail of a retail loan, you are required to provide photocopies of the following documents.
Proof of Identity – This could be in the form of a voter ID card, passport or Aadhar card among others.
Proof of Address – You can provide proof of your address by sharing your electricity bill or telephone bill. Else, you can provide a copy of your passport, Aadhar card or driving license.
Proof of Business – Prove that your business is legitimate by sharing a copy of your certificate of business, income tax filings for the previous financial year along with profit and loss statements pertaining to the previous 3 years.
How to Apply for a Business Loan?
The process associated with applying for a business loan is fairly straightforward and easy. Simply follow the steps mentioned below.
Step #1. Fill out an application form online on the Finserv MARKETS website by keying out your personal and business details.
Step #2. Indicate the amount of money you would like to avail and whether it would be as an MSME loan. Additionally, mention your preferred tenure of repayment.
Step #3. Submit your online application and wait 3 minutes for it to be processed and approved.
Retail loans allow retail store owners to gain the finances they need such that they can run their stores with ease. In order to learn more about the same visit Finserv MARKETS today.