If you want to own a retail business, taking out a shop loan is the first step toward fulfilling your dream. Shop loans ensure that you can take care of your business needs with the required financial resources at your disposal. You can set up your shop or expand it using a shop loan.

Top Features and Benefits of Shop Loans

The top features and benefits of shop loans are as follows:

Accessible and Convenient

When you apply for a loan to purchase a shop, Piramal Finance will offer different repayment options, like a personalized repayment plan according to the business's cash flows. It ensures that the borrower does not face any difficulty repaying the loan. Borrowers can reduce or increase the monthly installments according to profitability or opt for a bullet payment option.

No Need for Collateral

When you apply for a shop loan, you won't have to provide any collateral. Therefore, it's perfectly suitable for small businesses and startups to fulfill their requirements and grow their business.

Greater Flexibility

A small shop loan comes with huge flexibility. An overdraft facility that allows borrowers to overdraw current accounts in accordance with the terms and conditions set forth. Depending on their present needs, business owners have various lending options at their disposal. It is simpler for borrowers to obtain a loan for the business facility due to its flexibility.

Competitive Interest Rates

Piramal Finance offers shop loans at a 16.49% p.a. interest rate. The affordable interest rates are also suitable for small businesses and startups in India. Shop loans are also available with nominal processing fees and no hidden charges.

Convenient Loan Tenure

Shop loans come with a short tenure when they are unsecured. The tenure of shop loans usually ranges from 12 months to 60 months. You should choose from short-term or long-term shop loans depending on your business requirements.

Fast Disbursal

When you apply for a loan for buying shops, the funds will be quickly disbursed to you. Piramal Finance disburses the loan amount within 2 - 3 days of approval.

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.

Apply for Shop Loans from Piramal Finance

Piramal Finance is the best place to get an affordable business loan to set up or expand your shop. We offer a collateral-free loan amount of INR 3 lakh to INR 20 lakhs. The interest rates on our business loans start at 16.49% per annum. You have up to 60 months to repay the loan. Apply now!