August 15, 2022

With the current climate of escalating global health scares, there will be an increased demand for healthcare needs and medical supplies. Well before the current pandemic, there were estimates that healthcare accounted for nearly 20% of an average consumer’s spending. As medicines, medical supplies and drugs become a necessity for people across nations, this figure is only projected to rise.

In this background, masses will soon view medical stores as an indispensable service. Consequently, pharmacies now have the unique opportunity to expand access to all kinds of medicines, while also operating as a successful business. Whether a new entrepreneur is trying to launch their own pharmacy business or an existing pharmacy owner wants to scale his business up, a loan for medical shop in India may be very helpful.

Reasons for a Medical Shop to take a Loan

Let’s first take a look at what are the probable reasons as to why a medical shop in India would need a business loan:

  1. Renovation: If you have a customer-facing store, you would definitely want it to look attractive and appealing to your clients. When you explore options for a personal loan for self employed, you have the opportunity to use it to uplift the face of your medical shop and ensure it is always well-stocked.
  1. Variety of medicine brands: Similar kinds of medicines and drugs are available from various pharmaceutical companies. A good pharmacy usually has multiple brands of the same generic medicine, since doctors promote a myriad number of brands in their prescriptions. By taking a loan for medical shop in India, the outlet can have many brands of medicines readily available.
  1. Staff recruitment: If you have observed increased demand at your medical shop and wish to hire a few more staff to handle the rush, applying for a business loan will help you with paying salaries to them until the business grows to a sustainable level.
  1. Medical and surgical equipment: Patients at home or at the hospital may have several kinds of requirements for medical or surgical equipment. These include, but are not restricted to, wheelchairs, adjustable beds, crutches, breakfast tables etc. If you have only been selling medicines so far, procuring medical or surgical equipment and selling those will be a great boost to your business revenues.
  1. Stocking up: When you run low on stocks, but seem to have an incessant demand for medicines, it’s really important to replenish your inventory soon. A business loan may be your best option for this.
  2. Technology-driven: If you want your medical shop to be technology-driven, you might have to make some heavy investments in a security system, an accounting software and a payments system. All of this can easily be dealt with, with a business loan for medical shop in India.
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Once you understand the reasons why a medical shop may need a loan, it’s crucial to know that a simple personal loan in the name of the entrepreneur or business owner may not serve the purpose. It is recommended to take a business loan, because it comes with its share of benefits.

Benefits of business loan

  1. Quick Approval: Banks and other financial institutions understand that businesses in the medical industry always need to be up and running with the least bit of disturbance. That’s why most financiers approve and disburse loans to medical shops almost instantly.
  2. Minimum Documentation: Although opening your medical shop can be tedious, getting a business loan can be a simple process with most financiers offering loans based on minimum documents and even through an online process.
  3. Nil/Less Collateral: Financiers also recognise medical shops to be essential service providers and offer loans with minimum, sometimes no collateral at all.
  4. Tenor Flexibility: When you approach reputed financiers for a personal loan for self employed, as a medical shop you will have the added benefit of getting flexible tenors on the lent amount.

To maintain the cash flow of your business, you can also avail of collateral-free business loans from Bajaj Finserv and get financing of up to Rs.45 lakh. To make the loan availing process simpler, this NBFC offers personalized deals on its products such as business loan, personal loan and home loan that comes pre-approved. You can check your pre-approved offer by simply sharing your name and contact details.