Business Loan for Pharmaceuticals

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India is one of the most lucrative pharmacy markets in the world. With 14% of annual projected growth, high-quality production, and low-cost generic drugs it has evolved as a global leader. The pharmaceutical industry of India is one of the most successful and respected industries. Over recent years, the healthcare industry has also gained the remarkable success it is the country’s largest sector both in terms of revenue and employment. With plenty of health care reforms still up in the air and more regulations being put in place, the retail pharmacy industry is growing exponentially. And still, it shows no signs of abating. For starting a pharmacy business, there’s no time like the present.  It is a promising opportunity for entrepreneurs to strive for growth in this multinational niche. And this is where FlexiLoans can help. It comes to your rescue by providing you the most hassle-free business loans for Pharmacies

Reasons a Pharmacy Would Need Financing

To compete and become recognized a Pharmacist needs to have a solid influx of funds. Whether starting new pharmacy, purchasing inventory or diversifying business with additional offerings, a business loan for pharmacist in India can be the best option. Having the means to finance the needs through Pharmacy Business Loans can help you encash the right opportunity at the right time. 

Opening a medical supply store

 Medical stores are profitable business ventures. But gaining profits will largely depend on maintaining a substantial stock. Besides stocking up medicines a pharmacist also needs to make proper arrangements for its storage. Hence, opening a medical shop requires a healthy inflow of capital. Thus, to make these necessary arrangements one can apply to avail funds through a loan for a medical shop in India

Expanding business

Expansion is always a choice for retail pharmacy firms seeking to thrive for growth in the competitive market segment. But this expansion strategy can cost more than one thinks. Thereby, considering applying for a loan for a pharmacy shop in India can be the best solution. 

Investing in technology and tools 

Technology has evolved as an essential element in retail pharmacies. In order to drive higher customer satisfaction and manage the operations of pharmacies efficiently transitioning to the latest technology is crucial. Therefore, to increase the profitability of a business loan for pharmacist in India can be a great source for managing financial necessities.

Basics for Pharmacy Business Loans Application 

Applying for a business loan for pharmacist in India requires you to furnish certain business and personal details. If you’re an SME owner anywhere in India, you can easily apply for financing. The documents and general eligibility criteria that you should simply know about before applying for loan application have been discussed below. 

 Criteria to qualify for a Pharmacy Business Loans

  • Age Limit: The applicant should be at least 21 years at the time of applying for a loan.
  • Turnover: The business should have a minimum monthly turnover of at least ₹2,00,000. 
  • Business experience: The applicant’s experience in business should at least 12 months from the date of incorporation. 

Documents needed to finance a Pharmacy Business Loan

Be ready with following documents while applying for Small Business Loans for Pharmacies loan

  1. Applicant’s KYC document, which includes
  • PAN Card
  1. A legit proof of Address, which may include any one of the following 
  • Rent agreement/Driving License/Voter ID/Ration Card/Passport
  1. Last 6 months current Bank Account Statement in net banking to be served in PDF format.
  2. Business KYC document, which may be any one of the following
  • GST Registration Certificate
  • Shops and Establishment Certificate

Why FlexiLoans is a one-stop choice for Small Business Loans for Pharmacies? 

At FlexiLoans, we understand the unique lending demands of pharmacists. We aren’t a lender who just claims to understand your business but we truly do it. We specialize in offering customized Business Loans for Pharmacies. We sanction the loans that are easy to obtain and accord the favorable rates and terms that you can live with. Our team is driven to add value to your pharmacy business by providing the following benefits:

  • Simple & Easy Process: Our in-house technology-driven platform enables you to complete the loan application online with a minimum number of documents. 
  • Unsecured Funds: We demand no personal guarantee. Our Business Loans for Pharmacies are collateral-free.
  • Quick Funding: We understand how quickly you need to get your hands on financing, therefore, we get you funded within 48 hours of application approval
  • Fast Approvals: We believe in fast disbursals with no trouble of lengthy paperwork. 
  • 100% financing: We disburse 100 percent loan amount that too at most competitive interest rates. 

Things to Know Before You Apply for a Pharmacy Loan

Before you set out on your quest for funding there are some additional things that you should sort out on your end. Prior to jumping into the new business make sure to analyze the following essential aspects of starting a pharmacy business:

Research your market

The Pharmacy market is highly competitive therefore before heading on to start a business it is essential to gauge the current market conditions. Know your competitors with whom you will be competing on a day- to -day basis. Find out things that aren’t into existence and you can contribute to the market. Also, work on finding the location that would be ideal to serve your business better. 

Craft a robust business plan

Creating an effective business plan will help you define a clear roadmap for your business. Start with a step by step process, plan on ways to achieve your company’s goals. Decide on products that you would be majorly dealing in. Assess your competitor’s strategy and proceed likewise. 

Regulations and Registration

As a pharmacist, you would be required to obtain certain licenses or registrations. To operate your business legitimately you would require a certificate from the Drug Department. Apart from this, you may also need to apply for a GST identification number.

Now, after getting well versed with starting a pharmaceutical business you need to invest well. And this is where FlexiLoans Business Loans for Pharmacies would provide you the ultimate ease and convenience. 

So, stop dreaming and start your new business now by applying today at