Loan for Accessories Business

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There are various types of business and if you want to establish a trade then accessories business can be a good choice. The accessories business has less risk, easy to start, safer than any other business. You would want to have partners than consider major OEM’s as one of the partners who will steadily want your business to grow. There are two types of accessories business, one selling to large organizations and second to the retail customers. You can consider any type of these businesses. One of the major accessories businesses is auto ancillary or accessories units, which is to supply to large companies. If you have some engineering knowledge you can start this business. Others are for retails customers such as mobile accessories, fashion accessories, apparel or textiles accessories, and online grocery shopping. We will provide you with a business loan for accessories business and also some insight into the accessories business.  

Overview of Accessories Business in Indian Context 

To start with let us consider the fashion accessories market. Till the year 2000, the market was very diverse and was dominated by a family business with no large players in the market. After the year 2000 with the advent of sophisticated technology, Information Technology and online internet boom the Fashion market also boomed. There are 4 types of fashion market they are clothes, jewelry, bags, shoes, belts, and footwear, etc. This has also seen an upward trend because of the large young population in India. This has also changed our lifestyle significantly with modern outlook in fashion from traditional Indian customs lifestyles. There are 5500 and 600,000 towns and villages in India respectively, where we can sell our fashion accessories. The fashion accessories are predicted to grow at the rate of 18.8% from (CAGR) 2019 to 2023. The accessories market was US$ 555million in 2019 will grow to US$ 1104 million by 2023. As per the KPMG survey, the user penetration is 15.0 % as of 2019. It will grow to 21.1% by 2023.

The second market is the mobile accessories. Smartphones have become indispensable after the year 2005. The use of tablets and ipads has increased a lot. Mobile accessories are USB cables, headphones, charger, batteries, earphones, mobile cases, and covers. The mobile accessories business is expected to reach Rupees 252.8 Billion by the year 2023.


The clothes fashion market which is at US$ 137,805 million in 2019 will grow. The Women’s and Girls’ clothes fashion is the largest segment and is US$ 43,153 million in 2019. 

Basic requirements to start an accessories business

  1. The first requirement is the business plan which will help you in the future on what you need to do and what is not required. Make a business plan consisting of whether you want to have storage area for an online business or you need to have commercial space for selling your accessories or you need a business with travel to different locations for selling your accessories.
  2. Include commercials and financial details in your business plan and know how you need to invest for the assets, for working capital, for break even and how much to invest to break even and make a profit.
  3. Do thorough research on which accessories business you want to set up. Know the cost for your business, whether is a location-specific business, or online business or mobile business. Know your competitors; know how to staff your business etc.
  4. Do a SWOT analysis that is to identify the potential Strength, Weaknesses, Opportunities, and Threats. Compare your business with that of the other players and the market that you are in.
  5. Understand the customer choices and identify where and which plan would get you more customers. Know your customer’s buying behavior. Know which market has more demand. Try to identify the seasonal market, the location-specific market, and online market. Build your own brand and marketing strategy.
  6. Identify your partners, customers and outsource which is not your core competency. Make sure you identify your core competency. Identify how you would like to market and sell your products. 
  7. Do an online survey and research on wholesale and retail needs of your products. Make a plan on what items you need to purchase as raw materials and which items to assemble and what is your final products. You need to identify what is important to design and manufacture or to outsource some activities or purchase and sell in the unique market.
  8. Explore how you would obtain the shop license, GST, TIN, and permits for your establishment. There are different laws for different state and some are common across India. If you want to do export business then know whether the export of your items is permitted and what will be your taxes levied by the importing country for your products.
  9. There might be additional requirements for your shops in the mall which depends on the case to case basis. You can locate the licensing information with the department of licensing and the Internal Revenue Service department.

For processing loans you would require documents as follows: 

First is the Business plan

Second, Financial details of your Business

These are your previous loans, current loans and debts incurred. Your contact information, addresses, Tax ID, all your bank accounts, credit card details, and investment account details.

Third, Accounts Receivable details of your Business

This includes accounts by accounts of information, credit details, payment details, and sales history.

Fourth, Accounts Payable for your Business

This includes information on the payment behavior of yours to your vendors. We may need references for your vendors on your payment behavior. 

Fifth, Audited or Reviewed financial statements

The financial information in a Balance sheet reports must be audited and reviewed by an auditing firm. The profit and loss statements must be made available for the last three years. The balance sheet must clearly specify the credits, assets, liabilities, and profit made by the firm. You need to have assets for collateral and good credit score. 

Sixth, Past, and current Tax Returns

You need to obtain and furnish the latest t three years of corporate tax returns.

Finally, the KYC including ID proof, address proof, PAN card, and passport size photo.

Our processing charges and EMI 

Our EMI is simple and you can calculate using our EMI Calculator. The pre-processing charges are nominal and are calculated based on case to case basis depending on the below-mentioned parameters.

  • CIBIL Score of the owner
  • Cash flow on an annual basis
  • Foreclosure charges
  • Amount as loan required as well as the tenure of the loan 
  • Business net profit 
  • Commitment and EMI prepayment rates
  • Operating cost on a monthly basis 
  • Inventory and the ratio of the assets and liabilities

What is special about FlexiLoans 

  • We make the process simple and you can submit all documents online and no paperwork is required.
  • Hence we save time and process your loan in 2 days.
  • We are present in several cities across India and currently, we can serve you in 100 places to start an accessories business. 
  • EMI calculation is simple and we provide an online calculator that will weed out all your doubts about monthly repayment amount etc. 
  • You can start a medium or even a large business as we can provide you one crore as loan amount with a minimum processing fee.
  • Overall our process is simple, fast and hassle-free without any demand for collaterals. 

Apply today and start your business