Loan for Hardware and Sanitary Product Business

Apply NowApply Now

The Indian tiles, toilet, and bathroom supplies market in 2017 has crossed $ 5000 million. It is expected to double by 2023, an annual rate of around ten percent in 5 year period 2018-2023. Due to the private and public measures that have been supported in modern years and the improvement in living standards, sanitation levels in India have increased. These actions opened a large market for hardware and sanitary products for the construction of sanitary facilities for general public and facilities for personal use.

In recent years, the bathrooms have combined functionality and comfort, reflecting the standard of living of an individual.  In order to improve the manifestation of bathrooms, there is a steep demand for hardware and sanitary products has increased throughout the country. There is a rapid change in this business due to the many modernizations. For example, motion detectors are installed in faucets, cisterns, and toilets to ensure the hygiene and simplicity of the bathroom. Yet, recent next-generation bath accessory having a reception in the market is the sensor fittings equipped with short-time switches for resourceful water use.

Steps involved in starting a hardware and sanitary product business

We will provide with the basic idea for setting up a sanitary ware business. Indeed it is a profitable business and you can expect a fair amount of profit. If you begin your business in the right place, where you find many customers, then you can skyrocket your business. Also, choose the right brand and the right product variant for generating profit at the earliest from your business. 

  • Brand:

The primary factor to consider in starting this type of business is choosing the best brand. In the sanitary sector, there are numerous brands available in this business. For instances, India has a hundred+ brands and you can choose from one. The choice of the brand determines the variation of the profit and the variation of the varieties in your company. You can even consider having products that are good to go for senior citizen which will have more reception from the hospitals to install for patients. If you are planning to open a showroom, it is best to choose health products from a single brand. When selecting a brand, you should see if that brand contains the entire product list you want to display.

  • Costs

Next comes the cost factor and here you need to make sure the members of the showroom select high-end products, mid-range products, or low-end products. In this way, you can choose a brand that offers a reasonable variety of hardware and sanitary products. Previously, you can conduct a randomized study on the prices of certain brands that can help you choose the right brand.

  • Customers:

Now comes the most important factor to consider and it is the clientele. Watch what kind of people are located in the place where you plan to set up the showroom. Take a customer survey and get inputs about the products you prefer. See, for example, whether customers have a need for luxury items or basic needs. For example, there are European cabinets, table-top sinks, wall hangings, designer sinks, etc available in the market. Therefore, confirm this before you establish your business. 

  • Place:

Location plays a vital role as it decides the type of people their income level and their needs. By doing so, you can invest accordingly in such area. For a posh living society, you need to set up high-end showroom as people may look for only reputed brands. Also, showroom in a central area will have more movement than in remote areas. But if there is any huge residential apartment in a remote area, then you can target that location for personalized service. There will be limited competition as well. Check the utility bills in the locality before you start a shop. There are areas which will have higher charges than others. So you need to check for a locality considering rental value as well. 

  • Product variation:

Then you have to decide what the products in demand are. For instance, if you take a sink, there are more than ten models in the sink. You need to choose the moving model and keep them on the display to attract customers. Likewise, urinal commodes come in different color and models.  Based on the need you must purchase. You can initially set up with some basic models and once people start enquiring, then you can get them. But make sure to retain customers by providing them what they look for.

From the previous section, you might have got some thoughts about planning and starting the hardware and sanitary product business with the right steps. 

Factors that determine the eligibility for commercial loans.

To qualify for a commercial loan, many factors must be taken into account. Any firm that provides credit will consider these criteria before sanctioning the loan. Few major things include 

  • Age limit: the applicant must be at least 21 years old and at most  65 years old
  • Income: the company must be profitable at least in the last 2 years.
  • Business volume: 200,000 per year should be the least amount as yearly income.
  • Co-applicant: You can skip this as it is not mandatory in the case of a commercial loan.

Checklist of documents to request the loan.

    • Proof of identity: Driver’s license / PAN / Passport / Voter card / Aadhaar card.
    • Proof of address: Ration smartcard / telephone bill / EB bill / VAT receipt / commercial license / rental contract / passport.
    • Proof of income: bank statement for the last 24 months.
    • Financial documents: ITR for the last 24 months, as well as the calculation of the balance sheet, profits, and losses for the last 24 months.
    • Business continuity test
    • Company property Proof: Other obligatory documents including ownership agreement, a certified copy of the memorandum and articles of association
    • Financial details audited in the last 36 months.

Main advantages/features of FlexiLoans in offering loan 

    • We offer unsecured loans to SMEs. As per the name, the unsecured SME loans do not ask for any guarantee. Borrowers can claim up to ten millions of rupees in the form of a loan
    • The lender calculates a competitive interest rate. Use our EMI calculator to get a clear picture. 
    • Flexible and personalized payment options are available for loans.
    • Candidates do not need to mortgage their assets to obtain loan for hardware and sanitary product.
    • All loans are paid on time.
    • The credit processing time is 2 working days and the mode of applying is online.

Choose one of the hundred cities where we offer commercial loans to start hardware and sanitary business. 

Apply for a loan by filling the form online, uploading documents and wait for a call from us to collect your loan amount. It is that quick and we welcome you and serve your need.