Business Loan for Petrol Pump

With the increasing demand for fuel in India, petrol pump businesses can prove to be a lucrative opportunity. However, every step from setting up the pump to managing daily operations, restocking the fuel, and paying wages requires a steady, significant amount of capital. Explore how SMFG India Credit’s tailored solutions for business loans for petrol pumps can help fuel your venture’s growth.

Features and Benefits of a Business Loan for Petrol Pump

Our business loans for petrol pumps offer a range of features and benefits tailored to meet specific requirements:

• Flexible Loan Amounts: With our unsecured business loan solutions of up to INR 75 lakhs*, you can cover a wide range of expenses, from initial setup costs to working capital needs to suit various project scales.
• Flexible Repayment Tenures: Choose a repayment tenure of up to 48 months* that suits your cash flow and business cycle. A longer tenure can lower your monthly EMIs but can lead to higher interest costs, and vice versa. Use our business loan EMI calculator and experiment with different loan amounts, tenures, and interest rates. This will help you get a realistic picture of how the business loan for petrol pump can affect your business cash flow.
• Competitive Interest Rates: Eligible applicants can enjoy potentially lower loan interest rates, keeping repayments manageable and leaving more capital for business expansion initiatives.
• Easy Application Process: Experience a smooth application and fast loan approval process to get access to funds when you need them the most.
• Transparent Loan Terms: Know exactly what you're signing up for with clear and upfront terms with access to a dedicated team for personalised support.

Eligibility Criteria for a Business Loan for Petrol Pump

To qualify for a business loan for a petrol pump at SMFG India Credit, applicants must meet specific eligibility criteria:

• You must be a resident Indian.
• You must be self-employed with your own petrol pump business or be a proprietor/partner/director of an existing business.
• Your age must fall between 22 and 65 years (not exceeding 65 at the loan maturity date).
• Your petrol pump business must have been operational for a minimum of 3 years, demonstrating stable income and profits over the last 2 years.
• The business should have a minimum annual turnover of INR 10 lakhs and a profit after taxes of INR 2 lakhs per annum.
• You must have a CIBIL score of at least 750.

*Please note that final eligibility is subject to various factors, including SMFG India Credit’s policies during the loan application process.

Documents Required for a Business Loan for Petrol Pump 

To process your application for a business loan for a petrol pump smoothly, we require a few essential documents such as:

• KYC documents for identity and address proof (such as PAN card, Aadhaar card, etc.).
• GST returns, Income Tax Returns (ITR), or bank account statements.
• Proof of income from the business (such as tax returns, balance sheet, etc).
• Proof of business existence (e.g., Certificate of Incorporation).

*Please note that this list is not exhaustive. Additional documents may be requested based on individual profiles and SMFG India Credit’s prevailing policies at the time of application.

Interest Rates for a Business Loan for Petrol Pump

Our interest rates for a business loan for a petrol pump are determined by several factors such as the net income, the location of your petrol pump, existing financial commitments, and business stability. We offer minimal and competitive interest rates that ensure affordable monthly payments and reduced borrowing costs.

In addition to interest rates, there are other nominal charges associated with our petrol pump loans, including:

• Processing fees: Up to 2.75% of the loan amount + GST.
• Loan cancellation charges (for loans cancelled before the first EMI): INR 1,000.
• Late payment charges: 2% plus GST charged monthly (24% per annum) on the overdue amount calculated on a day-to-day basis.

You can find a detailed breakdown of our business loan fees and charges here. 

How to Apply for a Business Loan for Petrol Pump

Securing financing for your petrol pump business is streamlined with SMFG India Credit’s straightforward loan application process:

• Visit our loan application page and click on ‘Business Loan/SME Loan’.
• Fill in the required details including your desired loan amount and tenure, and upload the necessary documents.
• You will be informed instantly whether your loan application will be considered further. If it is, you will receive a reference number to be saved for future communication. 
• Your application will then undergo thorough verification to assess eligibility and determine a tailored loan offer and interest rate. Our representative may contact your for additional information if required.
• Upon final approval, the sanctioned loan amount will be disbursed directly into your account.

At SMFG India Credit, we strive to make the loan application process hassle-free, ensuring prompt financial support for your petrol pump business. Before applying, we recommend checking out our business loan eligibility calculator. It will give you an estimate of the maximum loan amount you may be eligible for based on factors such as your location, net profit after tax, existing EMIs, and so on.

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