Shop Loan
A shop loan is one of the most effective ways to strengthen your position in the retail segment. From plans to upgrade your store to expanding inventory, timely access to capital becomes essential. However, getting a business loan for your shop, especially for small business owners, is often easier said than done.
At SMFG India Credit, we recognise that every business owner has unique goals and challenges. It is our consistent, ongoing effort to help business owners with the required finances so that they can fulfil their dreams and not miss out on a single opportunity. Since different businesses have different requirements, we have customised business loans to best suit the needs of each individual.
Features and Benefits of Shop Loan
Flexible Loan Facilities
Repay your loan comfortably within up to 60 months*, aligning with your cash flow. Enjoy foreclosure options without extra charges.*
Servicing Capital Requirements
Access quick and easy finance up to INR 75 lakhs* for small businesses with competitive interest rates, ensuring a low cost of capital.
Swift Small Business Loans
Benefit from transparent eligibility criteria and minimal documentation, securing small business loans within 72 hours* after loan approval.
No Collateral Required
Obtain collateral-free business loans with SMFG India Credit, eliminating the need to pledge personal or business assets.
Online Account Access
Track and manage your business loan account effortlessly anytime, anywhere, across various devices using our user-friendly service portals and mobile applications.
Required Documents for a Shop Loan
The approval for a business loan for a shop at SMFG India Credit will be subject to the receipt and verification of the following documents:
- Identity proof, which can be established through any one of the government IDS, like a driving licence, PAN card, etc
- Proof of address, such as an Aadhar card or a passport
- Business PAN card / GST certificate, etc, to show proof of business existence
- Bank statements for the last 6 months
- Income proof
- Audited financial statements of the past 2 years.
- Address proof for the business
Please note that the documents required for the shop loan mentioned above are not an exhaustive list. To know more, please contact us today. Knowing the documentation requirements beforehand can help you speed up the process of the loan application
Eligibility for a Shop Loan
To apply for a business loan for a shop with SMFG India Credit, you need to meet certain eligibility parameters. A few of these are:
- You should be a resident of India.
- You should be at least 22 years of age at the time of loan application and a maximum of 65 years of age at the time of loan maturity.
- A minimum annual turnover of INR 10 lakhs.
- You should have business experience of at least 5 years, 3 of which should have been in the current business.
- The business enterprise should have been profit-making for the past 2 consecutive years.
*Please note that given above are the basic eligibility criteria for a shop loan. The final eligibility will depend on several factors, including SMFG India Credit’s policy at the time of loan application.
Interest Rates and Charges for a Shop Loan
The interest rates and charges for shop loans at SMFG India Credit are competitive and designed to suit the financial needs of small and medium-sized business owners. The final rate offered depends on several factors such as the applicant’s credit score, business turnover, loan amount, existing financial obligations, and so on.
|
Fee Type |
Applicable Charges |
|
Interest Rate |
Minimal and competitive interest rates (depending on several factors, including location, net income, business stability, collaterals, existing monthly obligations, etc.) |
|
Processing fee |
Up to 5% of the total loan amount + GST |
|
Late Payment Charges |
Up to 3% per month (36% per annum) on overdue amount calculated on day to day basis payable from the relevant due date till date of actual payment. |
|
Collection of Cheque/Cash (per collection) |
NIL |
|
Cheque or ECS Dishonour Charges (per dishonour of cheque or ECS per presentation) |
Rs. 300 to 1000 |
|
Loan Cancellation Charges (loan cancelled before the first EMI) |
Rs. 1000 - 2500 |
|
Foreclosure Charges |
Up to 7%* of the principal outstanding |
How to Apply for a Shop Loan?
Be it a loan for a medical shop or any other retail enterprise, the application process is more or less the same.
The actual process of loan application is quick, simple and relatively hassle-free. At SMFG India Credit, we have an online platform that allows you to apply for a business loan anytime, anywhere, as per your convenience. Alternatively, if you prefer a face-to-face interaction, you are welcome to visit us at your nearest branch. Our team will be happy to help you with any queries/issues
Here are three easy steps that will help in getting the application process started.
1. Fill in Your Application: Make sure you fill in all your personal, professional and financial details on the application form. This can be done either online or offline.
Generally, after you put in the request for a shop loan, a representative from SMFG India Credit will get in touch with you within a maximum of 2 working days. They will then help you understand the product; any loan offers you may be eligible for, applicable interest rates, repayment details and tenure of the loan.
2. Document Upload: Before you submit your documents by uploading them online or handing over hardcopies at your nearest branch office, you need to run a check with the help of a business loan EMI calculator to get an idea of the installment that you are looking to commit as part of the repayment process to the lender. If you think that the amount is higher than what you can afford to repay, you can adjust the value of the principal amount or increase the tenure accordingly.
Once the document upload is complete, you will be given a preliminary decision on whether or not your application will be taken forward. If yes, we will take some time to verify the documents and the information provided in your application. Our representative will then get in touch with you in case of any queries or to give you an offer.
3. Loan Disbursal: If your business loan is approved, the funds are generally disbursed to your account within 72 hours*.
SMFG India Credit is a reputed organisation in the domain of extending shop loans that have helped numerous entrepreneurs get their retail enterprise off the ground. So, please click on the “Apply Now” button today, and take one step further in making your dreams come true.
Why Should You Take a Shop loan?
Sometimes, taking a shop loan is your best bet because of the following reasons:
- You can expand your small retail business confidently.
- With loan money, you can keep your shelves well-stocked to boost sales.
- Another way to use the money is to invest it in effective marketing strategies to attract more customers.
- Stay competitive in the market by adopting modern technology and acquiring essential equipment.
- You can navigate seasonal variations smoothly with financial support.
- It can cover essential overheads like rent and staff salaries for seamless daily operations.
A shop loan can help you achieve all of these goals and foster success in the dynamic retail industry.
Discover the Business Loan That Will Fuel Your Success!
With the rustic flair of desi music and subtly infused humour, this video tells a story of a small retailer who was able to grow his small business with a loan. Watch now and enjoy!
Get Your Shop Loan Today!
Be it renovating your store or expanding your product range, a shop loan from SMFG India Credit can give your business the boost it needs. From simplified documentation to a quick approval process (subject to eligibility and the accuracy of the submitted documents), we help you stay focused on growing your shop. Backed by competitive interest rates, flexible repayment tenures, and straightforward eligibility criteria, our business loan for your shop is designed to support your ambitions every step of the way.
Apply online for a shop loan today and take the next step toward realising your business goals!
