Retail Business Loan
From re-filling stocks and paying staff salaries to expansion, retail businesses need funds for smoothly carrying out operations. Further, the inability to access finance at the right time, especially when there is a crunch, can negatively impact the business.
Poonawalla Fincorp’s Business Loans for Retail Shops ensure that retail businesses get quick access to finance to meet any short-term financial needs. Our favourable loan terms such as competitive interest rates, 5% on principle outstanding plus applicable taxes foreclosure, flexible payment schedule, and quick approval can provide retail businesses a much-needed boost to thrive and expand.
Reasons for Taking Business Loan for Retail Shops
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Expanding business to a new location
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Purchasing inventory
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Revamping the store
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Renovating the shop
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Buying new furniture
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Meeting expenses such as rent, staff salary, etc.
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Marketing and Advertising
Retail Business Loan EMI Calculator
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EMI Amount = *
Retail Business Loan Interest Rates
| Types of fee | Applicable Charges |
| Rate of interest | 15% to 28% p.a.* |
| Processing fees | Up to 3% plus applicable taxes |
| Repayment Instrument Dishonor Charges | ₹500 per bounce plus applicable taxes |
| Default Interest | 2% per month |
| Loan Amount | ₹5 lakh to ₹75 Lakh |
| Lowest EMI per month | Starting from ₹2,783* per Lakh for 48 months |
| Loan Tenure | 6 - 48 months |
| Prepayment/Foreclosure Charges | 5% on principle outstanding plus applicable taxes |
| Stamp Duty | At actuals (as per state) |
| Penal Interest | 2% monthly on the defaulted EMI amount |
Retail Shop Loan Eligibility Criteria
Our eligibility criteria for a Business Loan for Retail Shop are simple. Some of the conditions are as follows-
Age
Citizenship
Business in operation
Business turnover
- Age: Between 22 and 57 years.
- Citizenship: The applicant must be an Indian citizen.
- Business in operation: Have a business in operation for a minimum of 2 years.
- Business turnover: Business turnover should be ₹6 lakh or more.
Do note the above-mentioned eligibility criteria is indicative. Additional criteria may be considered during loan processing.
Documents needed for a Retail Shop Business Loan
Our motto is to facilitate retail shop owners with quick and easy finance. Therefore, you need to submit minimal documents as listed below:
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Address Proof (PAN Card/Aadhaar Card/Voter ID/Driving Licence/Passport)
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Address Proof for the place of business (Rent agreement/ Electricity, water bills, etc)
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Financial documents (Six months Bank Statement)
- Proprietor/ Partner / Director PAN Card/ Company PAN Card
- Address Proof (Voter ID/ Aadhaar/ Passport)
- Address Proof for the place of business (Rent agreement/ Electricity, water bills, etc)
- Financial documents (Six months Bank Statement)
This is an indicative list. There may be a requirement for additional documents at the time of loan processing.
Features and Benefits of Loan for Retail Shop
Poonawalla Fincorp aims to help retail businesses in India flourish with distinct features that can benefit retail business owners in the following ways:
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Up to ₹75 lakh in Business Loans
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Collateral-free loan
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Competitive interest rate
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Flexible loan tenure up to 48 months
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Minimum processing fees
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Simple eligibility criteria
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Quick approval and fast disbursals
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Foreclosure fees
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No hidden charges
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Apply online or offline
Up to ₹75 lakh in Business Loans
You can quickly get a loan of up to ₹75 lakh to boost your retail business.
Collateral-free loan
Poonawalla Fincorp’s Business Loan for Retail Shop is an unsecured loan. This implies that you do not need to pledge any assets to get the loan.
Simple eligibility criteria
Our Retail Business Loan offers easy to meet eligibilty criteria to help retail businesses grow rapidly.
Quick approval and fast disbursals
Time is of the essence for retail businesses. Our minimal document requirements ensure quick approval and disbursals.
Competitive interest rates
Starting from 15%, our interest rates are truly competitive in the market.
Flexible loan tenure up to 48 months
You can plan your repayment based on your convenience with our flexible loan tenures.
Foreclosure fees
A small 5% on principle outstanding plus applicable taxes is levied on the outstanding loan amount on loan pre-payment.
Minimum processing fees
Poonawalla Fincorp’s Retail Business Loan has a one-time processing fee starting from 3%. This is applicable on the disbursement and is charged as an administrative fee for handling loan processing.
No hidden charges
We believe in being completely transparent and thus do not levy any hidden fees or charges.
Apply online or offline
Apply from the convenience of your home/shop or reach out to your nearest branch today.
Apply for Instant Retail Shop Loan within 5 Minutes
Apply
Online
Apply Online
Click on Apply Now and enter your contact details.
Business
Details
Business Details
Enter your annual business turnover and other business details.
Verification
Verification
The application will then proceed for verification and assessment
Frequently Asked Questions
A retail shop loan is a loan tailored to help retail businesses meet their financial needs over the short term. It helps businesses to ensure smooth, hassle-free functioning.
You can avail of a retail shop loan to meet the operational needs of your business such as buying inventory, paying staff salary, maintaining cash flows, paying off utility bills, and more.
Our interest rates for Proprietorship loans are competitive and affordable. Additionally, we levy a one-time nominal processing fee of 3% on the loan amount plus applicable taxes. It helps us in countering the administrative charges and providing best-in-class services to our customers.
You can use our online calculator to check how much your EMI would be. Enter the loan details such as loan amount, tenure, and interest rate to know your EMI.
Yes, you can certainly get a Business Loan for upgrading your shop and maximizing its reach to new customers. Obtaining a Business Loan for a shop allows you to access the necessary funds to cover startup costs, purchase inventory, hire employees, and invest in marketing efforts.
*Terms & Conditions Apply
