How to Get a Loan for Opening a Medical Store in India

The pharmaceutical industry in India is growing at a rapid pace. So if you are thinking of starting your pharmacy, it is a great time to do so. Opening a medical shop in cities and towns where healthcare is the top priority is a smart move to make. But starting takes more than just motivation. It requires a fair amount of money. From licences and interiors to stocking up on medicines, the expenses can build up quickly. This is where securing a loan for medical shop becomes essential.

Let’s explore everything you need to know about getting a loan for opening medical store in India.

Why Do You Need a Loan for a Medical Shop?

Whether you are a first-time entrepreneur or a healthcare professional, opening a medical store involves several expenses. It requires a business registration and a pharmacy license fee. You need inventories like medicines, supplements and equipment. Along with all these other fees go interior designs, furniture, billing software and inventory management. Staff salaries and daily working capital are also important when considering a medical shop. With all these costs, it becomes clear that you’ll need a good amount of working capital.

Instead of depleting your savings, applying for medical loans allows you to manage your cash flow more efficiently and start your business with the right support system. It helps keep your personal finances untouched while making sure your store is well set up from day one.

Types of Loans You Can Consider for Your Medical Shop 

Not all loans are made equal. Depending on your profile and needs, there are different options available when you’re planning to apply for a loan for medical shop in India:

• Business Loan: It is a general-purpose loan with flexible terms. This loan option is ideal for entrepreneurs and business owners who opt for flexible financing. A loan for medical shop under this category does not require any collateral and comes with convenient EMI options.
• Professional Loan: Pharmacists, doctors, and other medical professionals planning to open a pharmacy can opt for medical loans categorised as professional loans. These are specifically designed to support licensed professionals in setting up their practice or medical store.
• Secured Loan: If you can offer collateral, this loan can be the ideal option for you. This loan option usually comes with lower interest rates and higher approval chances.

Eligibility Criteria for Medical Shop Loans 

You don’t need to be a long-time business owner to get a loan. The process is far more inclusive now. These are the basic eligibility criteria to secure loan for opening medical store:

• You must be an Indian citizen aged between 21 and 65 years.
• Should have a regular source of income. This can include your business, employment or professional practice.
• A good credit score of 650 or higher improves your chances of approval.
• You should have a valid pharmacy or a plan to acquire one shortly.
• A basic business plan helps, though it's not always mandatory.

If most of the above requirements are met, you’re already well-positioned to apply for a loan for opening medical store.

Documents Required for a Loan for a Medical Shop

Here is a quick checklist of documents needed to apply for a loan for medical shop:

• Identity Proof: It can include your Aadhaar, PAN, or Passport.
• Address Proof: It can include your utility bill or rent agreement.
• Income Proof: It can include your salary slip, bank statements, and similar other documents.
• Employment Proof: It can include your pharmacy licence, business registration, and other employment details.
• Photo: Can include passport-size photographs.

All these documents help the lender evaluate your ability to repay the loan and the feasibility of your business plan.

Steps to Apply for a Loan Online for Medical Store with My Mudra

Getting a loan for medical shop in India is easier than ever. With My Mudra, let's see how the process works:

Step 1: Visit the website

On www.mymudra.com, choose the loan category that fits your profile. Either a business, professional, or secured loan.

Step 2: Fill in the Online Form

Submit your basic information. They include your name, mobile number, loan amount required, purpose of the loan, and city.

Step 3: Upload Documents

Scan and upload the documents required for verification. Make sure all files are clear and up-to-date.

Step 4: Receive Loan Offers

My Mudra will match your application with loan options from top banks and NBFCs. There, you can compare the interest rates, EMI, processing fees, and tenure.

Step 5: Approval and Disbursal

Once you select the best offer and complete verification, the loan is approved and disbursed quickly. This happens within 24 to 48 hours.

Benefits of Taking a Medical Loan Through My Mudra

Choosing My Mudra gives you a significant edge when applying for a loan for opening medical store. Here’s why:

• Instant online application: No need to visit multiple bank branches
• Compare multiple lenders: Compare offers from over 90+ banks and NBFCs
• Minimal documentation: Fast approvals with fewer paperwork requirements
• Secure portal: Your data is protected on an ISO-certified platform
• Personalised support: A support team that guides you at every step

My Mudra has disbursed over ₹10,000 crore in loans. More than 10,000 customers trust the platform. We help people across India fund their dreams.

Summarising

A pharmacy isn’t just another retail store. It's an important part of any neighbourhood or city. If you're ready to open one, don’t let money become a roadblock. A loan for medical shop can help you set up smoothly. It provides you with high-quality stock and even gives you the buffer you need to focus on growth.

And with My Mudra by your side, getting the medical loans is just a few clicks away. So start today and take the first confident step toward running your medical store.

Also Read:
- Reasons Why Medical Loans Can Be Useful for Health Issues
- 8 Ways to Use a Doctor Loan for the Growth of Your Practice