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What is the Loan Procedure for Pharma Franchise Business

What is the Loan Procedure for Pharma Franchise Business

What is the Loan Procedure for Pharma Franchise Business – Pharma business is quite impressive and profitable if you look at the diversity of the industry and better capabilities. The industry brings you endless solutions for growth and expansion scope. If you are a PCD pharma franchise businessman or someone looking to start a business in this venture but facing financial support then for your MUDRA Loan. Without no doubt, you will require a smooth flow of cash to make the business going until it starts to produce benefits. In this post by Focus Healthcare, we bring you what is the loan procedure for pharma franchise business in India.

What is the Loan Procedure for Pharma Franchise Business

MUDRA loan is a financial scheme aid provided by the government of India to young and innovative ideas. It is an initiative to promote self-employment and create services. There are many benefits of considering a MUDRA loan for the pharma people. It will help go one step ahead of the current phase and you can carry on your business with no financial obstacles. Many banks have been offering this loan and you could get good help from them. Read about MUDRA loan and what the loan procedure for pharma franchise business!.

What is Actually MUDRA Loan?

Initiated by our Prime Minister, Narendra Modi ji, MUDRA loan or Micro Units Development & Refinance Agency Limited (MUDRA) or Pradhan Mantri MUDRA Yojana (PMMY) is a scheme which offers financial support to those who find difficulty in raising funds for their business. Anyone can apply for this loan and get help from any bank which is affiliated by this scheme. It offers to help you individual and micro units of those indulged in allied activities, manufacturing, retail, agri and other services, etc. You can take a loan up to Rs 10 lakhs which primarily depends upon the phase of your business which is as follows:

  • Shishu: Up to Rs 50, 000
  • Kishore: Rs 50, 000 to Rs 5 Lakhs
  • Tarun: Rs 5 Lakhs to 10 Lakhs

What is the Loan Procedure for Pharma Franchise Business

What is Procedure to Take Mudra Loan For Pharma Franchise Business?

You need to do good research work about the banks which offers MUDRA loan. Even though this loan is offered by Government and Private banks alike, you need to know about their procedure, terms & conditions, the rate of interest and other. Some of the benefits of applying for this loan are – no need to submit mortgage or security, no need to pay a processing fee and assets will be created out of bank finance. Here is the procedure to apply for a loan:

  1. Visit two or three banks which offer better loan solutions for your business.
  2. Submit all the required documents asked by the bank.
  3. Let them process your request.
  4. Once the loan is accepted and sanctioned, you will be provided with MUDRA card which is a credit card for overdraft payment and cash facilities.

Documents Required to Submit During Loan Procedure

Different banks ask for different documents but these are some of the most common asked by the majority. You need to be prepared with these documents when they ask for it. Keep a copy and an original one. The copies should self-attested and keep you updated with the interest rate to avoid any clashes. Here tackle a look at the documents that you will need.

  • MUDRA Loan Application or apply online via Mudramitra portal (mudramitra.in)
  • Identity Proof like Aadhaar Card/ Driving License/ PAN Card/Passport etc
  • BIL/RBC application form (If)
  • Bank State of last 6 to 12 months (as per bank T&C)
  • Business plan (make sure that it is working and convincing)
  • Residential proof (in form of rent agreement, electricity bills, etc)
  • Recent photograph or less than 6 months old picture of the applicant
  • Age proof or birth certificate.
  • Quotation of items to be purchased or intentions of spending the loan.
  • Identity and address proof of the business like tax registration, business license, company registration number (if) etc
  • In cases of SC/ST/OBC/Minority, you will need to submit proof of category.

Conclusion

For the pharma franchise people, this loan is a good way of raising money for their business. If you want to expand your current business then also this loan will be good for you. Focus Healthcare offers PCD franchise across India with good credit facilities. If you want to know more, contact us now for applying for pharma franchise in India.