Mudra Loan for Medical Shop

Mudra Loan for Medical Shop

Opening a medical supply store is a lucrative business opportunity. But you will not gain a profit without a significant stock. Apart from purchasing medicines, you have to pay attention to its storage. Opening or expanding a medicine shop is capital intensive. But you can apply for MUDRA loan to set up a small medicine shop or apply for a bigger sum to make necessary additions. Banks often deny credit to small businessmen. But that is not the case with MUDRA scheme. Whether you have a small store or a big medicine business, MUDRA scheme will ensure a credit from a chosen bank.

What is MUDRA Yojana?

Prime Minister of India, Narendra Modi has always stressed on the development of small and micro businesses. But these traders fail to start or expand their business for lack funds. The central government joined hands with Micro Units Development & Refinance Agency Limited or MUDRA and launched a special credit scheme that offered financial assistance to business owners on April 8, 2015. Under the Pradhan Mantri MUDRA Yojana, applicants were to receive a credit not more than 10 lakhs.

What are the different aspects of MUDRA Loan?

Under the MUDRA scheme, applicants can obtain credit from RRBs, Commercial Banks, Cooperative Banks, Small Finance Banks, MFIs and NBFCs. Money will be offered to applicants under three categories.

  1. If any applicant requires an amount that is not less than Rs. 50,000, then he/she will have to apply under the Shishu category. This category offers loans to micro business owners or startups.
  2. If case an applicant requires an amount that is between Rs. 50,000 and Rs. 5 lakhs, he/she will have to apply under Kishor category. This loan is meant for those applicants who have a business, but require additional funds to establish it properly.
  3. Only those candidates will be able to apply under the Tarun category and attain a credit that ranges between 5 lakhs and 10 lakhs who have an established business, but need more money for expansion or modernization.

Can you open a medical shop under MUDRA scheme?

  1. Depending on the size of the store, medical stock, location along with the monthly rent of the store, you will need anything between Rs. 40,000 to Rs. 80,000 to start a small medical shop. If you want to open a small medical store, then you may apply for Rs. 50,000 under the Sishu category.
  2. If you already have a shop, but don’t have financial capacity to attain stocks or furnish the store, then you can apply under the Kishor category. The total cost of furniture and other fittings, refrigerator, computer and software acquirement and medicine stock will add up to Rs. 1.5 lakhs to 2 lakhs.
  3. If you want to establish your medical shop with state of the art equipment along with an impressive stock of high-end medicines, then opting for a credit under the Tarun category will be appropriate.

How to apply for MUDRA Loan?

  1. If you desire to attain credit under the MUDRA scheme to establish or expand your medical shop, then you need to log on to the official site by clicking on the link https://mudramitra.in/Login.
  2. Then fill in the necessary details for primary registration. You have to click on the button that is marked as “New User.”
  3. As the site brings up the online registration form, you need to type in personal as well as business related details. Mentioning the name and type shop is a must.
  4. Once you finish this step, you will receive an e-mail ID and password. These credentials will assist you to log in henceforth.
  5. After receiving these credentials, you have to log for filling the actual loan application form. It is rather elaborate and includes six separate steps.
  6. These steps include personal information, business and business partner related details, banking details, investment sale, profit or loss related data, digitized documents of medical shop registration and other papers. The last step is associated with declaration, followed by submission.
  7. Then you have to pick the lender (bank) from where you want to attain the credit.
  8. You have to remember that it is the solely the discretion of the bank whether or not it will sanction the loan application.
  9. In case the application is passed, you will attain the required amount as credit.

Important documents required

If you desire to attain financial assistance under the MUDRA scheme to start, establish or expand your medical supply store, then you have to keep the Aadhar card, PAN card, Voter card, residential and age poof documents, bank details and non-defaulter certificates and caste certificate handy. Apart from this, applicants need to submit balance sheets, business partnership details, shop registration and project report along with current sale data.

Other Schemes

  1. Helping Rural Women raise Income SHGs 
  2. Mudra Loan for MSME 
  3. Mukhyamantri Rojgar Srujan Loan Karyakram Chhattisgarh
  4. Fish Farming Loan Scheme 

 

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