Running a shop—whether it’s a grocery store, medical shop, mobile store, garment shop, or hardware outlet—needs regular working capital. Daily expenses, such as stock purchases, rent, staff salaries, and utility bills, can put pressure on cash flow. A business loan for shopkeepers helps manage these needs and supports business growth without disturbing daily operations.
Through 24hrLoan, shopkeepers can compare and apply for business loans from multiple banks, NBFCs, and digital lenders, all through a simple online process.
What is a Business Loan for a Shopkeeper?
A business loan for shopkeepers is an unsecured or secured loan designed to meet the financial needs of small retail businesses. These loans can be used for:
- Purchasing stock in bulk
- Shop renovation or expansion
- Buying equipment or POS machines
- Managing seasonal demand
- Working capital requirements
Most lenders now offer online business loans with minimal documentation and fast approval.
Loan Amount Available
Through 24hrLoan, shopkeepers can get:
- Minimum loan: ₹50,000
- Maximum loan: Up to ₹20 lakh (depends on lender profile)
Interest Rate & Charges
- Interest Rate: Starts from 13% to 26% p.a.
- Processing Fee: Up to 3% of the loan amount
- Loan Tenure: 6 months to 5 years
Benefits of Business Loan for Shopkeepers
- No collateral required for most loans
- Fast approval and quick disbursal
- Flexible repayment options
- Helps increase stock and sales
- Improves business cash flow
- Available even for small shop owners
Also Read: Instant Business Loan without GST
Eligibility Criteria for Shopkeeper Business Loan
Basic eligibility includes:
- Age: 21 to 60 years
- Indian resident
- The shop should be operational for at least 1 year.
- Maintain ₹15,000 in the Current or Savings account.
- A CIBIL score of 720 or above
Even if your credit score is average, 24hrLoan helps match you with suitable lenders.
Documents Required
Most lenders ask for:
- PAN Card
- Aadhaar Card
- Shop address proof
- Bank statement (last 6–12 months)
- Business registration (anyone):
- Shop Act License
- Trade License
- GST Certificate (if available)
- MSME/Udyam Registration
Documentation may vary slightly by lender.
Top Lender Offers Business Loan for Shopkeeper
| Lender | CIBIL Score | Loan Amount | Process | |
| Muthoot Fincorp | 720+ | Up to ₹3 Lakh | Video Verify | Apply Now |
| WeRize | -1 / 700+ | Up to ₹5 Lakh | Video Verify | Apply Now |
| Hero Fincorp | 730+ | Up to ₹5 Lakh | Online | Apply Now |
| DMI Finance | 745+ | Up to ₹9 Lakh | Online | Apply Now |
| Protium | -1 / 700+ | Up to ₹15 Lakh | Online | Apply Now |
How to Apply for a Business Loan for a Shopkeeper
Applying through 24hrLoan is simple:
- Visit the 24hrLoan website.
- Choose “Business Loan for Shopkeeper”
- Fill in basic business and personal details.
- Upload required documents
- Compare offers from multiple lenders.
- Complete digital or video verification.
- Get the loan amount credited to your bank account.
The entire process is online and paperless.
Uses of Business Loan for Shopkeepers
You can use the loan for:
- Buying fresh stock
- Expanding shop space
- Opening a second outlet
- Paying suppliers on time
- Managing festival or seasonal sales
- Upgrading shop interiors
Tips to Improve Loan Approval Chances
- Maintain regular shop income in a bank account.
- Avoid cheque bounces
- Keep business documents updated.
- Repay existing loans on time.
- Apply through a platform like 24hrLoan
These steps help you get better interest rates and higher loan limits.
Also Read: WeRize Business Loan: 25 Lakh Online Loan
Conclusion
A business loan for shopkeepers is a smart way to grow your retail business without financial stress. Whether you need money for stock, renovation, or daily operations, the right loan can help your shop grow faster.
24hrLoan helps to choose the right business loan from multiple banks and NBFC companies, and you can borrow a loan without a bank visit. Also, we provide video verification for business loans.