Running a medical store (pharmacy) requires continuous investment—whether it’s stocking medicines, managing inventory, upgrading equipment, or expanding your shop. If you are facing a shortage of funds, a business loan for a medical store can help you manage and grow your pharmacy smoothly.
With platforms like 24hrLoan, you can easily compare and apply for loans from multiple banks and NBFC lenders, ensuring you get the best deal based on your needs.
Features of Business Loan for Medical Store
| Feature | Details |
| Loan Amount | ₹50,000 to ₹50 Lakhs |
| Interest Rate | 14% – 26% p.a. |
| Loan Tenure | 6 months – 60 months |
| Processing Fee | Up to 3% |
| Collateral | Usually not required |
| Approval Time | 24–72 hours |
| Mode | Online application |
Why Medical Stores Need Business Loans
Medical stores deal with high-demand, fast-moving products, and often require regular cash flow.
Common Reasons for Taking a Loan:
- Purchasing bulk medicines
- Managing working capital
- Expanding the shop or opening a new branch
- Buying refrigerators for vaccines/insulin
- Upgrading billing or POS systems
- Handling emergency stock shortages
Benefits of Medical Store Business Loan
1. Quick Access to Funds
Get funds quickly to maintain an uninterrupted medicine supply.
2. No Collateral Required
Many lenders offer unsecured loans, so no need to pledge property.
3. Flexible Usage
Use funds for any pharmacy-related business need.
4. 60 Months Repayment Options
Get Flexible EMIs option up to 60 months tenure.
5. Improves Business Growth
Helps increase inventory, attract customers, and boost sales.
Eligibility Criteria
To apply for a medical store loan, you should meet these basic requirements:
| Criteria | Requirement |
| Age | 21 – 60 years |
| Business Type | Medical store / pharmacy |
| Experience | Minimum 1 year |
| Income | Stable monthly income |
| Credit Score | -1 / 700+ preferred |
| Bank Account | 12 months current/savings account |
Documents Required
You need simple documents to apply:
| Document | Purpose |
| PAN Card | Identity verification |
| Aadhaar Card | Address proof |
| Bank Statement (12 months) | Income proof |
| Drug License | Proof of medical store |
| GST Certificate (if applicable) | Business verification |
| Shop License | Business registration |
Top Lenders for ₹50Lakh Medical Store Business Loan
| Banks / NBFCs | Interest Rate | Loan Amount | Repayment Tenure | |
| WeRize | 16% p.a. to 22% p.a. | Rs.50,000 to Rs.25 lakh | 12 months to 36 months | Apply Now |
| Faircent | 14% p.a. to 21% p.a. | Rs.50,000 to Rs.10 lakh | 12 months to 36 months | Apply Now |
| IIFL | 11.25% p.a. to 33.75% p.a. | Rs.50,000 to Rs.30 lakh | 12 months to 60 months | Apply Now |
| Chola Finance | 14% p.a. to 21% p.a. | Rs.30,000 to Rs.20 lakh | 12 months to 60 months | Apply Now |
| Poonawalla Fincorp | 15% p.a. to 28% p.a. | Up to Rs.50 lakh | Up to 3 years | Apply Now |
| FT Cash | 12% p.a. to 22% p.a. | Up to Rs.50 lakh | Up to 3 years | Apply Now |
| NeoGrowth | 19% p.a. to 24% p.a. | Up to Rs.75 lakh | Up to 7 years | Apply Now |
| FlexiLoans | 12% p.a. onwards | Up to Rs.1 crore | 1 year to 5 years | Apply Now |
| LendingKart | 12% p.a. to 28% p.a. | Up to Rs.1 crore | 12 months to 36 months | Apply Now |
| Ashv Finance | 18% p.a. to 21% p.a. | Up to Rs.40 lakh | 12 months to 36 months | Apply Now |
| Aditya Birla | 14% p.a. onward | Up to Rs.15 lakh | 12 months to 36 months | Apply Now |
| Tata Capital | 16.50% to 19% p.a. | Up to Rs.75 lakh | 12 months to 36 months | Apply Now |
EMI Example for Medical Store Loan
Here is an example of EMI for a ₹2 lakh loan at 16% interest. Also, you can use the Business Loan EMI Calculator to know the loan EMI.
| Tenure | EMI (Approx) | Total Payment |
| 12 Months | ₹18,100 | ₹2,17,200 |
| 24 Months | ₹9,800 | ₹2,35,200 |
| 36 Months | ₹7,000 | ₹2,52,000 |
How to Apply for a Medical Store Loan
Applying is simple and fully online:
Step 1: Visit the 24hrLoan Website
Choose the business loan option.
Step 2: Fill Basic Details
Enter your name, mobile number, and business details.
Step 3: Upload Documents
Submit KYC and business-related documents.
Step 4: Verification
Complete digital KYC or video verification.
Step 5: Loan Disbursal
The final step is the loan disbursement process, which directly deposit to borrower’s bank account.
Also Read: Instant Business Loan Without GST
Types of Loans for Medical Store Owners
1. Unsecured Business Loan
No collateral required, quick approval.
2. Working Capital Loan
Helps manage daily expenses and stock purchases.
3. Equipment Loan
Used to buy refrigerators, storage units, or medical equipment.
4. Loan Against Property
Higher loan amount with a lower interest rate (if property is available).
Why Choose 24hrLoan for Medical Store Loan?
24hrLoan helps medical store owners get loans easily by connecting them with multiple lenders.
Benefits:
- Compare multiple banks and NBFCs
- Faster approval process
- Easy online application
- Minimal documentation
- Better chances of approval
Also Read: Kinara Capital Business Loan: 30 Lakh Loan
Conclusion
A business loan for a medical store can help you manage inventory, improve services, and expand your pharmacy business. With increasing demand for medicines and healthcare products, having enough working capital is essential for success.
Through 24hrLoan, you can explore multiple loan options, compare interest rates, and apply online without hassle. Choose the right loan, use funds wisely, and grow your medical store business with confidence.