An Insight into Business Loan for Kirana Stores

Local grocery or Kirana stores are the bedrock of the Indian retail sector. They make sure that critical goods and supplies reach end consumers on time. A survey by the Confederation of Indian Industry (CII) and Boston Consulting Group revealed that these local grocery stores account for 89% of the $600 billion of the Indian retail sector.

Kirana stores, despite their prominence, have always been ignored by banking institutions. For example, a grocery store must rely on personal resources or loans from relatives and friends to meet their liquidity shortages and operate smoothly. Now, this thing has changed in recent years, thanks to the introduction of specialised loans for Kirana stores. These Kirana shop loans help small grocery businesses thrive and flourish.

Today, you will find many platforms and mobile apps offering Kirana shop loans. Some of the common features of such loans are as follows:

Hassle-free Approval

Loans for Kirana stores are intended for small enterprises that may lack the necessary documentation or credit history to get standard bank loans. With minimal documentation, these loans can be authorised fast and effortlessly.

Options for Flexible Repayment

Loans for grocery retailers have adjustable payback terms which may vary from one platform to another. Borrowers can repay the loan based on their cash flow and business demands.

Competitive Interest Rates

Loans for Kirana stores typically have lower interest rates than other types of business loans. As a result, they are an appealing financing option for small grocery retailers.

No Collateral

Most Kirana shop loans are unsecured, which means they do not demand any security to be approved. As a result, they are an excellent choice for small enterprises that do not have any valuable assets to provide as collateral.

So, these are a few things that you must know about the loan for Kirana stores.

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