Petrol pump business in India is a very profitable business. For those people who have property on roads with high traffic or highways, the business of petrol pump is much better for those people. Due to the increasing number of vehicles day by day, the demand for petrol is also increasing. Due to which more and more petrol pumps are also being opened. At present, petrol pump drivers are providing many types of services to their customers. In this, you will also get the facility of restaurant or rest area at most of the petrol pumps, from which they are also earning extra income.
Petrol Pump Loan Eligibility
Petrol Pump Loan comes under Business Loan. The eligibility for availing this type of loan may vary. Here you are being told some general criteria on taking loan from NBFC and bank.
A person resident in India can apply for this type of loan.
Business loan can also be taken for petrol pump expansion, but in this case your business should be about 6 months old.
Your annual minimum turnover should be as per eligibility to meet the eligibility for loan for expansion of existing petrol pump.
Petrol Pump Loan Documents
For Identity :- PAN Card
For Residential Address: – Aadhar Card, Rent Agreement, Voter ID, Driving License, Ration Card and Passport.
For Banking: – Details of last 6 months done from Current Account.
For Business Documents :- Business PAN Card, GST Registration Certificate, Shops and Establishment Certificate.
Petrol Pump Loan Benefits
Apart from government banks, you can also get loans from other banks as well. Like normal loans, there are many financial institutions and digital platforms for giving business loans, with the help of which you can take business loans. If you have not yet taken any kind of loan sanctioned by a digital NBFC, then here you are being told about the benefits of business loan.
Large amount loan: – If your need is very high, then you do not need to worry, because here you will get a business loan from 1 crore to 2 crore, and if you need a loan of lesser amount, then You can also take advantage of a loan up to a minimum of Rs 50,000. Since you have to set up a petrol pump, then you should opt for a loan with a large amount.
Loan processing in less time:- Loan processing takes very less time, and documents are also very less. Due to which the loan is approved very quickly, and the funds are transferred to your account.
Sufficient tenure to repay the loan:- You can avail loan tenure of 36 months by taking a business loan. This means you will get enough time to repay the loan.
Refund Options: You can repay the business loan in many ways. In this, loan repayment facility is available on monthly, bi-weekly or even if there is a good sale.
Disbursement of loan amount in a short time: – After the loan is approved, the loan amount is sent to your bank account within 3 days, in some banks it may take 8 to 10 days.
Minimum interest rate: – You get the best interest rate on the loan taken for starting a new petrol pump. The bank analyzes the big data and determines the interest rate. This interest rate can be seen in different banks.
What are the things a bank keeps in mind while giving loan against petrol pump?
The bank keeps the following things in mind while giving loan against petrol pump business, which are as follows:-
Whether the petrol-diesel supplier of the person applying for the loan is reliable or not.
The bank is satisfied when the loan applicant gets petrol and diesel from some of the trusted suppliers, the trusted suppliers include Reliance Petroleum Ltd, Hindustan Petroleum Corp Ltd (HPCL), Indian Oil Corp (IOC), Oil and Natural Gas Corp Ltd (ONGC), Indraprastha Gas Ltd (IGL) and Bharat Petroleum Corp Ltd (BPCL).
The location of opening the petrol pump is also taken into account, if you are opening a petrol pump in such a place, where there is more competition, then the bank becomes a bit hesitant in giving the loan.
Your petrol pump should be on the main road, so that more and more customers can connect with your petrol pump.
The bank also looks at your experience of running a petrol pump.
How to Apply for Petrol Pump Loan (Petrol Pump Loan Apply)
You can apply for petrol pump loan application by visiting any financial institution or bank.
First of all, choose the bank or financial institution from which you want to take the loan.
After this, contact the employee there and tell him to take a loan at the petrol pump.
You will be told all the conditions related to the loan at the petrol pump.
If you are satisfied, then you can take the form for loan application.
After this, fill the form and attach the relevant documents and submit it to that institution or bank.
Once the loan is approved, the loan amount is sent to your account within the stipulated time.
