Business loan for petrol pump
With the demand for fuel at an all-time high, the petrol pump business has become a lucrative opportunity in India.
However, setting up a petrol pump business is expensive, requiring a large amount of initial investment. A business loan for a new petrol pump from Bajaj Finance can pay for most of the expenses.
Petrol pump loan features & benefits
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No need for securities
Get a collateral free business loan from Bajaj Finance without pledging any collateral. It also hastens the loan processing.
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High loan amount
Depending on eligibility, Bajaj Finance provides loans for new petrol pumps of up to Rs. 80 lakh* (*Inclusive of Insurance Premium, VAS Charges, Documentation Charges, Flexi fees and Processing Fees).
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Flexi Loan facility
Withdraw funds depending on requirements and pay interest only on the withdrawn amount from a pre-sanctioned credit limit.
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Affordable loans
With low-interest rates and a significant capital value, these are perfect loans to open petrol pumps.
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Access your loan accounts anywhere
Get the convenience of online access to loan accounts and loan statements anytime, anywhere.
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Hassle-free approval
Not only do these loans come with easy-to-meet eligibility criteria, but they are also approved in only 48 hours.
Business loan for a petrol pump
Become a new petrol pump owner by getting an unsecured business loan from Bajaj Finserv. This helps raise funds for various expenditures without the need for any collateral.
Get access to instant business loans to address any urgent working capital needs. Bajaj Finserv offers loans of up to Rs. 80 lakh at affordable interest rates for new and existing petrol-pump owners.
Petrol pump business loan eligibility
Bajaj Finserv offers simple eligibility criteria for business loans for opening petrol pumps. These are:
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Age
18 to 80*
(*age should be 80 at Loan Maturity)
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Nationality
Resident Indian
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CIBIL Score
Minimum - 685
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Business vintage
Self-employed at a business running for three years or more
The lending criteria for Bajaj Finserv Business Loans are simple, making the whole process easier for borrowers. It also provides an eligibility calculator so that borrowers can find out what amount they are eligible for.
Documents required
Make sure you have the following documents before applying for a micro, small, and medium enterprise (MSME)loan for a petrol pump.
- ID proof: Passport, driving licence, Aadhaar card, PAN card, voter ID card.
- Address proof: Lease agreement, electricity bill, certificate of trade license, telephone bill.
- Financial documents: Balance sheet and profit and loss statements for the last two years (audited by a CA), bank account statements for the previous six months.
- Proof of ownership of business: Partnership agreement, MOA for private limited companies, GST returns, registration certificate, IT returns, individual proof of identity of owners, payment receipt for municipal tax, electricity bill.
Interest rates
Bajaj Finance is 100% transparent about all interests, fees, and charges applicable to the business loan for opening a petrol pump. The rate of interest starts is nominal, while the processing fees and other costs are nominal.
Bajaj Finance offers you a pick between fixed and floating interest rates for business loans. Choose a longer repayment period to reduce the financial burden. Get the best interest rates depending on factors such as CIBIL Score, business vintage, and monthly turnover ratio.
It is also advisable to register your petrol pump under MSME to get various benefits, including better interest rates.
How to Apply
To apply for petrol pump loan, simply follow these steps:
- Click on the ‘APPLY' button on this page.
- Enter your 10-digit mobile number and OTP.
- Fill in the application form with your basic details, such as your full name, PAN, date of birth, and PIN code.
- Once you enter all your details, please click on ‘PROCEED’ to visit the loan selection page.
- Enter the loan amount that you need. Choose from our three business loan variants – Term, Flexi Term, and Flexi Hybrid.
- Choose the repayment tenure – you can select tenure options of 12 months to 96 months and click on ‘PROCEED’.
- Complete your KYC and submit your business loan application.
