Loan For Beauty Parlour

The beauty parlour industry in India has seen significant growth in recent years, with an increasing demand for beauty and wellness services. With growing demand for advanced & professional beauty therapies there are opportunities for entrepreneurs to access loans for specialized equipment and training.

A beauty parlour loan is a specialised financing option designed to support the establishment, expansion, or renovation of beauty salons or parlours.

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Comparison of Business Loan Interest Rates Offered by Top Banks/NBFCs

Let’s compare interest rates for your business loan from top banks and NBFCs essential for business owners to make informed decisions on cost-effective financing, considering variations based on loan types, business profiles, and creditworthiness.

Bank/NBFCs	Interest Rate (p.a.)	Tenure
State Bank of India(SBI)	10.00% - 22.50% p.a.	Up to 48 years
ICICI Bank	12.50% - 13.60% p.a.	Up to 60 months
Axis Bank	14.65% - 18.90% p.a.	Up to 60 months
Kotak Mahindra Bank	16% - 26% p.a.	Up to 7 years
RBL Bank	12.25% - 25% p.a.	Up to 48 monts
IndusInd Bank	13% to 22%.	Up to 48 months
Bajaj Finserv	9.75% - 30% p.a.	Up to 96 months
IndiaLends	10.25% p.a. onwards	Up to 60 months
Incred	12% p.a. onwards	Up to 36 months
IIFL Finance	11.25% - 33.75% p.a.	Up to 5 years
FlexiLoans	Starting at 12% p.a.	Up to 36 months
Tata Capital	Starting at 19% p.a.	Up to 60 months
Protium Loan	18% p.a. onwards	Up to 72 months
mCapital	Starting at 24% p.a.	Starting at 24% p.a.
KreditBee	12.24% - 29.88% p.a.	Up to 24 months
Money View	Starting at 15.96% p.a	Up to 60 months
Hero FinCorp	Up to 26% p.a.	Up to 5 years
NeoGrowth Finance	19%-24% p.a.	Up to 7 years
Lendingkart	12%-27% p.a.	Up to 36 months
Indifi Finance	15% - 24% p.a.	Up to 36 months
ZipLoan	12% - 18% p.a. (Flat ROI)	Up to 36 months
AYE Finance	28% onwards	Up to 36 months
InCred	20% onwards	Up to 48 months

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Note: The interest rates mentioned above are subject to change at the lenders' discretion.

Graduate Personal Loans Eligibility Criteria

These loans cater specifically to individuals in the beauty and wellness industry, providing financial assistance for various purposes, including acquiring equipment, upgrading facilities, or launching a new beauty venture.

Lenders may consider factors such as the applicant's business plan, creditworthiness, and the potential for the beauty parlour's success when evaluating and approving these loans.

The eligibility for a loan for a beauty parlour can vary depending on several factors, including the lender, loan type, and your location. However, here's a general overview of the common requirements:

Basic requirements:

Age: Usually between 18 and 65 years old at loan maturity.
Citizenship: You must be a citizen of the country where you're applying for the loan.
Financial documents: Proof of income (salary slips, ITRs, business financials), address proof, identity proof (PAN, Aadhaar).
Business plan: A well-drafted business plan outlining your vision, target market, financial projections, and marketing strategies is crucial for convincing lenders.

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Different Schemes Offering Loans for Beauty Parlours

Several schemes offer loans for beauty parlours in India, catering to different needs and requirements. Here are some prominent options to consider:

Bhartiya Mahila Bank (BMB) - Shringaar

BMB Shringaar is a business loan scheme offered by Bharatiya Mahila Bank (BMB) to women entrepreneurs who want to start or expand a beauty parlour, salon, or spa business. The scheme offers loans up to ₹1 crore with flexible repayment terms and competitive interest rates.

Loan Amount: Up to ₹1 crore.
Interest Rate: Subsidised interest rates, currently hovering around 4% per annum.
Repayment Tenure: Varies depending on the loan amount and project requirements.
Additional Support: Skill development training
Business guidance

Eligibility:

Age: 18 to 55 years.
Gender: Women only.
Family income: Less than Rs. 1,50,000 per annum.
Residence: Permanent resident of Karnataka.
No prior loan defaults.
Entrepreneurship Development Program (EDP) training mandatory.

Cent Kalyani Scheme - Central Bank of India

Offered by the Central Bank of India, it provides business loans with flexible repayment options for women entrepreneurs.

Loan Amount: Up to Rs. 10 lakhs for micro and small enterprises.
Interest Rate: Concessionary rates compared to standard business loans, currently starting at MCLR + 0.25% up to Rs. 10 lakhs and MCLR + 0.50% for above Rs. 10 lakhs.
Repayment Tenure: Flexible tenure based on the loan amount and project requirements.
Additional Support:
Additional interest concession of 0.25% if the account is rated by an external agency.
Potential access to skill development training and business guidance support.

Eligibility:

Open only to women entrepreneurs (excluding individuals engaged in trading activities).
Must be at least 18 years old at the time of loan application.
Must be an Indian citizen or a Permanent Resident of India.

Steps to Apply For Loan for a Beauty Parlour

Launching a beauty parlour is exciting, and securing a loan to make it a reality can seem daunting. Here's a streamlined guide to help you navigate the process:

Prepare Documentation: Gather necessary documents, including business registration, financial statements, and personal identification.
Assess Loan Needs and Eligibility: Determine the exact amount required for equipment, renovation, or business expansion.Review and improve your credit score, as it influences loan approval and interest rates.
Apply Online or In-Person: Submit the loan application through the chosen lender's online platform or visit the branch to complete the application process.
Wait for Approval: Allow time for the lender to assess your application; this may involve a review of your business plan and financial documents.
Review Loan Terms: Carefully examine the approved loan terms, including interest rates, repayment schedule, and any associated fees.

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Frequently Asked Questions

You can apply for a commercial property purchase loan through various channels: banks, NBFCs, government schemes like PMMY, or directly with the seller (seller financing). Explore options and compare interest rates before deciding.

Loan eligibility for a commercial shop depends on income, credit score, business viability, and property value and other factors set up by the lenders.

Commercial shop loan rates usually range from 8.5% to 12%, varying based on lender, credit score, loan amount, and property specifics.

Yes, it is absolutely possible to get a loan for commercial property! In fact, there are several financing options available depending on your specific needs and the type of property you're interested in.

Absolutely! Whether you're building a cosy café or a spacious supermarket, several loan options can finance your commercial shop construction.

A commercial purchase loan fuels your business dreams by financing the acquisition of property like offices, stores, or warehouses. ️

Loan amount for commercial property depends on a financial handshake: income, credit score, business viability, and property value! Explore options and compare before deciding.

While shop purchase loans primarily finance property acquisition, some lenders allow using a portion for initial startup costs – check loan terms carefully.

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