Who is eligible for a petrol pump business loan?

To secure a petrol pump business loan, you typically need to meet the following criteria:

• Applicant Type: You can be an individual, partnership firm, or company looking to set up a new petrol pump or expand an existing one.
• Permits and Approvals: You must have the necessary permits and approvals to operate a petrol pump at your chosen location.
• Experience: Prior experience in running a fuel retail outlet is often preferred by lenders.
• Age Requirement: Applicants usually need to be between 21 and 65 years old, as set by financial institutions.
• Financial Profile: A strong financial profile is essential, demonstrated through income tax returns (ITRs), profitability, and a good credit score.
• Collateral and Business Plan: You must provide collateral security and present a feasible business plan to demonstrate viability.
• Operating History: If applying as a partnership firm or company, you should be a registered entity with at least 2-3 years of operating history.

Keep in mind that eligibility criteria may vary across banks and Non-Banking Financial Companies (NBFCs). Meeting location requirements, sector experience, financial stability, and having a well-prepared business plan will enhance your chances of loan approval.